Ventricular Assist Devices Market: Top 3 trends fueling the industry share through 2025
Global ventricular assist devices market share is expected to witness significant gains over 2019-2025, driven by the escalating cases of heart failure and shortage of heart donors worldwide. As per NCBI, the rate of heart donations is likely to be reduced in the coming years, while the prevalence of heart failure is expected to rise multifold.
Likewise, rapid advances in technology and subsequent production of clinical ventricular assist devices will amplify industry expansion over the foreseeable future.
The global market has been witnessing an increase in the number of patients with heart failure & other cardiovascular diseases. In addition, there has been a rise in awareness about the usage of VADs in treating heart failure. High mortality rates, coupled with the surging hospitalizations due to heart failure in Latin America, will become significant drivers expanding overall ventricular assist devices market outlook.
In December 2020, CMS finalized Medicare policies to expand the coverage of artificial hearts & VADs. The new policy was introduced to cover artificial hearts outside the clinical studies as well as align its VAD coverage criteria with the current medical practice, increasing access to products like Abbott's HeartMate 3.
As per Global Market Insights, Inc. estimates, the ventricular assist devices market size is expected to cross $3.5 billion by 2025.
Mounting cases of right ventricle failure across the globe
In terms of segmentation by product, the PVADs (percutaneous ventricular assist devices) segment registered revenue of $1 billion in 2018, owing to the mounting rates of right ventricle failure. Myriad product benefits like high reliability, ease of implantation, and safety will further drive segmental growth in years ahead.
With regards to the application spectrum, the global ventricular assist devices market from the bridge-to-transplant (BTT) therapy segment is poised to depict more than 5.5% CAGR through 2025, which can be credited to the cost-effectiveness and increase in the survival rate of the treatment. These factors will also push the product demand in low & middle-income countries.
Based on age, the 40-59 years segment recorded remuneration worth $900 million in 2018, due to the strong prevalence of heart failure among this age group.
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Robust implantable VAD adoption among patients with end-stage congestive HF
In terms of segmentation by flow, the continuous flow segment is anticipated to exhibit a growth rate of more than 6% through 2025, which is attributable to its rising adoption among patients who require mechanical circulatory support as the destination & bridge-to-transplant therapy to treat the end-stage heart failure.
Based on design, the global ventricular assist devices market from the implantable segment is set to register more than $2.5 billion revenue by 2025, because of the surging number of patients with end-stage congestive HF (heart failure) who need external mechanical support.
However, the presence of stringent rules & regulations pertaining to different ventricular assist device types may pose key challenges to the steady industry trends over the projected timeframe.
Rising incidences of cardiovascular diseases in the U.S.
On the regional front, the North America ventricular assist devices market accounted for a major market share. The regional market expansion can be attributed to the robust presence of industry players, favorable reimbursement policies & insurance coverage, accessibility to advanced healthcare facilities, and accelerating incidences of heart failure.
On the other hand, the ventricular assist devices market in the U.S. is set to depict a CAGR of nearly 5% through 2025, due to the growing fatalities among people suffering from cardiovascular diseases in the region. According to the American College of Cardiology, over 800,000 U.S. people die from these diseases. Furthermore, rising prevalence of CVD diseases, technological advancements, high heart failure rate, and the adoption of sedentary lifestyle will escalate regional market growth in the forthcoming years.
The competitive landscape of the ventricular assist devices market comprises of companies such as Terumo Corporation, Medtronic, Jarvik Heart, Maquet, Evaheart, CardiacAssist, Inc., Bivacor, Berlin Heart, Abiomed, and Abbott, among others. These firms are focusing on expanding their product portfolio and capitalizing on the market opportunities through varied strategies such as business expansions, M&A, and new product launches.
To illustrate, in February 2020, Abbott received the U.S. FDA breakthrough devices designation for Filvas, an implantable left ventricular assist system. The product was developed with an aim to enhance the life of patients with heart failure.
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