Albany, NY -- (SBWIRE) -- 03/14/2017 -- LVADs to Continue Witnessing Strong Demand
Right ventricular assist devices (RVADs), left ventricular assist devices (LAVDs), bi-ventricular assist devices (Bi-VADs), and total artificial hearts (TAHs) are the main products available in the North America VAD market.
LVADs have been witnessing a higher demand than other devices used for ventricular assistance across the world. This scenario is likely to remain the same in the near future with the opportunity for LVADs in North America rising at a CAGR of 9.60% between 2016 and 2024. TAHs are also expected to experience a significant surge in their demand over the forthcoming years due to their augmenting popularity as one of the most efficient devices used in destination therapy and bridge to transplant.
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.
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Increase in Clinical Trials and Awareness Initiatives to Ensure Dominance of the U.S.
The prime domestic markets for ventricular assist devices in North America are U.S. and Canada. With a contribution of US$446 mn, the U.S. surfaced as the key contributor to the overall market in 2015. Researchers predict this domestic market to continue to lead throughout the forecast period, thanks to the significant increase in clinical studies, awareness initiatives, and patient assistance.
On the other hand, Canada, which accounts for a smaller share of the overall market, is poised to witness a sturdy rise and create substantial opportunities for the market's growth in this region over the next few years. The increasing prevalence of cardiovascular disorders among people and the presence of a favorable reimbursement scenario are likely to fuel the usage of VADs for the treatment of cardiac arrest, heart failure, and other cardiovascular disorders in the years to come, leading to substantial growth of VAD market in Canada. In addition, the low level of competition between players is anticipated to boost the interest of multinational participants in the Canada VAD market in the near future.
The North America VAD market demonstrates a highly competitive landscape due to the intense rivalry between the leading players, namely, Berlin Heart GmbH, SynCardia Systems LLC, Sunshine Heart Inc., St. Jude Medical, Heart Ware International Inc., and Abiomed. Hitherto, they relied upon product innovation for business development; however, their focus is likely to shift towards strategic alliances with new entrants to minimize the competition within the market.
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