Ventricular Assist Devices Market by Product and Geography - Forecast and Analysis 2021-2025

The ventricular assist devices market share is expected to increase by USD 4.05 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 21.46%.

The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (left and right ventricular assist devices and bi-ventricular assist devices) and geography (North America, Europe, Asia, and ROW).

The ventricular assist devices market report also offers information on several market vendors, including Abbott Laboratories, Abiomed Inc., Asahi Kasei Corp., Berlin Heart GmbH, Calon Cardio-Technology Ltd, CorWave SA, Jarvik Heart Inc., LivaNova Plc, Medtronic Plc, and Mohawk Innovative Technology Inc. among others.

Abiomed Inc. - The company is involved in offering a wide range of products such as the OXY-1 System which is a compact cardiopulmonary support system with an integrated oxygen concentrator. Under the unified segment, the company engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It distributes its products under the Impella brand.

What will the Ventricular Assist Devices Market Size be During the Forecast Period?

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Parent Market Analysis

Technavio categorises the global ventricular assist devices market as a part of the global healthcare equipment market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ventricular assist device market during the forecast period. 

Ventricular Assist Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post-COVID-19 era. The increasing prevalence of heart failure is notably driving the ventricular assist devices market growth, although factors such as high costs associated with ventricular assist devices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Ventricular Assist Devices Market Driver

• One of the key factors driving growth in the ventricular assist devices market is the increasing prevalence of heart failure.
• The increasing prevalence and incidence of CVD among people belonging to all age groups are leading to the rising mortality rate from the disease.
• The incidence and prevalence of heart failure are directly correlated to ageing. 
• The increasing prevalence of heart disease has increased the number of visits by patients to the emergency departments of healthcare facilities. The increasing prevalence of heart disease among people, leading to heart failure, has increased the demand for ventricular assist devices. 

Key Ventricular Assist Devices Market Challenge

• The high costs associated with ventricular assist devices will be a major challenge for the ventricular assist devices market during the forecast period.
• The average cost of a left-ventricular assist device for implantation is generally USD 110,000 to USD 200,000, while the cost of heart transplantation is USD 60,000-USD 65,000. Moreover, in certain cases, readmission to the healthcare facility may be required after the implantation of the ventricular assist device. Therefore, the high cost of the procedure to implant ventricular assist devices, the increasing incidences of readmission after implantation procedures, and the unfavourable reimbursement scenario for ventricular assist devices may suppress the demand for the devices and thereby hamper the growth of the market to a certain extent.

This ventricular assist devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Ventricular Assist Devices Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the ventricular assist device market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Ventricular Assist Devices Market?

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38% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for ventricular assist devices in North America. Market growth in this region will be faster than the growth of the market in the ROW regions.

In 2020, the global ventricular assist devices market in North America was growing, mainly due to the increasing prevalence and incidence of CVDs that lead to heart failure, the growing geriatric population, increasing awareness about heart transplant procedures, the rising adoption of technologically advanced medical devices, growing awareness among healthcare professionals about the benefits of ventricular assist devices over donor organs, and increasing healthcare expenditure. This will facilitate the ventricular assist devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What is the Fastest-Growing Product Segment in the Ventricular Assist Devices Market?

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The ventricular assist devices market share growth by the left and right ventricular assist devices segment will be significant during the forecast period. The increasing prevalence of end-stage heart failure among people, the growing geriatric population, the increasing demand for left ventricular assist devices, the easy availability of these devices, and the rising number of new product launches are the major factors driving the growth of the left ventricular and right ventricular assist devices segment. Some of the prominent vendors present in the global ventricular assist devices market offer a comprehensive range of left ventricular and right ventricular assist devices for patients suffering from cardiac failure. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the ventricular assist device market size and actionable market insights on the post-COVID-19 impact on each segment. 

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What are the Key Data Covered in this Ventricular Assist Devices Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive ventricular assist devices market growth during the next five years
• Precise estimation of the ventricular assist devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the ventricular assist devices market industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive analysis of factors that will challenge the growth of ventricular assist device market vendors

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