Ventricular Assist Device Market: Increased Application of LVADs to Reflect Positively on VAD Sales

With a large number of well-established players, such as Berlin Heart, SynCardia Systems, Sunshine Heart, St. Jude Medical, Heart Ware International, and Abiomed, the market for ventricular assist devices (VADs) in North America demonstrates a fiercely competitive landscape, finds a report by Transparency Market Research (TMR).
Most of the leading companies rely on innovation and technological advancements for business development. However, in the coming years, their focus is projected to shift towards strategic collaborations in order to curtail the competition within the market.
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According to TMR, the opportunity in the North America market for VADs, which stood at US$0.4 bn in 2015, is likely to expand at a healthy CAGR of 9.20% between 2016 and 2024 and increase to US$1.07 bn by the end of the forecast period. The destination therapy (DT) segment has been reporting a greater application of VADs than the other two indication segments. It is expected to remain the leader with its share rising to 66.7% in the overall market by 2024, states the report.
U.S. to Retain Leadership on Account of Rising Awareness Regarding VADs
A geographical analysis of the North America VAD market has also been offered in this research report. As per the study, the U.S. and Canada are the prime domestic markets for ventricular assist devices in this region. Among the two, the U.S. has emerged as the leading contributor to the overall market, thanks to the rise in the awareness level among consumers regarding the benefits offered by VADs.
Expanding at a CAGR of 9.70%, this domestic market is anticipated to remain leading throughout the forecast period. The significant increase in patient assistance and clinical research is likely to act as the key driving factor behind the growth of this market over the next few years, notes the research study.
Increased Application of LVADs to Reflect Positively on VAD Sales
Cardiovascular disorders have been a cause of concerns among people in North America since the last few years. As per the American Heart Association, nearly 70% of the geriatric population with diabetes die from heart disorders and almost 16% pass away from strokes in North America. “Most of the advanced heart failures in humans are caused by left ventricular dysfunction, resulting in the increased application of LVADs, which eventually, is adding substantially to the overall demand for VADs in North America,” says the author of this study.
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Other prominent factors, fueling the demand for VADs in North America are the limited number of heart donors and the growing awareness among consumers regarding the benefits of VADs, states the market report.
High Cost Incurred in Treatment to Limit Demand for VADs
While the North America market for ventricular assist devices looks thriving currently, the overall cost incurred in the treatment may create obstructions in the growth trajectory of this market over the forthcoming years. The increasing incidence of device malfunctioning and product recalls is also projected to restrict the progression of this market in the near future, notes the research study.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Ventricular Assist Device Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

Ventricular Assist Device Market Outlook Key Analysis and Forecast 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.

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.

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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.

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.