Left Ventricular Assist Device (LVAD) Market Size, Share, Competitive Landscape and Trend Analysis Report, by Application, by Design, by Age : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics

The left ventricular assist devices market growth is majorly driven by increase in the prevalence of cardiovascular diseases, such as arrythmia, heart attack, and heart failure; and increased awareness about heart failure treatment options such as left ventricular assist devices. In addition, educational programs and initiatives led by governments and organizations like the Heart Failure Society of America, further contribute to the LVAD market growth.  Social media, events, and support groups further disseminate information and success stories about left ventricular assist devices (VADs) , boosting patient demand. Collaboration with medical organizations, hospitals, and device manufacturers enhances education efforts, empowering patients and healthcare providers to make informed decisions about VADs. Overall, heightened awareness of heart monitoring and treatment options fuels market expansion by increasing acceptance and adoption of VADs among patients and healthcare professionals. 

In addition, technological advancements in LVAD drive the growth during left ventricular assist devices market forecast. In the past, the employed devices had disadvantages such as high chance of infection, clot formation, and blood damage. To overcome these issues, there were changes made to the left ventricular assist devices (VADs) to increase the effectiveness and durability of the device.  

Furthermore, the improvements in continuous flow technology have enhanced the outcomes for patients. In addition, the devices offer high efficiency, implant ability, and extended support. Moreover, the strength and effectiveness of the devices have made it possible to support patients with VAD implantation, who are not transplant candidates. As a result, the clinical use and applications of left ventricular assist devices (VAD) is increasing, which further propels the growth of the market. Advancements in left ventricular assist devices have led to higher success rates in the treatment of heart failures. For instance, the third-generation VAD devices are significantly different from the second-generation and first-generation devices. The third generation left ventricular assist device (LVADs) consist of more advanced technology, which is known as magnetic levitation (MAGLEV) . This technology allows for rotation without friction and thereby enhances efficiency and durability of the device. Thus, more such technological advancements in VAD drive the market expansion and are anticipated to offer potential growth for the LVAD market during the forecast period.

The high cost associated with left ventricular assist devices (VADs) and procedures poses a significant barrier to LVAD market growth. VADs are complex devices requiring advanced components and manufacturing processes, leading to elevated prices. Limited manufacturers and high R&D costs further contribute to the expense. Adoption rates are hindered, particularly in emerging countries, due to costliness compared to alternative treatments. Inadequate insurance coverage and reimbursement policies, particularly in Asia-Pacific and LAMEA regions, exacerbate affordability challenges, limiting adoption in developing nations.

In addition, risks associated with VAD implantation hamper market expansion. Complications such as bleeding, blood clots, stroke, heart attack, device malfunctions, and infections are prevalent. Instances of VAD failure necessitating immediate medical attention or device replacement add to concerns. These factors collectively restrain the growth of the left ventricular assist devices market, as they deter both patient acceptance and healthcare provider adoption.

In addition, major players have adopted some key strategies, which help expand the company’s product portfolio and contribute to expansion of the business. For instance, in January 2023, Abiomed received regulatory approvals in three countries for Impella surgical products. The U.S. Food and Drug Administration's (FDA) granted Early Feasibility Study (EFS) and Investigational Device Exemption (IDE) approval to the Impella BTR (Bridge-to-Recovery) and on the other hand, in Asia, Impella 5.5 with SmartAssist received approval from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) and Hong Kong’s Medical Device Division (MDD) . Thus, more such product approvals and launches by companies are anticipated to create left ventricular assist devices market opportunity during the forecast period.

