The Rising Prevalence of Cardiac Diseases and Surge in Geriatric Population to Favor the Left Ventricular Assist Device (LVAD) Market's Growth

The prevalence of cardiac diseases is also increasing with the growing geriatric population across the globe. With an estimated 40 million blind individuals, most of them belong to the aged population. However, all the studies indicate a high prevalence of cardiac diseases in the geriatric population. With increasing age and the rising prevalence of cardiac disorders such as heart failure in the elderly population, proper treatment and medications are also rising. In addition, the growing population has increased the pressure on the healthcare system, due to which the need for care, services, and technologies is rising rapidly. Therefore, the increasing geriatric population is expected to drive the global left ventricular assist device (LVAD) market.

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Data Bridge Market Research analyses that the left ventricular assist device (LVAD) market is expected to grow at a CAGR of 9.6% in the forecast period of 2022 to 2029 and is expected to reach USD 1,957.56 million by 2029. The novel minimally invasive surgeries designated to cure cardiovascular and vascular diseases is an interesting and dynamic field, with novel procedures being proposed in various phases of an experimental and clinical trial. Hence, a minimal invasive procedure is expected to propel the global left ventricular assist device (LVAD) market.

Left Ventricular Assist Device (LVAD) Market

Key Findings of the Study

  • The left ventricular assist device (LVAD) market is anticipated to reach a USD 9.6% million value by 2029, with a CAGR of around 9.6% during the forecast period from 2022 to 2029.
  • North America dominated the left ventricular assist device (LVAD) market in 2022 due to the high growth of the heart pump segment.
  • The hospitals segment accounted for the largest share in 2021 at 44.1%. The majority of the products associated with left ventricular assist device (LVAD) is directly distributed to various places such as hospitals, wound care centers and others expected to boost the left ventricular assist device (LVAD) market growth.
  • The left ventricular assist device (LVAD) market was significantly affected by the COVID-19 outbreak, as the increase in bariatric surgery led to huge use of ventricular assist devices.
  • Asia Pacific is expected to register lucrative growth over the forecast period of owing to the increasing adoption of left ventricular assist device.

Presence of Favorable Reimbursement Policies is expected to drive the Market's Growth Rate

CMS (Centers for Medicare & Medicaid Services) has determined that there is sufficient evidence to conclude that implantation of a left ventricular assist device (LVAD) approved by the U.S. Food and Drug Administration (FDA) for destination therapy is reasonable and necessary as permanent mechanical cardiac support are not candidates for heart transplantation. For instance, In December, 2020, the Centers for Medicare and Medicaid Services (CMS) updated the final decision memo for National Coverage Determination (NCD 20.9.1) for Ventricular Assist Devices As a result, the favorable reimbursement policies are expected to drive the global left ventricular assist device (LVAD) market in the forecast year.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2018 - 2013)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Product Type (Heart Pump, Controller, Batteries, Wires), Therapy (Bridge-To-Transplant (BTT) Therapy, Destination Therapy, Bridge-To-Candidacy (BTC) Therapy, Bridge-To-Recovery (BTR) Therapy), Age Group (Adult, Pediatric), Indication (Congestive Heart Failure, Congenital Heart Disease, Myocarditis, Cardiac Arrest, Familial Arrhythmias and Arrhythmic, Cardiomyopathies, Advanced Heart Failure, Others), Generation (Second Generation Devices, Third Generation Devices, First Generation Devices), Durability (Long-Term, Intermediate-Term, Short-Term), Design (Axial, Centrifugal), Pulse Type (Nonpulsatile, Pulsatile), End User (Hospitals, Cardiac Cath Laboratories, Specialty Clinics, Others), Distribution Channel (Direct Tender, Retail Sales, Others), 

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Abbott (U.S.), Evaheart, Inc (U.S.), Saft (A Subsidiary of TotalEnergies) (U.S,), ABIOMED (U.S.), Berlin Heart (Germany), CorWave SA (France) Jarvik Heart, Inc. (U.S.), among others.

