North America Ventricular Assist Device Market: Awareness about Benefits of Devices Boosts Market Growth, Says TMR
Transparency Market Research states that the competitive landscape in the North America Ventricular Assist Device is quite intense. Leading players are such as Abiomed, SynCardia Systems, Berlin Heart, Sunshine Heart, Heart Ware International, and St. Jude Medical are expected to focus on developing products with innovation and much more sophistication to rise above the competition. Furthermore, players are also expected to focus on making strategic collaboration to acquire talent and technique in the coming years.
The research report states, the North America ventricular assist device market was valued at US$0.49 bn in 2015 and is expected to be worth US$1.07 bn by 2024. Between the forecast years of 2016 and 2024, the global market is expected to expand at a steady CAGR of 9.20%.
U.S. to Lead the Pack as Investments in Clinical Research Improve
In terms of geography, the global ventricular assist device market is segmented into Canada and the U.S. The report indicates that the U.S. ventricular assist device market is expected to lead the global market in the coming years. The dominance of this regional market will be attributable the growing awareness amongst patients about advantages of using these devices. Furthermore, a high prevalence of cardiovascular diseases are also expected to drive the global market. The U.S. ventricular assist devices market is expected to expand at a CAGR of 9.70% between 2016 and 2024. The steady rise in patient assistance infrastructure, intensifying clinical research, and improving approach toward healthcare are all expected to fuel the rise of this regional market.
On the basis of indication, the North America ventricular assist devices market is segmented into bridge to transplant (BTT), destination therapy (DT), and bridge to recovery (BTR). Of these, the destination therapy (DT) segment is projected to lead the overall market in the coming years. The destination therapy segment is expected to account for a total share of 66.7% in the overall market by the end of 2024.
Drop in the Number of Heart Donors Ups Demand for Ventricular Assist Devices
The North America ventricular assist device market is expected to witness a definite surge in the coming years due to an alarming rise in the number of cardiovascular diseases and disorders. The American Heart Association states that about 70% of the aging population suffering from diabetes meet a fatal end due to heart disorders, while 16% die due to strokes. Complicated heart failures are often a result of left ventricular dysfunction, which has augmented the demand for left ventricular assist devices. The soaring demand for ventricular assist devices will also be a result of plummeting number of heart donors. Furthermore, the risk of body accepting a foreign part is always high, which is likely to trigger a demand for ventricular assist devices. Lastly, the rising awareness about the advantages of ventricular assist devices is also expected to benefit the global market.
High Cost of Devices Likely to Dissuade Patients
Despite the strong market drivers, the North America market for ventricular assist devices is likely to face a few challenges and restraints. Currently, the market is being hampered by the high cost of treatment cardiovascular diseases. The market also faces a major threat of product recalls due to malfunctioning, which has created a perception of mistrust amongst patients and physicians.
This review is based on Transparency Market Research’s report, titled “Ventricular Assist Device Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The North America Ventricular Assist Device Market is segmented into:
- Left Ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Bi-Ventricular Assist Device (Bi-VAD)
- Total Artificial Heart (TAH)
- Bridge to Transplant (BTT)
- Destination Therapy (DT
- Bridge to Recovery (BTR)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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