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
North America Ventricular Assist Device Market: Overview
The demand for ventricular assist devices in North America is growing and one of the biggest factors for this is the growing incidences of cardiovascular diseases. The increasing geriatric population in North America who are more vulnerable to cardiovascular diseases is another important factor boosting the growth of the ventricular assist devices in North America. Increasing patient pool waiting for heart transplants will also feel the demand for ventricular assist devices in the region. According to a study, 2.3% of the total population in North America is facing advanced heart failure. Cardiovascular disease is thus a major social economic burden for the region. Another important factor which is fuelling the growth of this market is the increasing number of smokers. Increasing number of research and development activities which are focused on developing more effective devices will benefit the growth of this market. In addition to this the North America ventricular assist device market is also receiving an impetus from favourable government initiatives. According to Transparency Market Research (TMR), the North America ventricular assist device market will be worth US$1.07 bn by 2024.
North America Ventricular Assist Device Market: Trends And Opportunities
Among the various products available such as left ventricular assist device (LVAD), right ventricular assist device (RVAD), total artificial heart (TAH), and bi-ventricular assist device Bi-VAD, it is estimated that the product which is witnessing highest demand is the left ventricular assist devices. This trend is expected to go on in the next few years in North America. It is estimated that the left ventricular assist device segment will expand at a promising 9.6% CAGR from 2016 to 2024. Apart from this, it is also estimated the artificial heart segment will exhibit a lucrative growth in the years to come on account of advancements in technology which will ensure the development of product and increase its operational capability. In addition to this, the growing availability of these products will also create a good market for total artificial heart. Moreover, increased availability has also lead to the bridging of transplant and in destination therapy.
Ventricular Assist Devices: Geographical Analysis
From the perspective of geography, it is estimated that among Canada and the US, the US will account for the lion's share in the North America ventricular assist devices market. In the year 2015, the US held a whopping 80% of the total market. An increasing number of prominent companies operating in the ventricular assist device market are based in the US which has led to significant growth of the market in this part of North America. Moreover a growing rise in the research and development activities in the US will also help the market to grow. Patients in the US have become more aware about the availability of various products in the market for the effective management of various heart diseases and this is also benefiting the growth of the ventricular assist device Market. The Canada market at present accounts for a small share in the total North America ventricular assist devices market, but the development of the market in Canada is growing at a steady pace. The favourable reimbursement policies as well as increasing incidences of cardiovascular disease among people are some of the factors which are aiding the growth of the Canada ventricular assist devices market. Canada is also anticipated to benefit from low competition in terms of vendor landscape, making this country a promising nation for companies aspiring to enter the competitive market of ventricular assist devices.
Abiomed, Sunshine Heart Inc., Berlin Heart GmbH, St. Jude Medical, Heart Ware International Inc., and SynCardia Systems LLC are the names of the prominent players operating in the ventricular assist devices in North America.
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