by Ventricular assist devices are mechanical pumps that help support the functioning of damaged or weakened hearts in patients with advanced heart failure or cardiomyopathy. Increasing cases of heart diseases around the globe has boosted demand for heart failure treatment options such as LVADs, RVADs, and BiVADs. These device are used to improve quality of life as well as aids recovery for patients awaiting heart transplant. The global ventricular assist devices market offers minimally invasive procedures that result in shorter hospital stays. Moreover, technological advancements have improved portability, reliability and durability of new generation ventricular assist devices.
The global Ventricular Assist Devices Market is estimated to be valued at US$ 1.37 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends in the ventricular assist devices market is the growing adoption of latest generation devices. For instance, HeartMate 3 Left Ventricular Assist System received FDA approval in 2017. Some features of HeartMate 3 includes novel magnetic levitation and wide-flow blood pump designed for enhanced clinical outcomes and patient quality of life. Second major trend is the increased production of smaller and more durable devices. Startups and major players are investing in development of miniature heart pumps and wearable ventricular assist devices. This allow for improved portability and mobility for long term use. Companies like CardiacAssist aims to develop first totally implantable heart pump. Moreover, rising research into alternative energy sources like lithium-ion batteries instead of percutaneous drivelines will aid design of next gen heart assist devices.
Porter’s Analysis
Threat of new entrants: The ventricular assist devices market requires huge R&D investments and regulatory approvals which make the entry barriers high for new players.
Bargaining power of buyers: Individual buyers have less bargaining power due to low availability of alternatives but large hospitals can negotiate on prices.
Bargaining power of suppliers: A few large players dominate the supply market thereby exerting high bargaining power over device manufacturers.
Threat of new substitutes: Artificial heart and heart transplantation are substitutes but both have limitations like availability of donors and high costs.
Competitive rivalry: The market is becoming competitive with new devices and technologies from established as well as emerging players.
Key Takeaways
The Global Ventricular Assist Devices Market Demand is expected to witness high growth. The global Ventricular Assist Devices Market is estimated to be valued at US$ 1.37 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Regional analysis: North America holds the largest share of the market due to presence of developed healthcare infrastructure and high adoption rates of new technologies. Asia Pacific is expected to witness fastest growth due to increasing disposable incomes, growing medical tourism and rising cases of cardiac diseases.
Key players: Key players operating in the ventricular assist devices market are Graincorp, Rahr Corporation, Soufflet Group, Malt Products Corporation, Barmalt, Muntons plc, Viking Malt PureMalt, Imperial Malt Ltd, Malteurope, BOORTMALT, Maltexco S.A., Holland Malt, IREKS GmbH.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
