North America Ventricular Assist Device Market: Snapshot
Of late, the market for ventricular assist devices (VADs) is witnessing an exceptional rise in North America on account of the increasing incidence of cardiac arrest and heart failure in various economies in this region, specifically in the U.S. and Canada. The escalating pool of heart patients, boosted by the growing base of the geriatric and the obese population, is having the most prominent impact on the augmenting demand for VADs in this region and is likely to continue to influence this market in the coming years.
As per Transparency Market Research (TMR), the North America market for ventricular assist devices offered an opportunity worth US$0.49 bn in 2015. Expanding at an impressive CAGR of 9.20% during the period from 2016 to 2024, the market is projected to reach US$1.07 bn by 2024.
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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.
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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