Ventricular Assist Device Market Worth Over US$ 1.07 Bn By 2024
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.
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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.
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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.
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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.
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