For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
Market Overview of Global LVAD market:
According to our latest research, the global LVAD market looks promising in the next 5 years. As of 2022, the global LVAD market was estimated at USD 1383.11 million, and it's anticipated to reach USD 2271.94 million in 2028, with a CAGR of 8.62% during the forecast years.
A left ventricular assist device (LVAD) is a pump used for patients who have reached end-stage heart failure. Doctors surgically implant the LVAD, a battery-operated, mechanical pump, which then helps the left ventricle (main pumping chamber of the heart) pump blood to the rest of the body. LVADs can be used as Bridge-to-transplant therapy and Destination therapy.
Influence of COVID-19 Outbreak on LVAD Industry Development
Since the outbreak of the COVID-19 virus in December 2019, the disease has spread to nearly 100 countries around the world, and the World Health Organization has declared it an emergency public health event. The COVID-19 epidemic is infected with a large number of people, and its spread and scope far exceed SARS. At present, the number of confirmed cases in Worldwide has exceeded 35 million, Different industries are affected differently by the epidemic situation.
The impact on the LVAD industry is mainly reflected in the supply of raw materials and the operation of the industry market. The main raw materials of LVAD products include some metals, original electronic controllers, Resin, etc. Affected by the COVID-19 epidemic, logistics will be suspended and the supply of raw materials will be tight. Due to the global threat of COVID-19, the resumption of global factories will directly affect customers' production plans and delivery plans. The continuous outbreak of the international epidemic will affect the smooth supply of equipment and materials if the personnel control of various countries is expanded.
COVID-19 has an impact on the operation of the industry, such as the company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, etc.
A left ventricular assist device (LVAD) can save the life of a patient with heart failure. These mechanical pumps, implanted in the chest cavity, deliver oxygen-rich blood to various parts of the body when needed to help the patient's heart function properly. For the downstream market, implantation is a necessity if needed, so the impact on downstream demand is not significant.
Market Limitations
Left ventricular assist devices (LVADs) are now an important treatment strategy for patients with end-stage heart failure, but LVAD implantation can cause abnormal activation of the coagulation-fibrinolytic system, resulting in severe bleeding and thrombotic events that are the most common complications of treatment: bleeding requiring surgical intervention in up to 30% of adult patients and up to 50% of pediatric patients, as well as adverse events such as stroke due to thrombosis and embolism, which significantly affect the long-term outcome of patients with LVAD implantation.
Market Opportunities
Abbott (Thoratec), Heart of Berlin, and Medtronic are the top players in this segment and are well established in the developed markets. Moreover, new product launches and continuous support from the government are expected to boost the growth of the segment.
For example, in February 2020, Abbott received the Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its Fully Implantable Left Ventricular Assist System (FILVAS), which is currently under development. And in 2018, the FDA launched the Breakthrough Device Program to help expedite the development and review of technology submissions that offer significant advantages over approved products.
Region Overview:
From 2022-2027, North America is estimated to witness robust growth prospects.
Company Overview:
Abbott is one of the major players operating in the LVAD market, holding a share of 45.89% in 2020.
Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.
Headquartered in Minneapolis, Minnesota, USA, Medtronic is one of the world's largest medical technology companies, mainly providing life-long treatment programs for patients with chronic diseases. With operations in 150 countries, their products treat 70 health conditions and include cardiac devices, cranial and spine robotics, insulin pumps, surgical tools, patient monitoring systems, and more.
Segmentation Overview:
Among different product types, BTT Therapy segment is anticipated to contribute the largest market share in 2027.
BTT Therapy
Bridge-to-transplant therapy: This is a life-saving therapy for patients awaiting a heart transplant. Patients use the LVAD until a heart becomes available. In some cases, the LVAD is able to restore the failing heart, eliminating the need for a transplant.
BTD Therapy
BTD (bridge to decision) is, in a broad sense, a case of severe heart failure with cardiogenic shock, and refers to wearing an extracorporeal LVAD as a life-saving measure until an indication for heart transplantation can be made. However, in a narrow sense, it often refers to wearing in cases where the indication for extracorporeal LVAD is unknown.
Destination Therapy
Destination therapy: Some patients are not candidates for heart transplants. In this case, patients can receive long-term treatment using an LVAD, which can prolong and improve patients' lives.
BTR Therapy
Wearing a LVAD in patients with severe heart failure in the hope that their cardiac function will recover is called BTR (bridge to recovery). In addition, when cardiogenic shock occurs due to fulminant cardiocarditis or perinatal cardiomyopathy, an extracorporeal LVAD is attached for the purpose of lifesaving, and then recovery is also called BTR.
Application Overview:
By application, the Hospitals segment occupied the biggest share from 2017 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global LVAD market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global LVAD Market Report:
Market Size Estimates: LVAD market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: LVAD market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the LVAD market
Segment Market Analysis: LVAD market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: LVAD market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the LVAD Market: Revenue and sales volume of major countries in each region
LVAD Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the LVAD market in major regions.
LVAD Industry Value Chain: LVAD market raw materials & suppliers, manufacturing process, distributors, downstream customers
LVAD Industry News, Policies & Regulations
Key players in the global LVAD market are covered in Chapter 12:
Jarvik Heart
Abbott
Berlin Heart
Sun Medical Technology Research
ReliantHeart
Medtronic
Evaheart
LivaNova
In Chapter 2 and Chapter 15.1, based on types, the LVAD market from 2018 to 2028 is primarily split into:
BTT Therapy
BTD Therapy
Destination Therapy
BTR Therapy
In Chapter 3 and Chapter 15.2, based on applications, the LVAD market from 2018 to 2028 covers:
Hospitals
Ambulatory Surgical Centers
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the LVAD market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028