Ventricular Assist Devices Market Leading Adoption of Advanced Heart Failure Therapies by 2031
Ventricular assist devices provide circulatory support to the failing heart and these devices have emerged as an important therapy for advanced heart failure patients who are not eligible for heart transplantation. These devices help both left and right side of the heart to pump blood to the rest of the body and lungs respectively. Ventricular assist devices are implanted surgically and are powered by a portable driver or controller worn outside the body. They are proven to improve the quality of life in patients with advanced heart failure.
The Global Ventricular Assist Devices Market is estimated to be valued at US$ 23.62 Bn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Ventricular assist devices are Pfizer, Inc., Novartis AG, Kite Pharma, Inc., Bluebird bio, Inc., Becton Dickinson and Company, Amgen, Inc., Vericel Corporation, uniQure N.V., Spark Therapeutics, Inc., Renova Therapeutics, Orchard Therapeutics plc, Kolon Tissue Gene, Inc., Human Stem Cell Institute, Dendreon Pharmaceuticals, Helixmith Co., Ltd (ViroMed Co., Ltd), Bausch & Lomb Incorporated, and Castle Creek Biosciences, Inc (Fibrocell Technologies, Inc.), among others.
The increasing number of patients suffering from heart failure and shortage of donor hearts for transplantation is driving the demand for Ventricular Assist Devices Market Size. Advanced economies in North America and Europe are major markets for ventricular assist devices due to growing adoption. However, the market is expanding in Asia Pacific and other emerging economies due to increasing incidences of cardiovascular diseases.
The growing prevalence of heart failure worldwide coupled with rising life expectancy is a major factor boosting the demand for ventricular assist devices. These devices offer an important bridge to heart recovery or transplantation and significantly improve the quality of life of patients. Additionally, technological advancements leading to development of smaller, lighter, and more durable ventricular assist devices are encouraging greater adoption rates.
Market Key Trends
Miniaturization of ventricular assist devices is a key trend in the market. Major industry players are focuses on developing mini VADs that offer advantages like less invasive surgery, easier ambulation, and improved quality of life. For instance, in 2019, Abbott received FDA approval for its new cardiac assist device – HeartMate 3 which is 25% smaller than previous generation devices. Smaller devices help address unmet needs of certain patient populations and drive the market growth.
Porter’s Analysis
Threat of new entrants: The high capital requirements and technology expertise needed to manufacture ventricular assist devices pose barriers for new companies. Bargaining power of suppliers: A few major medical device companies dominate the supply of components for ventricular assist devices, giving them some negotiating power. Bargaining power of buyers: Given the life-saving nature of ventricular assist devices, buyers have little ability to negotiate on price. Threat of new substitutes: Currently there are limited substitute therapies for advanced heart failure, reducing the threat from new substitutes. Competitive rivalry: Major competitors continuously invest in R&D to develop newer ventricular assist devices with improved outcomes, increasing rivalry.
Geographical Regions
North America currently accounts for the largest share of the ventricular assist devices market due to rising prevalence of heart failure and developed healthcare infrastructure in the region.
Asia Pacific is poised to be the fastest growing regional market for ventricular assist devices during the forecast period. Rising awareness, increasing healthcare spending, and growing geriatric population are major factors driving demand in Asia Pacific countries.