Ventricular Assist Device Market Size, Share & Trends Report

Ventricular Assist Device Market Size, Share & Trends Analysis Report By Product, By Type Of Flow (Pulsatile Flow, Continuous Flow), By Application, By Design, By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: 978-1-68038-603-5
  • Number of Pages: 131
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2019
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the ventricular assist device market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for ventricular assist device market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of ventricular assist device market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Ventricular Assist Device Market Categorization:

The ventricular assist device market was categorized into five segments, namely product (Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, Total Artificial Heart), type of flow (Pulsatile Flow, Continuous Flow), design (Bridge to Transplant, Destination Therapy), application (Implantable Ventricular Assist Device, Transcutaneous Ventricular Assist Device), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The ventricular assist device market was segmented into product, type of flow, design, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The ventricular assist device market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; Germany; the UK.; Spain; Italy; France; Russia; Japan; China; India; Singapore; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Ventricular assist device market companies & financials:

The ventricular assist device market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • ABIOMED –ABIOMED is a medical devices company that manufactures and develops implant devices from heart recovery to acute heart failure. Product portfolio of the company includes percutaneous micro heart pumps, integrated motors & sensors, circulatory support systems, and minimally invasive implantable devices.

  • Medtronic – Medtronic is one of the world’s largest medical technology and healthcare solutions companies that manufactures medical devices. The company applies biomedical engineering in research, design, and manufacturing & sales of products for alleviating pain, restoring health, and extending life.

  • Abbott - Abbott manufactures, develops, and markets healthcare products globally. The company offers branded and generic drugs for treatment of various diseases such as irritable bowel syndrome, dyslipidemia, and hypothyroidism. Since 2016, Abbott has acquired St. Jude Medical, Kalila Medical, and Alere to expand its market position in the healthcare segment.

  • Berlin Heart - Berlin Heart is a medical device company that develops VADs, which provide mechanical support to the heart at end-stage heart failure. The company’s product portfolios cater to the needs of pediatric patients who need to undergo cardiac transplant and those who require circulatory support. In addition, the company is involved in strategic collaborations with leading heart centers worldwide.

  • Cardiac Assist, Inc. - Cardiac Assist, Inc. is a medical device company with core competencies in developing cost-effective circulatory support products. Furthermore, the company globally caters to the needs of cardiologists and cardiac surgeons with FDA-cleared and CE-marked short-term extracorporeal circulatory support system for heart failure treatment.

  • Jarvik Heart, Inc.  - Jarvik Heart, Inc. is a privately held company that manufactures miniaturized heart assist devices for heart failure. The company is known for some of its key products such as Jarvik 2000 FlowMaker. Currently, this device is classified as an investigational device in the U.S. and more than 200 heart failure patients have successfully undergone the implantation procedure.

  • ReliantHeart, Inc.  - ReliantHeart, Inc. is a medical device company that manufactures VADs for advanced-stage heart failure. Currently, this device has been granted CE certification for commercialization in Europe. The company recently modified its left VAD systems with wireless monitoring that automatically updates technicians and clinicians without the requirement of patient interaction.

  • Sun Medical Technology Research Corp. – It is a medical device producer that develops implantable rotary blood pumps through techniques such as micro-mechatronics. Furthermore, the company is a subsidiary of Misuzu & Sun Medical Holdings Co., Ltd.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Ventricular Assist Device Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2020, historic information from 2016 to 2019, and forecast from 2021 to 2028). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Ventricular Assist Device Market Report Assumptions:

  • The report provides market value for the base year 2020 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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