The global Ventricular Assist Devices (VAD) Market size was $2.24 billion in 2022 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 12% during the forecast period. The market growth is driven by increasing prevalence of heart failure, as well as the growing global geriatric population, which suffers from various chronic disorders such as diabetes, neurological disorders, hypertension, stroke, and Cardiovascular Diseases (CVDs).
VAD is a mechanical circulatory support device that assists the heart in pumping blood from the lower chambers of the heart to the rest of the body. With heart failure affecting around 26 million individuals globally, VADs provide a feasible alternative to heart transplantation for people with end-stage heart failure.
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The development of VAD technology has also been a factor driving the revenue growth of the market. Substantial developments in VAD technology over the past few years have led to improvements in device efficacy, durability, and design. The introduction of continuous-flow VADs, for example, has led to better patient outcomes and fewer problems than traditional pulsatile VADs.
Key players in the Ventricular Assist Devices (VAD) Market –
- Abbott Laboratories
- Bivacor Inc.
- Boston Scientific Corporation
- Fresenius Medical Care AG Co. KGaA
- Medtronic
- St. Jude Medical, Inc.
- SynCardia Systems, LLC.
- Terumo Corporation
- Thoratec Corporation
- Abiomed, Inc.
Additionally, the increasing popularity of minimally invasive surgical techniques for implanting VADs is also driving market revenue growth. Surgeons can implant VADs with little or no incisions using minimally invasive surgical methods, which shortens recovery times and reduces complications.
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The need for VADs is expected to increase as the population ages and becomes more susceptible to heart failure. Moreover, increasing knowledge of VADs and their advantages among patients and healthcare professionals is also expected to drive market revenue growth during the forecast period.
However, complications associated with VADs, such as bleeding, ischemic and hemorrhagic stroke, thrombosis, infections, and multi-organ failures, are major factors that could restrain market revenue growth.
Based on product, the global VAD market is segmented into Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), and Bi-Ventricular Assist Device (Bi-VAD). The LVAD segment accounts for the largest revenue share in the global VAD market in 2022 due to the rising rates of heart disease and the aging population. The RVAD segment is expected to register a significantly fast revenue growth rate in the global VAD market during the forecast period, while the Bi-VAD segment is expected to account for a considerably large revenue share in the global VAD market.
The global VAD market is also segmented based on the type of flow, into pulsatile flow and continuous flow. The continuous flow segment accounted for the largest revenue share in the global VAD market in 2022 due to its compact size, increased durability, and reduced power consumption. The pulsatile flow VADs segment is expected to register a significantly fast revenue growth rate in the global VAD market during the forecast period.
The North America market accounted for the largest revenue share in the global VAD market in 2022 due to the rising prevalence of heart failure and the region's aging population. The Asia Pacific market is expected to register the fastest revenue growth rate in the global VAD market during the forecast period, driven by the rising frequency of heart failure and aging population in Japan, China, and India. The Europe market is expected to account for a considerably large revenue share in the global VAD market during the forecast period, driven by the rising prevalence of heart failure, aging population, and presence of cutting-edge healthcare infrastructure.
In conclusion, the global market for Ventricular Assist Devices is expected to see significant growth during the forecast period, driven by several factors such as the increasing prevalence of heart failure and the growing geriatric population.
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