In 2020, the market for ventricular assist devices was worth USD 1.12 billion. The market is anticipated to expand at a CAGR of 8.9% from USD 1.23 billion in 2021 to USD 2.24 billion in 2028. With a positive effect on demand being seen across all regions during the pandemic, COVID-19’s impact on the world has been unprecedented and staggering. According to our research, the global market experienced a remarkable growth of -9.19% in 2020 compared to the average year-over-year growth during 2017–2019. When the pandemic is over, this market’s demand and growth will resume to pre-pandemic levels, which explains the abrupt increase in CAGR.

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In 2020, the North American market was worth USD 0.45 billion. The increasing adoption of cutting-edge diagnostics for the detection of heart failure and the rising incidence of cardiovascular diseases in the region are both responsible for the dominance of this regional market. According to the Centers for Disease Control and Prevention (CDC), there will be 6.2 million adult heart failure cases in the United States in 2020. The adoption of these devices is also being boosted by the rising number of collaborations and agreements among the major players that emphasise the growth of this market.

Industry Development

February 2021: CARMAT has gained sanction for the usage of the novel version of its artificial heart in the Early Feasibility Study (EFS). This novel variety comprises specific enhancements in the prosthesis and the wearable system grounded on clinical experience attained in the PIVOTAL study.

Ventricular Assist Device Market Growth Factors:

Heart failure is among the dominating reasons of mortality globally, impacting over 1-2% of the population in western nations. As per the American Heart Association (AHA), the occurrence of heart failure is estimated to augment at a substantial development pace by 2030, in the U.S. is expected to reach over 8 million patients.

Furthermore, in 2020, across the world, over 5.5 million people are predicted to be impacted by heart failure. Mentioning the surging number of patients experiencing the condition, numerous producers are undertaking initiatives for the obtainability of ventricular assist devices.

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Regional Insights

The Ventricular Assist Device Market size in North America stood at USD 0.45 billion in 2020. The leading nature of this regional market is accredited to the growing implementation of advanced diagnostics for the identification of heart failure and the increasing incidence of cardiovascular diseases in this region.

Europe held the second-largest ventricular assist device market share and is anticipated to rise at a substantial CAGR owing to the growing investments in the market pooled with fresher product promotions.

The market in the Asia Pacific displayed a higher CAGR owing to the progressions in healthcare amenities and encouraging government strategies.