According to an article published in Journal of the American College of Cardiology, in 2021, 3.81 million (95% CI: 2.17-5.42 million) cardiovascular deaths and 3.81 million (95% CI: 2.17-5.42 million) deaths overall were attributed to elevated LDL-C levels. The demand of Left ventricular assist device (LVAD) is growing due rising prevalence of cardiovascular diseases which boosts the demand for cardiac assist devices and is driving the growth of the market. Increasing healthcare expenditure is also propelling the growth of the global left ventricular assist device (LVAD) market. However, the high cost of LVAD implantation and treatment is expected to hamper the growth of the market.
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Data Bridge Market Research analyses that North America Left Ventricular Assist Device (LVAD) Market is expected to grow at a CAGR of 9.5% in the forecast period of 2021 to 2029 and is expected to reach USD 1,024.22 million by 2029 from USD 495.63 million in 2021. The U.S. market is projected to propel growth of the market due to the increasing geriatric population along with the rising prevalence of cardiac diseases.
Increasing geriatric population, along with the rising prevalence of cardiac diseases
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.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customisable to 2021-2030)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Product Type (Heart Pump, Controller, Batteries, and Wires), Therapy (Bridge-To-Transplant (BTT) Therapy, Destination Therapy, Bridge-To-Candidacy (BTC) Therapy, and Bridge-To-Recovery (BTR) Therapy), Age Group (Adult and Pediatric), Indication (Congestive Heart Failure, Congenital Heart Disease, Myocarditis, Cardiac Arrest, Familial Arrhythmias and Arrhythmic, Cardiomyopathies, Advanced Heart Failure, and Others), Generation (Second Generation Devices, Third Generation Devices, and First Generation Devices), Durability (Long-Term, Intermediate-Term, and Short-Term), Design (Axial and Centrifugal), Pulse Type (Nonpulsatile and Pulsatile), End User (Hospitals, Cardiac Cath Laboratories, Specialty Clinics, and Others), Distribution Channel (Direct Tender, Retail Sales, and Others)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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ABIOMED, Abbott, Berlin Heart, Saft, Jarvik Heart, Inc., CorWave SA, and Evaheart, Inc., among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
North America left ventricular assist device (LVAD) market is segmented on the basis of product type, therapy, age group, indication, generation, durability, design, pulse type, end user, and distribution channel.
- On the basis of product type the global left ventricular assist device (LVAD) market is segmented into heart pump, controller, batteries and wires. Batteries are further segmented into rechargeable and non-rechargeable. In 2022, the heart pump segment is expected to dominate the market with market share of 76.86%
In 2021, the heart pump segment of product type segment is anticipated to dominate the global left ventricular assist device (LVAD) market
In 2021, the heart pump segment of this market will dominate the global left ventricular assist device (LVAD) 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. The heart pump segment is expected reach the highest CAGR of 9.9% in the forecast period of 2021-2028.
- On the basis of 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 market share of 76.86% 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.
- On the basis of 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, bridge-to-transplant (BTT) segment is expected to dominate the market with market share of 47.81% 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.
- On the basis of 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 market share of 95.66% 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.
- On the basis of 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 market share of 56.39% because it is the most prevalent heart failure type affecting millions of people worldwide.
- On the basis of 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 market share of 60.08% because these are the most common devices due to their durability, small size, and easy implantation, leading to better patient compliance.
- On the basis of durability, the global left ventricular assist device (LVAD) market is segmented into long-term, intermediate-term, short-term. In 2022, the long-term segment is expected to dominate the market with market share of 61.55% due to the high demand for durable pumps for long intervals of time is enhancing the market growth.
- On the basis of design, the global left ventricular assist device (LVAD) market is segmented into axial and centrifugal. In 2022, axial segment is expected to dominate the market with market share of 66.76% because it operates efficiently at high rotational speeds and is of great clinical benefit to patients with pulmonary hypertension.
- On the basis of 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 market share of 73.46% 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.
- On the basis of end user, the global left ventricular assist device (LVAD) market is segmented into hospitals, specialty clinics, cardiac cath laboratories and others. In 2022, the hospitals segment is expected to dominate the market with market share of 44.32% because of the surging pool of cardiovascular patients due to changing lifestyles and growing elderly population.
- On the basis of 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 market share of 74.71% 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 vaccines market players in Asia Pacific vaccines market are The major companies which are dealing in the market are ABIOMED, Abbott, Berlin Heart, Saft, Jarvik Heart, Inc., CorWave SA, and Evaheart, Inc., among others.
Market Development
- In August, 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) applications. This enhanced the company’s foothold in the market
- In January, regulators in three countries, the U.S., Japan, and Hong Kong, granted Impella surgical products approvals as Abiomed (continues to execute its strategy for sustainable growth with new products, new indications, and new geographies. In the United States, the Food and Drug Administration (FDA) has granted an Early Feasibility Study (EFS) Investigational Device Exemption (IDE) to Impella BTR (Bridge-to-Recovery). In Asia, Impella 5.5 with SmartAssist has received approval from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) and Hong Kong’s Medical Device Division (MDD). This boosted the company’s market growth
- In June, Abbott effectively increased the capacity and supply to support the growing demand for mechanical circulatory support (MCS) devices to treat advanced heart failure. This has increased the company’s revenue and sales
- In March, 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 sub-pulmonary circulation. This enhanced credibility of the company
Regional Analysis
Geographically, the country covered in the North America left ventricular assist device (LVAD) market report is U.S., Canada, and Mexico.
As per Data Bridge Market Research analysis:
The U.S. is the dominant country in North America left ventricular assist device (LVAD) market during the forecast period 2021 - 2028
In 2021, the U.S. dominated the North America left ventricular assist device (LVAD) market owing to the Presence of favourable reimbursement policies, and the major players in the market are launching various innovative products in the U.S., further improving the segment's growth U.S. will continue to dominate the North America 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 Increasing geriatric population along with the rising prevalence of cardiac diseases in this region.
The U.S. is estimated to be the fastest growing region in the advanced wound care market the forecast period 2021 - 2028
The U.S. is expected to grow during the forecast period due to the presence of major market players, and Changing lifestyle triggers the development of cardiovascular diseases in this region. In addition to this, the rising level of healthcare expenditure and increasing per-capita income are expected to propel the market's growth rate in this region.
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