Left Ventricular Assist Device Market Research Report and Outlook by 2028

The left ventricular assist device (LVAD) market is projected to expand from approximately US$ 1,272.08 million in 2021 to around US$ 1,806.19 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.1% from 2022 to 2028. This growth is primarily driven by the increasing incidence of relevant diseases and the rising elderly population globally. However, challenges such as product recalls and complications associated with LVADs may hinder market progress.

The aging population is particularly susceptible to a range of health issues, including cardiovascular diseases (CVD), orthopedic conditions, metabolic disorders, and neurological ailments. The World Health Organization (WHO) projects that the global elderly population will rise from approximately 1 billion in 2019 to about 2.1 billion by 2050. Additionally, data from the US Census Bureau indicates that in 2009, around 13% of the U.S. population was aged 65 and older, with estimates suggesting this figure could reach 20% by 2030. A study by Emory Healthcare reveals that around 1.4 million individuals over 65 in the U.S. suffer from congestive heart failure, with over 5% of those aged 60 to 69 affected. Furthermore, the annual incidence of congestive heart failure is approximately 10 per 1,000 individuals aged 65 and above. Congestive heart failure is a leading diagnosis among hospitalized patients aged 65 and older, resulting in 875,000 hospitalizations in the U.S. in 2021. Consequently, the increasing elderly demographic and the rising prevalence of heart failure within this group significantly contribute to the growth of the LVAD market.

Emerging economies such as India, China, Argentina, Brazil, the UAE, and South Africa present substantial growth opportunities for LVAD manufacturers. This is largely due to their expanding patient populations, heightened research and development activities, increased awareness of cardiovascular diseases, rising disposable incomes, and improvements in healthcare infrastructure, along with more favorable regulatory environments compared to developed nations. Over the past decade, these markets have experienced a consistent rise in heart failure cases, driven by a growing target patient base and an increase in cardiovascular diseases, alongside a surge in medical tourism. The World Economic Forum noted that Brazil, Russia, India, China, and South Africa were among the fastest-growing economies as of 2017, projected to account for a third of global health spending by 2022. The WHO anticipates that annual cardiovascular events will rise between 2010 and 2030, particularly due to the aging population and a projected 50% increase in China's population. Manufacturers are actively engaging in strategic initiatives, such as R&D, to expand their presence in developing markets. For instance, in December 2019, a HeartMate 3 HM3 device from Abbott Laboratories was successfully implanted in a 52-year-old patient in Argentina with severe left ventricular dysfunction. Additionally, CorWave, a French company, secured US$ 40 million in a Series C funding round to advance its LVAD development, enhancing manufacturing capabilities and regulatory testing for human trials. Thus, the growth potential in emerging markets, coupled with global expansion efforts by market players through product launches and R&D, is expected to create lucrative opportunities for market growth during the forecast period.

During the COVID-19 pandemic, healthcare authorities prioritized COVID-19-related care, leading to a reduction in elective surgeries and outpatient services. Many countries implemented restrictions on non-clinical staff and visitors, which affected the overall healthcare delivery system. The pandemic also saw an increase in cardiovascular conditions among COVID-19 patients, which heightened the demand for LVAD studies and contributed to market growth. Recent guidelines for healthcare professionals emphasized urgent care and the postponement of elective procedures, with a shift towards virtual care where feasible.

Manufacturers of LVADs adapted to the pandemic by implementing various strategies, including the production of personal protective equipment (PPE) for healthcare workers and the distribution of essential pharmaceuticals. In November 2020, Medtronic and its foundation pledged US$ 3.8 million globally to support healthcare workers with food, operational assistance, mental health resources, and PPE. Consequently, while the pandemic had a short-term adverse effect on the LVAD market, it also spurred innovation and adaptation within the industry.

The global LVAD market is categorized by flow type into pulsatile and non-pulsatile segments. In 2021, the non-pulsatile segment held a larger market share and is expected to exhibit a higher CAGR from 2022 to 2028. In terms of design, the market is divided into implantable and transcutaneous ventricular assist devices, with implantable devices dominating the market share in 2021 and anticipated to grow at a faster rate during the forecast period.

Application-wise, the LVAD market is segmented into destination therapy, bridge-to-transplantation, bridge-to-candidacy, and bridge-to-recovery, with destination therapy holding the largest market share in 2021 and expected to register the highest CAGR moving forward.

Key organizations such as the Centers for Disease Control & Prevention (CDC), World Health Organization (WHO), The Heart Foundation, European Heart Network, and American Heart Association are among the primary and secondary sources referenced in the analysis of the LVAD market.