Left Ventricular Assist Device Market Report 2024 (Global Edition)

Global Left Ventricular Assist Device Market Report 2024 Market Size Split by Application (Bridge-To-Transplant, Destination Therapy, Bridge-To-Recovery, Bridge To Candidacy Therapy), by Design (Trans...

Left Ventricular Assist Device Market Report Description

We have various report editions of Left Ventricular Assist Device Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Left Ventricular Assist Device Market Insights Video

Competitive Landscape of the Left Ventricular Assist Device Market

Since the market is so active and made up of both established players with a lot of expertise in the industry and up-and-coming businesses looking to develop novel solutions to meet the growing need for enhanced mechanical circulatory support, the market is expanding steadily. In order to increase device performance, minimize device size, improve durability, and lower the possibility of problems, a number of important players are stepping up their research and development (R&D) efforts. In an effort to increase their market share and fortify their product lines, industry participants are also engaging in a growing number of strategic alliances, joint ventures, and mergers and acquisitions (M&As).

January 2022: Hridyantra, a challenge-based program, was introduced by the School of Medical Research and Technology (SMRT) at IIT Kanpur with the goal of developing an enhanced artificial heart for end-stage heart failure patients known as the Left Ventricular Assist device (LVAD). (Source: https://www.healthcareradius.in/projects/hridyantra-iit-kanpurs-challenge-to-develop-the-most-advanced-artificial-heart ) June 2021: Following Medtronic's announcement that it would no longer be selling or distributing the Medtronic HeartWare ventricular assist device (HLVAD) globally, Abbott announced that it has the resources and capacity to meet the increasing demand for mechanical circulatory support devices for the effective treatment of advanced heart failure. (Source: https://abbott.mediaroom.com/2021-06-03-Abbott-Confirms-Capacity-to-Support-Expanded-Use-of-HeartMate-3-TM-Heart-Pump#:~:text=ABBOTT%20PARK%2C%20Ill.%2C%20June,decision%20to%20stop%20the%20global ) March 2021: Berlin Heart was the first to receive CE approval and implement a novel bridging solution for patients with single ventricles. Through the assistance of sub-pulmonary circulation, this novel bridging therapy was created to improve the hemodynamics and end-organ function of these patients with univentricular physiology. This has increased the company's credibility in the market for left ventricular assist devices. (Source: https://www.berlinheart.com/media-room/press-releases/press-release/berlin-heart-today-announces-ce-approval-and-first-implantation-of-an-innovative-bridging-solution-f-1/ )

Top Companies Market Share in Left Ventricular Assist Device Industry: (In no particular order of Rank)

• Abiomed
• Cardiac Assist
• Inc.
• Jarvik Heart
• Inc.
• Medtronic
• Abbott
• Berlin Heart
• ReliantHeart
• Inc.
• Sun Medical Technology Research Corp
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Left Ventricular Assist Device Market

Which Region Dominates the Left Ventricular Assist Device Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue because of strong healthcare infrastructure, high healthcare spending, widespread use of cutting-edge medicinal technology, active research and development, and supportive government policies encouraging innovation in healthcare. Furthermore, the region's sizable population base and rising heart failure prevalence support the market's sustained expansion for left ventricular assist devices.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Left Ventricular Assist Device market. The number of people with persistent heart failure is rising as a result of the region's strong economic development and quickly growing population. Furthermore, improved healthcare infrastructure and increased healthcare knowledge in Asia-Pacific nations are encouraging easier access to left ventricular assist devices.

The current report Scope analyzes Left Ventricular Assist Device Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Left Ventricular Assist Device Market

According to Cognitive Market Research, the global Left Ventricular Assist Device market size was estimated at USD XX Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Left Ventricular Assist Device market with a market size of USD XX million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period due to the rising incidence of heart disease and the cost of healthcare.
• The Canada Left Ventricular Assist Device market had a market share of USD XX million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period because of a rise in the number of LVADs implanted and a rise in the success rate of LVAD implantation for bridge-to-transplant.
• The Mexico Left Ventricular Assist Device market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD XX million in 2024.

Europe Left Ventricular Assist Device Market

According to Cognitive Market Research, the global Left Ventricular Assist Device market size was estimated at USD XX Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.

• The United Kingdom Left Ventricular Assist Device market had a market share of USD XX million in 2024 and is projected to grow at a CAGR of 8.1% during the forecast period because of the growing use of left ventricular assist devices and the development of new technologies.
• The France Left Ventricular Assist Device market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD XX million in 2024.
• According to Cognitive Market Research, the German Left Ventricular Assist Device market size was valued at USD XX million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period because of the growing number of older adults and the increased frequency of heart disease.
• The Italy Left Ventricular Assist Device market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD XX million in 2024.
• The Russia Left Ventricular Assist Device market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD XX million in 2024.
• The Spain Left Ventricular Assist Device market is projected to witness growth at a CAGR of 6.4% during the forecast period with a market size of USD XX million in 2024
• The Luxembourg Left Ventricular Assist Device market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD XX million in 2024.
• The Portugal Left Ventricular Assist Device market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD XX million in 2024.
• The Greece Left Ventricular Assist Device market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD XX million in 2024.
• Rest of Europe's Left Ventricular Assist Device market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD XX million in 2024.

Asia Pacific Left Ventricular Assist Device Market

According to Cognitive Market Research, the global Left Ventricular Assist Device market size was estimated at USD XX Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031.

