PUBLISHER: The Business Research Company | PRODUCT CODE: 1427876
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427876
A left ventricular assist device (LVAD) serves as a mechanical pump implanted in heart failure patients, assisting the heart's lower left chamber (left ventricle) in pumping blood to the aorta and throughout the body.
The primary types of left ventricular assist devices include transcutaneous left ventricular assist devices and implantable left ventricular assist devices. A transcutaneous left ventricular assist device is characterized by having both an external power supply and an internal pump located inside the body. Tubes connect the pump to the heart through small openings in the abdomen. This type of LVAD is often employed for short-term support during or following surgery. Left ventricular assist devices can have either pulsatile or non-pulsatile flows, and they are used in various therapeutic approaches such as bridge-to-recovery (BTR) therapy, bridge-to-transplant (BTT) therapy, destination therapy, and bridge-to-candidacy (BTC) therapy. Cardiology centers and hospitals typically utilize these devices for patient care.
The left ventricular assist devices market research report is one of a series of new reports from The Business Research Company that provides left ventricular assist devices market statistics, including the left ventricular assist devices industry's global market size, regional shares, competitors with a left ventricular assist devices market share, detailed left ventricular assist devices market segments, market trends, and opportunities, and any further data you may need to thrive in the left ventricular assist devices industry. This left ventricular assist devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The left ventricular assist devices market size has grown strongly in recent years. It will grow from $1.5 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth observed in the historic period can be attributed to several factors, including the implementation of post-market surveillance and data, advancements leading to a reduction in device size and noise, awareness and education programs, increased physician experience, and the adoption of left ventricular assist devices in bridge therapy.
The left ventricular assist devices market size is expected to see strong growth in the next few years. It will grow to $2.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to various factors, including the expansion of indications for left ventricular assist devices, an increase in heart failure cases, improvements in patient outcomes, market approvals and regulatory changes, and a focus on destination therapy. Major trends expected in the forecast period include advancements in implantation techniques, the development of dual-pump systems, an increased focus on the use of left ventricular assist devices as destination therapy, efforts to minimize infection risks, integration with heart failure management programs, and improvements in anticoagulation management.
The anticipated growth in the left ventricular assist device market is expected to be propelled by the rising prevalence of cardiovascular diseases. Cardiovascular diseases encompass a group of disorders affecting the heart and blood vessels, including conditions such as coronary heart disease and congenital heart disease. In cases of advanced heart failure, left ventricular assist devices play a crucial role in supporting the left ventricle's function, which is responsible for pumping blood to the body's tissues. For example, data from the World Heart Federation (WHF) in October 2022 projected an increase in cardiovascular disease (CVD) deaths from an estimated 18.9 million in 2020 to over 22.2 million in 2030. In the United States, heart disease claims the lives of approximately 697,000 people annually, with 1 in every 5 fatalities attributed to heart disease, and around 805,000 Americans experiencing a heart attack each year. Of these, 605,000 are first-time heart attacks, while 200,000 are caused by previous heart attacks. Consequently, the rising prevalence of cardiovascular diseases is a significant driver for the growth of the left ventricular assist device market.
The increase in healthcare expenditures is another factor expected to drive the growth of the left ventricular assist device market. Healthcare expenditures encompass all costs associated with providing health services, family planning activities, nutrition programs, and emergency assistance with a focus on health. The growth in healthcare expenditures supports the advancement and development of various health-related products, including left ventricular assist devices. In February 2023, the Centers for Medicare & Medicaid Services reported a 2.7% increase in healthcare spending in the United States, reaching $4.3 trillion or $12,914 per person in 2021. Healthcare spending accounted for 18.3% of the country's GDP. This surge in healthcare expenditures contributes to the overall growth of the left ventricular assist device market.
Technological advancements are a prominent and growing trend in the left ventricular assist device market, with major companies adopting innovative technologies to maintain their positions in the market. For instance, in January 2021, CorWave SA, a France-based medical device company specializing in innovative heart pumps, introduced left ventricular assist device (LVAD) membrane pump technology. This LVAD utilizes a pulse pump with electromagnetic pulses instead of a rotary pump to flow blood, closely replicating the natural heartbeat and producing a pulsatile pumping activity.
Major companies in the left ventricular assist device industry are significantly investing in research, development, and early feasibility trials for their Total Artificial Heart (TAH). This substantial investment aligns with long-term goals, as demonstrated by BiVACOR, a US-based medical technology company that secured $18 million in funding for TAH development in March 2023. Led by Cormorant Asset Management and OneVentures, these funds will support research, early feasibility trials, and key executive hires. The BiVACOR TAH, designed for severe biventricular heart failure, incorporates advancements from Left Ventricular Assist Device (LVAD) technology, signaling a shift toward durable rotary blood pumps.
In December 2022, Johnson & Johnson, a prominent US-based pharmaceutical and medical technology company, completed the acquisition of Abiomed Inc for $16.6 billion. This strategic acquisition aimed to expand Johnson & Johnson's presence in the high-growth cardiovascular markets. Abiomed Inc., a US-based medical device technology company, specializes in providing circulatory and oxygenation support devices, including ventricular assist technology that pumps blood from the left ventricle (LV).
Major companies operating in the left ventricular assist devices market report are Abbott Laboratories, Medtronic plc., Terumo Corporation, St. Jude Medical, MAQUET GmbH & Co., Saft, LivaNova PLC, Thoratec Corporation, Abiomed Inc., Heart Ware International Inc., Transonic Systems, Berlin Heart GmbH, BioVentrix, Cleveland Heart Inc., Jarvik Heart Inc., CorWave SA, SynCardia Systems LLC, NuPulseCV Inc., Fineheart, Procyrion Inc., Carmat SA, BiVACOR Inc., Cardiac Assist Inc., Leviticus Cardio Ltd., AdjuCor GmbH, Calon Cardio-Technology Ltd., Evaheart Inc., Sunshine Heart Inc., CH Biomedical Inc., Sun Medical Technology Research Corp
North America was the largest region in the left ventricular assist devices market in 2023. The regions covered in the left ventricular assist devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the left ventricular assist devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The left ventricular assist devices market consists of sales of rechargeable left ventricular assist devices, non-rechargeable left ventricular assist devices, heart pumps, and controllers. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Left Ventricular Assist Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on left ventricular assist devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for left ventricular assist devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The left ventricular assist devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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