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 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 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 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.
This product will be delivered within 3-5 business days.
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 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 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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Left Ventricular Assist Devices Market Characteristics3. Left Ventricular Assist Devices Market Trends and Strategies32. Global Left Ventricular Assist Devices Market Competitive Benchmarking33. Global Left Ventricular Assist Devices Market Competitive Dashboard34. Key Mergers and Acquisitions in the Left Ventricular Assist Devices Market
4. Left Ventricular Assist Devices Market - Macro Economic Scenario
5. Global Left Ventricular Assist Devices Market Size and Growth
6. Left Ventricular Assist Devices Market Segmentation
7. Left Ventricular Assist Devices Market Regional and Country Analysis
8. Asia-Pacific Left Ventricular Assist Devices Market
9. China Left Ventricular Assist Devices Market
10. India Left Ventricular Assist Devices Market
11. Japan Left Ventricular Assist Devices Market
12. Australia Left Ventricular Assist Devices Market
13. Indonesia Left Ventricular Assist Devices Market
14. South Korea Left Ventricular Assist Devices Market
15. Western Europe Left Ventricular Assist Devices Market
16. UK Left Ventricular Assist Devices Market
17. Germany Left Ventricular Assist Devices Market
18. France Left Ventricular Assist Devices Market
19. Italy Left Ventricular Assist Devices Market
20. Spain Left Ventricular Assist Devices Market
21. Eastern Europe Left Ventricular Assist Devices Market
22. Russia Left Ventricular Assist Devices Market
23. North America Left Ventricular Assist Devices Market
24. USA Left Ventricular Assist Devices Market
25. Canada Left Ventricular Assist Devices Market
26. South America Left Ventricular Assist Devices Market
27. Brazil Left Ventricular Assist Devices Market
28. Middle East Left Ventricular Assist Devices Market
29. Africa Left Ventricular Assist Devices Market
30. Left Ventricular Assist Devices Market Competitive Landscape and Company Profiles
31. Left Ventricular Assist Devices Market Other Major and Innovative Companies
35. Left Ventricular Assist Devices Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Left Ventricular Assist Devices Global Market Report 2024 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.
Reasons to Purchase
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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? This report 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.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Transcutaneous Left Ventricular Assist Devices; Implantable Left Ventricular Assist Devices
2) By Type of Flow: Pulsatile; Non-Pulsatile
3) By Application: Bridge-to-Recovery (BTR) Therapy; Bridge-to-Transplant (BTT) Therapy; Destination Therapy; Bridge-to-Candidacy (BTC) Therapy
4) By End-user: Cardiology Centers; Hospitals
Key Companies Mentioned: Abbott Laboratories; Medtronic plc.; Terumo Corporation; St. Jude Medical; MAQUET GmbH & Co.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 1.64 Billion |
| Forecasted Market Value ( USD | $ 2.3 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