Data Points Covered in Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

The global left ventricular assist device (LVAD) market is categorized into ten notable segments based on product type, therapy, age group, indication, generation, durability, design, pulse type, end-user, and distribution channel

  • Based on product type, the global left ventricular assist device (LVAD) market is segmented into heart pump, controller, batteries and wires. In 2022, the heart pump segment is expected to dominate the market with with the CAGR of 9.9% in the forecast period of 2022 to 2029. The heart pump segment is expected to dominate the market as LVAD heart pumps improve the function of the kidneys, liver, brain, and other organs. It also improves the patient's strength and ability to participate in cardiac rehabilitation.
  • Based on therapy, the global left ventricular assist device (LVAD) market is segmented bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-candidacy (BTC) therapy, bridge-to-recovery (BTR) therapy. In 2022, the bridge-to-transplant (BTT) segment is expected to dominate the market with with the CAGR of 9.9%

The bridge-to-transplant (BTT) segment is expected to dominate the global left ventricular assist device (LVAD) market

In 2022, the bridge-to-transplant (BTT) segment is expected to dominate the market with with the CAGR of 9.9% in the forecast period of 2022 to 2029. In 2022, bridge-to-transplant (BTT) segment is expected to dominate the market because BTT helps the heart transplant patient survive until a donor heart becomes available and allows the patient to have a better quality of life and fewer symptoms.

  • Based on age group, the global left ventricular assist device (LVAD) market is segmented into adult and pediatric. In 2022, the adult segment is expected to dominate the market with the CAGR of 9.6% in the forecast period of 2022 to 2029. The adult segment is expected to dominate the market because the majority of the heart failure events occur in adults as heart failure often develops after other conditions have damaged or weakened the heart, which is prevalent in adults.
  • Based on indication, the global left ventricular assist device (LVAD) market is segmented into congestive heart failure, congenital heart disease, myocarditis, cardiac arrest, familial arrhythymias and arrhythmic, cardiomyopathies, advanced heart failure, and others. In 2022, the congestive heart failure segment is expected to dominate the market with the CAGR of 10.1%

The congestive heart failure segment is expected to dominate the market

The congestive heart failure segment is expected to dominate the market with the CAGR of 10.1% in the forecast period of 2022 to 2029. The congestive heart failure segment is expected to dominate the market because it is the most prevalent heart failure type affecting millions of people worldwide.

  • Based on generation, the global left ventricular assist device (LVAD) market is segmented into second generation devices, third generation devices, and first generation devices. In 2022, the second generation segment is expected to dominate the market with the CAGR of 9.6% in the forecast period of 2022 to 2029. The second generation segment is expected to dominate the market because these are the most common devices due to their durability, small size, and easy implantation, leading to better patient compliance.
  • Based on durability, the global left ventricular assist device (LVAD) market is segmented into long-term, intermediate-term, short-term. The long-term segment is expected to dominate the market with the highest CAGR of 10.4% in the forecast period of 2022 to 2029. The long-term segment is expected to dominate the market due to the high demand for durable pumps for long intervals of time is enhancing the market growth.
  • Based on design, the global left ventricular assist device (LVAD) market is segmented into axial and centrifugal. In 2022, the axial segment is expected to dominate the market with the CAGR of 9.2% in the forecast period of 2022 to 2029. The axial segment is expected to dominate the market because it operates efficiently at high rotational speeds and is of great clinical benefit to patients with pulmonary hypertension.
  • Based on pulse type, the global left ventricular assist device (LVAD) market is segmented into nonpulsatile and pulsatile. In 2022, nonpulsatile segment is expected to dominate the market with a 74.32% share and is expected to reach USD 1,505.46 million by 2029, growing with the CAGR of 10.1% in the forecast period of 2022 to 2029. The nonpulsatile segment is expected to dominate the market as non-pulsatile continuous-flow LVAD pumps can confer cardiac functional benefits to patients with end-stage heart failure to derive improved exercise capacity and are widely used for destination therapy.
  • Based on end user, the global left ventricular assist device (LVAD) market is segmented into hospitals, specialty clinics, cardiac cath laboratories and others. The hospital segment is expected to dominate the market with the highest CAGR of 10.6% in the forecast period of 2022 to 2029. The hospitals segment is expected to dominate the market because of the surging pool of cardiovascular patients due to changing lifestyles and growing elderly population.
  • Based on distribution channel, the global left ventricular assist device (LVAD) market is segmented into direct tender, retail sales and others. In 2022, the direct tender segment is expected to dominate the market with the highest CAGR of 10.0% in the forecast period of 2022 to 2029. The direct tender segment is expected to dominate the market as direct tender provides better quality at reduced cost in less time which boots the demand for these products.

