The global ventricular assist device market is set to grow to $1.98 billion by 2022, according to a new report.
Grand View Research published a report that said that the market was worth $762.9 million in 2014. The growth is being driven by increased prevalence of cardiovascular disease, advances in technology and favorable reimbursement, among other factors.
Left ventricular assist devices or LVADs take up the lion's share of the overall VAD market, according to the report. These products are meant for patients with severe heart failure who are waiting for a transplant. But the rising demand and the long wait times often mean that the assist devices are being used as destination therapy.
The key companies in the market are Abiomed, Heart Ware International, Thoratec, Berlin Heart, Cardiac Assist, Jarvik Heart, and Reliant heart. And the potential for growth in this market has attracted larger players
St. Jude Medical bought Thoratec in early October for $3.3 billion making it the first example of a large cardiac company to also offer an LVAD. Many believe the ventricular assist device market will see further mergers and acquisitions.
The Minnesota company also announced in mid October that Thoratec's highly awaited HeartMate III device is now approved in Europe. The device has a special magnetic technology that in effect leads the rotor to be suspended and thereby causes less friction on the device, which in effect reduces the trauma to the blood passing through the pump.
And in the U.S., the company has embarked on a pivotal trial to gain FDA approval. Meanwhile, Thoratec's competitor HeartWare has been forced to pause a trial for its MVAD device. A redesign is not needed, HeartWare's management said in a recent earnings call.
Meanwhile, a smaller startup Sunshine Heart has created a wireless LVAD device so that the pump may charge wirelessly and patients do not have to worry about the potential for infection from a power cord attached to their bodies.