• According to Cognitive Market Research, the China Left Ventricular Assist Device market size was valued at USD XX million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period because heart disease is becoming more common and healthcare is becoming more expensive.
• The Japan Left Ventricular Assist Device market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD XX million in 2024.
• The India Left Ventricular Assist Device market had a market share of USD XX million in 2024 and is projected to grow at a CAGR of 12.6% during the forecast period due to an increase in the number of LVADs implanted and an increase in the implantation success rate of LVADs for bridge-to-transplant.
• The South Korean Left Ventricular Assist Device market is projected to witness growth at a CAGR of 9.9% during the forecast period, with a market size of USD XX million in 2024.
• The Australian Left Ventricular Assist Device market is projected to witness growth at a CAGR of 10.5% during the forecast period, with a market size of USD XX million in 2024.
• The South East Asia Left Ventricular Assist Device market is projected to witness growth at a CAGR of 11.8% during the forecast period, with a market size of USD XX million in 2024.
• The Rest of Asia Pacific Left Ventricular Assist Device market is projected to witness growth at a CAGR of 10.6% during the forecast period, with a market size of USD XX million in 2024.

South America Left Ventricular Assist Device Market

According to Cognitive Market Research, the global Left Ventricular Assist Device market size was estimated at USD XX Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Left Ventricular Assist Device market size was valued at USD XX million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period due to the advancement of new technology and the expanding usage of left ventricular support devices.
• Argentina's Left Ventricular Assist Device market had a market share of USD XX million in 2024 and is projected to grow at a CAGR of 9.1% during the forecast period because heart disease is becoming more common and the number of senior persons is rising.
• Colombia Left Ventricular Assist Device market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD XX million in 2024.
• Peru Left Ventricular Assist Device market is projected to witness growth at a CAGR of 8.4% during the forecast period, with a market size of USD XX million in 2024.
• Chile Left Ventricular Assist Device market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD XX million in 2024.
• The Rest of Latin America's Left Ventricular Assist Device market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD XX million in 2024.

Middle East and Africa Left Ventricular Assist Device Market

According to Cognitive Market Research, the global Left Ventricular Assist Device market size was estimated at USD XX Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031..

• The GCC Countries Left Ventricular Assist Device market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD XX million in 2024 due to the rising prevalence of cardiac disease and the rising cost of healthcare.
• The Egypt Left Ventricular Assist Device market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD XX million in 2024.
• The South Africa Left Ventricular Assist Device market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD XX million in 2024 because the number of elderly people is growing and heart disease is becoming more prevalent.
• The Turkey Left Ventricular Assist Device market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD XX million in 2024.
• The Nigeria Left Ventricular Assist Device market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD XX million in 2024.
• The Rest of MEA Left Ventricular Assist Device market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD XX million in 2024.

Left Ventricular Assist Device Market Analysis

Left Ventricular Assist Device Market Application Segment Analysis

According to Cognitive Market Research, bridge-to-transplant stands out as the dominant category over the projected period. This is due to increased knowledge of bridge-to-transplant therapy, which significantly raises the success rates of transplant surgery. For patients waiting for a heart transplant, BTT acts as a temporary fix by mechanically sustaining circulation until a suitable donor is found. As the effectiveness of this therapy becomes more widely acknowledged, more people will accept it, which will increase its market share in left ventricular assist devices.

Destination therapy emerges as the fastest-growing category in the Left Ventricular Assist Device market. For persons with heart failure who are not candidates for heart transplantation, left ventricular assist devices (LVADs) have become an important therapeutic alternative. LVADs are used in destination therapy as a long-term measure to increase these patients' survival and quality of life. The predicted expansion in the destination therapy market is fueled by the growing acknowledgment of LVADs as an alternative therapy.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Left Ventricular Assist Device Industry. Request a Free Sample PDF!

Left Ventricular Assist Device Market Design Segment Analysis

According to Cognitive Market Research, the dominant category is implantable left ventricular assist devices. Patients with severe heart failure now have a longer-term, more permanent option in the form of implantable left ventricular assist devices (LVADs). Implantable LVADs are surgically placed inside the patient's body, as opposed to external or temporary LVADs, which depend on external power sources and drivelines. For patients, this means increased mobility, convenience, and enhanced quality of life. When used as destination therapy or in anticipation of a transplant, implantable LVADs offer patients ongoing mechanical support for their failing hearts, allowing them to return to their regular activities.

The fastest-growing category in the Left Ventricular Assist Device market is transcutaneous left ventricular assist devices. These devices are now much safer and more effective because of technological improvements, which give patients with serious cardiac diseases more options. Transcutaneous LVADs are among the innovative therapeutic alternatives that are in more demand due to the rising rates of heart failure and other cardiovascular disorders. These gadgets are appealing to patients and medical professionals alike since they provide less intrusive substitutes for conventional LVADs. Moreover, it is anticipated that continued research and development, in addition to encouraging legislative frameworks, will sustain the expansion of this industry.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Left Ventricular Assist Device Age Segment Analysis

Left Ventricular Assist Device Market Age Segment Analysis

According to Cognitive Market Research, the dominant category is adults, driven by the fact that heart failure is becoming more common in the elderly population and by improvements in LVAD technology that have greatly enhanced patient outcomes. This market is growing as a result of increased heart health awareness and developed areas having access to advanced medical facilities.

The fastest-growing category in the Left Ventricular Assist Device market is pediatrics. The LVAD's ability to be smaller and more suited for smaller bodies, together with the increasing awareness of the device's potential to improve survival rates and quality of life in children with serious cardiac diseases, are driving this expansion. The market in this category is also being driven by initiatives centered toward uncommon pediatric cardiac illnesses and increased financing for pediatric healthcare research.

• Adults
• Pediatrics

Author's Detail

Anushka Gore

Research Associate at Cognitive Market Research

LinkedIn

Profile

Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.

Author's Conclusion