iData Research, a global consulting and market research firm, has released exclusive research on the ventricular assist and intra-aortic balloon pump device markets. The research addresses key insights including the effects of COVID-19 in 2020, 2021, and beyond. While both markets are down from previous years, iData forecasts an increased penetration rate of fiber-optic IABP catheters, and increased percutaneous VAD procedures, leading to a strong recovery moving forward.
According to iData’s Global Report for Ventricular Assist and Intra-aortic Devices, the combined global market was estimated at over $1.8 billion in 2020. Both markets significantly declined in 2020 following COVID-19 headwinds and drop in procedural volume, however, both have started to recover moving into 2021 and are expected to reach almost $3.3 billion by 2027. This report contains a global market analysis of over 70 countries and includes unit sales, average selling prices, market drivers and limiters, competitive market share analysis, and more.
iData’s analysis covers the percutaneous VAD market, implantable VAD market, and the disposable IABP market consisting of conventional and fiber-optic IABP catheters. Growth within the VAD market will be driven by technological advances and the large potential patient population. On the other hand, growth within the IABP market will be driven by increasing PCI procedures, replacement sales, and popularity surrounding fiber-optic IABP catheters.
“Both the VAD and IABP markets are well-established and relatively mature”, says Dr. Kamran Zamanian, Senior Partner and CEO of iData Research, “because of this, both markets are projected to fully recover by 2022 following the global COVID-19 pandemic.”
Among the many competitors within these global markets, Abiomed and Abbott are the leaders in the VAD, and Getinge and Teleflex in the IABP markets respectively. LivaNova, Venus Medical, and Zeon Medical are trailing the leaders by a substantial margin, pushing for a larger share of the global market. There is a multitude of other competitors analyzed within this report which have one or more products offered in this space.
To accurately estimate market shares, units sold, average selling prices, product segments, and brands as well as procedural volumes, iData Research uses its proprietary market and procedure databases, as well as hospital purchase order data to complement its primary and secondary research initiatives.