Ventricular Assist Device Market
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
Press Release :
North America Ventricular Assist Device Market: Snapshot
The market for ventricular assist devices (VAD) in North America has exhibited an excellent rate of growth and the rate of adoption of these devices continues to remain strong. Several factors are responsible for the rising demand for ventricular assist devices in the region, with the chief ones being the rising rate of incidence of cardiovascular diseases and the vast pool of patients awaiting donor hearts for transplant.
It is estimated that advance heart failure affects nearly 2.3% of the total population of North America and is a major socioeconomic burden. The rise in the region’s geriatric population, which is a demographic more susceptible to heart failures, the rising population of smokers, strong focus on R&D activities aimed at the development of more effective devices, and favorable government initiatives are also driving the market for ventricular assist devices in the region.
Transparency Market Research states that the market will exhibit a promising 9.20% CAGR over the period between 2016 and 2024, rising from a valuation of US$0.49 bn in 2015 to US$1.07 bn by 2024.
LVADs to Continue Amass Maximum Share in North America VAD Market
The key ventricular assist devices in the North America market include bi-ventricular assist devices (Bi-VADs), left ventricular assist devices (LAVDs), right ventricular assist devices (RVADs), and total artificial hearts (TAHs).
Of these, the segment of left ventricular assist devices has been witnessing a relatively higher demand for ventricular assistance in the North America market. The trend is expected to remain strong over the next few years, with the segment expected to exhibit a promising 9.6% CAGR over the period between 2016 and 2024. The segment of total artificial hearts is also expected to exhibit growth at a promising pace over the said period as technological advances allow the development of products with excellent operational capability. The increasing availability of such products is leading to their increased use as a bridge to transplant and in destination therapy.
Increased R&D Activities and Awareness to Help U.S. Retain Dominance
From a geographical perspective, the ventricular assist devices market has been examined for the U.S. and Canada. Of these, the U.S. accounted for over 80% of the overall market in 2015 and is expected to continue to account an equally significant share over the next few years as well. The U.S. market is expected to retain its dominance owing to the presence of some of the North America and global market’s leading companies, a significant rise in new research and development activities, and increased patient awareness about the variety of products available in the market to effectively manage a number of heart disease.
The Canada market presently accounts for a relatively meagre share in the North America ventricular assist devices market but is expected to witness growth at a steady pace in the next few years. The rising rate of incidence of cardiovascular diseases and a favorable reimbursement picture are expected to fuel the market for ventricular assist devices in the country in the next few years. Moreover, the market in Canada is also expected to benefit from the low intensity of competition in the vendor landscape, which makes the country a promising investment ground for companies aspiring to enter into the field of ventricular assist devices.
The highly competitive market for ventricular assist devices in North America features vendors such as Abiomed, Berlin Heart GmbH, Sunshine Heart Inc., St. Jude Medical, SynCardia Systems LLC, and Heart Ware International Inc. To gain a larger share in the market, companies have relied upon strategies such as product innovation and strategic alliances with new vendors and companies with technological prowess.
North America Ventricular Assist Device Market: Overview
Advance Heart Failure is characterized as weakening of the heart caused due to failure of the left ventricle, due to which the heart is unable to pump blood to different parts of the body. According to the AHA (American Heart Association), 5.7 Mn people in the U.S suffer from heart failure and 300,000 die each year of heart failure. Moreover, the AHA predicts that advance heart failure will become the most common cause of death globally. However, these statistics have already materialized in the U.S. and Canada, where advance heart failure is currently said to be the leading cause of mortality. In Canada, the figures are rising day by day. In Canada nearly 600,000 of the total is affected by heart failure. A large proportion of these population can be saved with proper treatment and care. Thus, the existence of an unmet medical need is clearly evident and is anticipated to augment the ventricular assist device market.
North America Ventricular Assist Device Market: Scope of the Study
This report on the ventricular assist device market in the North America analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. Detailed qualitative analysis of factors responsible for driving and restraining market growth and opportunities has been provided in the market overview section. Market revenue in terms of US$ Mn for the period between 2014 and 2024 along with the compound annual growth rate (CAGR %) from 2014 to 2024 are provided for all the segments, considering 2015 as the base year. Market related factors such as technological developments, patent expiry, recent approvals, investment in clinical studies and acquisitions by leading players in the market, and historical year-on-year growth have been taken into consideration while estimating the market size. Growth rates for each segment within the North America ventricular assist device market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, drug development life cycle, and regulatory requirements. These factors would help the market players to take strategic decisions in order to strengthen their positions and expand their share in the ventricular assist device market in North America.
North America Ventricular Assist Device Market: Segmentation
Based on product type, the North America ventricular assist device market has been segmented into Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), Biventricular Assist Device (Bi-VAD) and total artificial heart (TAH).
Based on indication, the North America ventricular assist device market has been segmented into bridge to transplant (BTT), destination therapy (DT) and bridge to recovery (BTR). The American Heart Association reported that 2.6% of the total population is suffering from cardiovascular disease and heart failure is the leading cause of death in the U.S. and around 1.6% in Canada suffer from heart failure, and the number is rising each year. Therefore consequently driving the ventricular assist device market in North America during the forecast period.
North America Ventricular Assist Device Market: Geographical Outlook
Geographically, the North America ventricular assist device market has been segmented into two countries: the U.S. and Canada. These countries have been further segmented by indication and product type. The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new companies to establish their presence in the ventricular assist device market in North America.
Companies Mentioned in the Report
The report also profiles major players in the market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include ABIOMED, St. Jude Medical, HeartWare, SynCardia Systems LLC, Sunshine Heart, Inc., Berlin Heart GmbH
The North America ventricular assist device market has been segmented as follows:
North America Ventricular Assist Device Market, by Product Type
- LVAD (Left ventricular assist device)
- RVAD (Right ventricular assist device)
- Bi-VAD (Biventricular assist device)
- TAH( Total artificial heart)
North America Ventricular Assist Device Market, by Indication
- BTT (Bridge To Transplant)
- DT (Destination Therapy)
- BTR (Bridge To Recovery)