Market Segmentation

The left ventricular assist devices industry is segmented into application, design, age, and region. On the basis of application, the market is fragmented into bridge-to-transplant (BTT) , destination therapy, bridge-to-recovery (BTR) , and bridge to candidacy therapy. On the basis of design, the market is bifurcated into transcutaneous left ventricular assist devices and implantable left ventricular assist devices. By age, the market is divided into adults and pediatrics. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

North America acquired the largest left ventricular assist devices market share in terms of revenue in 2023 and is expected to maintain its lead during the forecast period owing to a well-established healthcare infrastructure, high healthcare spending, extensive adoption of advanced therapeutic technologies, robust R&D activities, and favorable government initiatives supporting healthcare innovation. In addition, the region's large population base and rise in the prevalence of cardiac failure contribute to the continued growth of the left ventricular assist devices market.

However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period. The region's robust economic development, coupled with a rapidly expanding population, is contributing to increase in the number of patients suffering from permanent heart failure. In addition, rise in healthcare awareness and improving healthcare infrastructure in countries across Asia-Pacific are fostering greater access to left ventricular assist devices.

• In September 2023, on World Heart Day, the Ministry of Health within the Government of India rolled out a public campaign on heart health which places a special emphasis on raising awareness of hypertension risk factors that can lead to premature death and morbidity due to cardiovascular disease.
• In September 2022, AMP Heart Failure is the latest initiative to emerge from the AMP Program, a set of public-private collaborations that coalesce the collective knowledge of the NIH, the U.S. FDA, the biotech and pharmaceutical industry, and patient organizations to speed drug development across different diseases.

Industry Trends

• In September 2023, on World Heart Day, the Ministry of Health within the Government of India rolled out a public campaign on heart health which places a special emphasis on raising awareness of hypertension risk factors that can lead to premature death and morbidity due to cardiovascular disease.
• In September 2022, AMP Heart Failure is the latest initiative to emerge from the AMP Program, a set of public-private collaborations that coalesce the collective knowledge of the NIH, the U.S. FDA, the biotech and pharmaceutical industry, and patient organizations to speed drug development across different diseases.

Patent Analysis, By Country, 2015-2024

U.S. witnessed the highest number of left ventricular assist devices market share in patent approvals and applications, due to favorable government policies, new technological advancement and new product launches in the country. PCT has 17.6% of the total number of patents, followed by China at 15.6% and European Patent Office at 13.2%.

Competitive Landscape

The major players operating in the left ventricular assist devices market include Evaheart, Inc., Abiomed, Inc., Abbott Laboratories, CH Biomedical, Inc., Carmat SA, Bivacor Inc., LivaNova PLC, Berlin Heart GmbH, Fineheart, AdjuCor GmbH. Other players in the left ventricular assist devices market includes Terumo Corporation, Jaivik Heart Inc., Getting AB, Teleflex Corporation and so on.

Recent Key Strategies and Developments

• In March 2022, FineHeart S.A, announced the grant by the USPTO (United States Patent and Trademark Office) in the U.S. for the ICOMS FLOWMAKER, a fully Implantable Cardiac Output Management System designed to address the unmet need of patients suffering from severe heart failure.
• In October 2022, Abiomed announced that Impella RP Flex with SmartAssist received the U.S. Food and Drug Administration (FDA) pre-market approval (PMA) , as safe and effective to treat acute right heart failure for up to 14 days. 
• In September 2022, Abiomed announced two approvals from the U.S. Food and Drug Administration (FDA) related to clinical research of Impella heart pumps in acute myocardial infarction (AMI) cardiogenic shock patients. The FDA has approved the on-label RECOVER IV randomized controlled trial (RCT) for AMI cardiogenic shock patients.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the left ventricular assist devices market analysis from 2024 to 2033 to identify the prevailing left ventricular assist device market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the left ventricular assist device (LVAD) market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global left ventricular assist devices market trends, key players, market segments, application areas, and market growth strategies.

Key Sources Referred

• Centers for Disease Control and Prevention
• World Health Organization
• National Center for Biotechnology Information
• The Lancet
• National Perinatal Epidemiology and Statistics Unit (NPESU)
• Science Direct
• Health Resources and Services Administration (HRSA)
• Department of Health and Human Services (HHS)
• National Institutes of Health (NIH)