The North America ventricular assist device market is fragmented with regards to competition, finds Transparency Market Research (TMR). The highly competitive landscape features top players such as Abiomed, SynCardia Systems, St. Jude Medical, Berlin Heart, Sunshine Heart, and Heart Ware International. These companies have been concentrating on innovative product launches and investments in research and development.
A number of market players are developing new technologies for upgrading their existing product offerings. For instance, in May 2017, Abiomed, Inc., one of the leading suppliers of pioneering heart support and recovery technologies, launched 3rd generation Impella CP heart pump. The technology features a unique capability of unloading the heart and boosting recovery for percutaneous coronary intervention (PCI) among high-risk patients. Being the world’s smallest heart pump, it is a percutaneous ventricular assist device (pVAD) approved by the Food and Drug Administration (FDA).
In 2015, the ventricular assist device market in North America was valued at US$0.4 bn. The market is expected to expand at a promising CAGR of 9.20% between the forecast years 2016 and 2024, reaching US$1.07 bn by the end of 2024.
Growing R&D Activities in U.S. Promote Growth
By type of product, the ventricular assist device market in North America was led by left ventricular assist devices segment in 2015. The segment is expected to expand at a CAGR of 9.6% over the forecast period, continuing to hold a major portion of market share. By geography, the U.S. held the largest share of 80% in the North America ventricular assist device market and is expected to retain its dominant position. The prominence of the U.S. can be attributed to increasing patient awareness and growing number of R&D projects.
Favorable Reimbursements in Canada Pave the Way for Further Expansion
The incidence of cardiovascular disorders has been rising to an alarming degree over the past few years in North America. According to the American Heart Association (AHA), more than 70% of the aging population in the U.S. suffering from diabetes pass way due to heart disorders. Also, over 16% of them die from stroke, finds the study.
Although presently the U.S. holds the lion’s share in the ventricular assist device market in North America, Canada possesses vast potential for growth. Availability of favorable reimbursements along with increasing number of heart failures are some of the primary growth drivers of the ventricular assist device market in Canada. Studies have found that more than 600,000 people suffered from advanced heart failure in Canada. Therefore, the unmet medical needs of the patient population in Canada will create significant opportunities for the North America ventricular assist device market.
On the flipside, the high costs incurred by the treatments involving ventricular assist devices might prevent several middle and low income patients from benefitting from these treatments. This is expected to inhibit the growth of the North America ventricular assist device market. The growth trajectory of the North America ventricular assist device market can be negatively affected by growing frequency of product recalls and malfunctioning. However, the emergence of cutting-edge solutions in the area of ventricular assist devices is likely to offer immense opportunities.
The information presented in this review is based on a Transparency Market Research report, titled, “Ventricular Assist Device Market: (Product Type - Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), Bi-Ventricular Assist Device (Bi-VAD), and Total Artificial Heart (TAH); Indication - Bridge To Transplant (BTT), Destination Therapy (DT), and Bridge To Recovery (BTR)) - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Segments of the North America Ventricular Assist Device Market
The North America Ventricular Assist Device Market, by Product
- Left Ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Bi-Ventricular Assist Device (Bi-VAD)
- Total Artificial Heart (TAH)
The North America Ventricular Assist Device Market, by Indication
- Bridge to Transplant (BTT)
- Destination Therapy (DT
- Bridge to Recovery (BTR)
The North America Ventricular Assist Device Market, by Geography
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