North America Left Ventricular Assist Device (LVAD) Market – Industry Trends and Forecast to 2029

North America Left Ventricular Assist Device (LVAD) Market Analysis and Size

A left ventricular assist device (LVAD) is a mechanical pump implanted in patients with heart failure. It helps the left bottom chamber of the heart (left ventricle) pump blood out of the ventricle to the aorta and the rest of the body. It is used for patients who have reached end-stage heart failure. The LVAD is surgically implanted, a battery-operated mechanical pump, which helps the left ventricle (main pumping chamber of the heart) pump blood to the rest of the body.

The occurrence of cardiovascular illnesses is growing at a rapid pace. It is estimated that advanced cardiovascular breakdown affects around 2.3% of North America's total population and is a severe socioeconomic burden. Further strong emphasis on R&D exercises aimed at the development of progressively enticing devices, as well as optimum government efforts, drive the left ventricular assist device (LVAD) market. Furthermore, the Canadian market is likely to benefit from low-intensity competition in the vendor landscape, making the country an attractive investment ground for firms looking to enter the sector of ventricular assist devices. The enormous pool of patients awaiting donor hearts for transplant gives commercial opportunities. However, there are dangers associated with the LVAD implant, and these hazards have an influence on market growth by acting as a restraining factor. Furthermore, the sector is currently confronted with a number of challenges, including barriers to DT adoption and safety concerns.

North America left ventricular assist device (LVAD) market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 9.5% in the forecast period of 2022 to 2029 and is expected to reach USD 1,024.22 million by 2029. Increasing technological advancements in the left ventricular assist device act as a driver for the left ventricular assist device (LVAD) market growth.

Market Definition

A left ventricular assist device (LVAD) is a mechanical pump implanted in patients with heart failure. It helps the left bottom chamber of the heart (left ventricle) pump blood out of the ventricle to the aorta and the rest of the body.

It is used for patients who have reached end-stage heart failure. The LVAD is surgically implanted, a battery-operated, mechanical pump, which helps the left ventricle (main pumping chamber of the heart) pump blood to the rest of the body. LVADs can be used as:

The high prevalence of cardiovascular diseases, increasing technological advancement, and rising healthcare expenditure are also propelling the growth of the North America left ventricular assist device (LVAD) market.

North America Left Ventricular Assist Device (LVAD) Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• 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 North America. 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 North America left ventricular assist device (LVAD) market.

• PRESENCE OF FAVOURABLE REIMBURSEMENT POLICIES

The Centers for Medicare & Medicaid Services (CMS) has published a decision memorandum liberalizing criteria for coverage of ventricular assist devices (CMS, 2010). The CMS policy removes body size criteria and eases restrictions around the required duration of failed medical therapy and peak oxygen consumption. Henceforth, favorable reimbursement policies are expected to drive North America left ventricular assist device (LVAD) market in the forecast year.

Opportunities

• INCREASE IN HEALTHCARE EXPENDITURE

Healthcare expenditure has increased in North America as disposable income in the countries is increasing. Moreover, to accomplish the population requirements, the government bodies and healthcare organizations are taking initiatives by accelerating healthcare expenditure. The rise in healthcare expenditure simultaneously helps healthcare settings to improve their treatment facilities for various cardiovascular conditions and provide surgical treatment as the disorder has been highly prevalent in recent years.

The rise in healthcare expenditure has given the market an opportunity by providing more treatment options, free diagnostics, and different programs for promoting early diagnosis. Moreover, the healthcare expenditure by the government is focused on allocating resources towards strategies to improve management and patient outcomes to lower the growing economic burden.

Growing healthcare expenditure is also beneficial for further economic growth and healthcare sector growth, and it is primarily fruitful as it significantly affects the development of better and more advanced devices for such cardiology conditions. Thereby surge in healthcare expenditure is a greater opportunity for North America left ventricular assist device (LVAD) market.

Restraints/Challenges

• HIGH COST OF LVAD IMPLANTATION AND TREATMENT

LVADs in non-inotrope-dependent heart failure patients improve quality of life but substantially increase lifetime costs because of frequent readmissions and costly follow-up care. Left ventricular assist devices also increase employment and career, affecting finances.

