At 4.8% CAGR, the Europe Left Ventricular Assist Device Market is Projected to be worth US$ 445.05 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe left ventricular assist device market was valued at US$ 336.52 million in 2022 and is expected to reach US$ 445.05 million by 2028, registering a CAGR of 4.8% from 2022 to 2028. Untapped potential of emerging economies and increased use of artificial intelligence and machine learning in LVAD are the critical factors attributed to the Europe left ventricular assist device market expansion.

To capitalize on the high growth opportunities for LVAD in emerging markets, manufacturers are adopting strategic activities, such as R&D, for business expansion in developing countries. Further, CorWave, a France-based company, raised US$40 million in a series C round to develop its Left Ventricular Assist Device (LVAD). This helps expand manufacturing infrastructure, complete regulatory testing required to conduct human implants, and start human clinical trials. The number of hospitals and surgical centers in emerging markets is expected to grow due to increasing healthcare spending and a rising target patient population. Therefore, the development of healthcare facilities in the developing economies along with surge in hospitals will increase the awareness and adoption of LVAD in emerging economies. Further, increasing competition in well-established markets will force LVAD manufacturers to focus on emerging markets in the coming years, which is expected to create lucrative opportunities for the market players in the coming years.  

On the contrary, increase in product recalls and complications associated with left ventricular assist devices hurdles the growth of Europe left ventricular assist device market.

Based on type of flow, the Europe left ventricular assist device market is bifurcated into pulsatile flow and non-pulsatile flow. The non-pulsatile flow segment held 56.5% share of Europe left ventricular assist device market in 2022, amassing US$ 190.07 million. It is projected to garner US$ 258.38 million by 2028 to expand at 5.3% CAGR during 2022–2028.

Based on design, the Europe left ventricular assist device market is bifurcated into implantable ventricular assist devices and transcutaneous ventricular assist devices. The implantable ventricular assist devices segment held 56.9% share of Europe left ventricular assist device market in 2022, amassing US$ 191.46 million. It is projected to garner US$ 248.70 million by 2028 to expand at 4.5% CAGR during 2022–2028.

Based on application, the Europe left ventricular assist device market is segmented into bridge to transplantation, destination therapy, bridge to recovery, and bridge to candidacy. The destination therapy segment held 41.1% share of Europe left ventricular assist device market in 2022, amassing US$ 138.18 million. It is projected to garner US$ 189.34 million by 2028 to expand at 5.4% CAGR during 2022–2028.  

Based on country, the Europe left ventricular assist device market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that the UK captured 27.7% share of Europe left ventricular assist device market in 2022. It was assessed at US$ 93.08 million in 2022 and is likely to hit US$ 124.61 million by 2028, exhibiting a CAGR of 5.0% during 2022–2028.  

Key players operating in the Europe left ventricular assist device market are ABIOMED Inc, Medtronic Plc, Evaheart Inc., and CorWave SA, among others.

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