Major Players

Data Bridge Market Research recognizes the following companies as the major left ventricular assist device (LVAD) market players in left ventricular assist device (LVAD) market are Abbott (U.S.), Evaheart, Inc (U.S.), Saft (A Subsidiary of TotalEnergies) (U.S,), ABIOMED (U.S.), Berlin Heart (Germany), CorWave SA (France) Jarvik Heart, Inc. (U.S.), among others.

Left Ventricular Assist Device (LVAD) Market

Market Development

  • In August 2021, the United States Food and Drug Administration (FDA) granted breakthrough device designation to Abiomed's Impella ECP expandable percutaneous heart pump. The designation means the FDA will prioritize Impella ECP's regulatory review processes, including design iterations, clinical study protocols, and pre-market approval (PMA) application. This enhanced the company's foothold in the market.
  • In March 2021, Berlin Heart announced the CE approval and first implantation of an innovative bridging solution for single-ventricle patients. This innovative therapy was developed to improve the end-organ function and hemodynamics of these patients with univentricular physiology through the support of the sub-pulmonary circulation. This enhanced credibility of the company.
  • In January 2022, IIT Kanpur's School of Medical Research and Technology (SMRT) launched Hridyantra , a challenge-based programme to develop an advanced artificial heart, also known as a Left Ventricular Assist Device (LVAD), for patients with end-stage heart failure.
  • In June 2021, Abbott announced it has the capacity and supply to effectively support the growing demand for mechanical circulatory support (MCS) devices for the effective treatment of advanced heart failure (HVAD) following Medtronic's decision to discontinue global distribution and sale of the Medtronic HeartWare ventricular assist device.

Regional Analysis

Geographically, the countries covered in the left ventricular assist device (LVAD) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in left ventricular assist device (LVAD) market during the forecast period

North America dominated the left ventricular assist device (LVAD) market owing to the increasing prevalence of cardiac disease and rising healthcare expenditure. North America will continue to dominate the left ventricular assist device (LVAD) market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing adoption of advanced technology and launch of new products in this region. Additionally, the rising geriatric population are expected further to enhance the market's growth rate in this region. 

Asia-Pacific is estimated to be the fastest growing region in left ventricular assist device (LVAD) market

Asia-Pacific is expected to grow during the forecast period due to the increasing number of LVADs implantation and increase in the successful rate of bridge-to-transplant LVAD implantation in this region. In addition to this, the adoption of left ventricular assist device and rising technological advancements are expected propel the market's growth rate in this region.

COVID-19 Impact Analysis

The outbreak of COVID-19 impacted the healthcare industry. The left ventricular assist device (LVAD) market was also significantly affected by the pandemic. The COVID-19 is complicated the cardiovascular patient care, with serious consequences including increased mortality in pre-diseased heart failure patients. Despite the fact that COVID-19 directly affects pre-diseased hearts, the consequences can be successfully treated with LVAD implantation. As a result, COVID-19 significantly impacts the ventricular assist device market.

However, as per the National Library of Medicine, 1,307 bariatric surgery cases were reported in India in 2020, with 78% performed before March 31, 2020 and 276 performed after April 1, 2020. 87 patients who had bariatric surgery were found to be positive. As a result of the increase in bariatric surgery, the use of ventricular assist devices increased, which is expected to drive the market during the forecast period. Thus, the left ventricular assist device (LVAD) market will grow at a moderate pace during COVID-19.

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