The high cost of LVAD implantation and treatment poses a financial burden and challenges for a patient. Moreover, the high cost of follow-up care further increases the financial burden on the patient, which restrains the growth of the market.

This North America Left Ventricular Assist Device (LVAD) Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market.

Recent Development

• On December 21, 2020, the U.S. Food and Drug Administration (FDA) approved updated labeling on December 17 for Abbott's HeartMate 3 left ventricular assist device (LVAD) to be used in pediatric patients with advanced refractory left ventricular heart failure

North America Left Ventricular Assist Device (LVAD) Market Scope  

North America 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. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and insights to help them make strategic decisions for identifying core market applications.  

BY PRODUCT TYPE

• HEART PUMP
• CONTROLLER
• BATTERIES
• WIRES

On the basis of product type, North America left ventricular assist device (LVAD) market is segmented into heart pump, controller, batteries, and wires. Batteries are further segmented into rechargeable and non-rechargeable.

BY THERAPY

• Bridge-To-Transplant (BTT) Therapy
• Destination Therapy
• Bridge-To-Candidacy (BTC) Therapy
• Bridge-To-Recovery (BTR) Therapy

On the basis of therapy, North America left ventricular assist device (LVAD) market is segmented bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-candidacy (BTC) therapy, and bridge-to-recovery (BTR) therapy.

BY AGE GROUP

• Adult
• PAEDIATRIC

On the basis of age group, North America left ventricular assist device (LVAD) market is segmented into adult and paediatric.

BY INDICATION

• Congestive Heart Failure
• Congenital Heart Disease
• Myocarditis
• Cardiac Arrest
• Familial Arrhythymias and Arrhythmic
• Cardiomyopathies
• Advanced Heart Failure
• Others

On the basis of indication, North America 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.

BY GENERATION

• Second Generation Devices
• Third Generation Devices
• First Generation Devices

On the basis of generation, North America left ventricular assist device (LVAD) market is segmented into second-generation devices, third-generation devices, and first-generation devices.

BY DURABILITY

• Long-Term
• Intermediate-Term
• Short-Term

On the basis of durability, North America left ventricular assist device (LVAD) market is segmented into long-term, intermediate-term, and short-term.

BY DESIGN

• Axial
• Centrifugal

On the basis of design, North America left ventricular assist device (LVAD) market is segmented into axial and centrifugal.

BY PULSE TYPE

• Nonpulsatile
• Pulsatile

On the basis of pulse type, North America left ventricular assist device (LVAD) market is segmented into non-pulsatile and pulsatile.

BY END USER

• Hospitals
• Cardiac Cath Laboratories
• Specialty Clinics
• Others

On the basis of end user, North America left ventricular assist device (LVAD) market is segmented into hospitals, specialty clinics, cardiac cath laboratories, and others.

BY DISTRIBUTION CHANNEL

• DIRECT TENDER
• RETAIL SALES
• OTHERS

On the basis of distribution channel, North America left ventricular assist device (LVAD) market is segmented into direct tender, retail sales, and others.

North America Left Ventricular Assist Device (LVAD) Market Regional Analysis/Insights

North America left ventricular assist device (LVAD) market is analyzed and market size insights and trends are provided by country, product type, therapy, age group, indication, generation, durability, design, pulse type, end-user, and distribution channel as referenced above. 

North America left ventricular assist device (LVAD) market, it includes countries such as U.S., Canada and Mexico and is expected to grow due to an increase in cases of cardiac disorders and the growing geriatric population. The increasing risk of ventricular disorders are also driving the market growth.

The US is expected to dominate North America left ventricular assist device (LVAD) market due to the presence of advanced technology, high prevalence of cardiac disorders and established health care system.

The country section of the report also provides individual market-impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of other brands and their challenges faced due to large or scarce competition from local and domestic brands the impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and Left Ventricular Assist Device (LVAD) Market Share Analysis

North America Left Ventricular Assist Device (LVAD) Market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, country presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the osteoporosis drugs market.

Some of the major players operating in North America left ventricular assist device (LVAD) market are ABIOMED, Abbott, Berlin Heart, Saft, Jarvik Heart, Inc., CorWave SA, and Evaheart, Inc., among others.

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