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$1.07 bn by the end of the forecast period. The destination therapy (DT) segment has been reporting a greater application of VADs than the other two indication segments. It is expected to remain the leader with its share rising to 66.7% in the overall market by 2024, states the report.
Advance Heart Failure is characterized as weakening of the heart caused due to failure of the left ventricle, due to which the heart is unable to pump blood to different parts of the body. According to the AHA (American Heart Association), 5.7 Mn people in the U.S suffer from heart failure and 300,000 die each year of heart failure. Moreover, the AHA predicts that advance heart failure will become the most common cause of death globally. However, these statistics have already materialized in the U.S. and Canada, where advance heart failure is currently said to be the leading cause of mortality. In Canada, the figures are rising day by day. In Canada nearly 600,000 of the total is affected by heart failure. A large proportion of these population can be saved with proper treatment and care. Thus, the existence of an unmet medical need is clearly evident and is anticipated to augment the ventricular assist device market.
North America Ventricular Assist Device Market: Scope of the Study
This report on the ventricular assist device market in the North America analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. Detailed qualitative analysis of factors responsible for driving and restraining market growth and opportunities has been provided in the market overview section. Market revenue in terms of US$ 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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North America Ventricular Assist Device Market: Segmentation
Based on product type, the North America ventricular assist device market has been segmented into Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), Biventricular Assist Device (Bi-VAD) and total artificial heart (TAH).
Based on indication, the North America ventricular assist device market has been segmented into bridge to transplant (BTT), destination therapy (DT) and bridge to recovery (BTR). The American Heart Association reported that 2.6% of the total population is suffering from cardiovascular disease and heart failure is the leading cause of death in the U.S. and around 1.6% in Canada suffer from heart failure, and the number is rising each year. Therefore consequently driving the ventricular assist device market in North America during the forecast period.
North America Ventricular Assist Device Market: Geographical Outlook
Geographically, the North America ventricular assist device market has been segmented into two countries: the U.S. and Canada. These countries have been further segmented by indication and product type. The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new companies to establish their presence in the ventricular assist device market in North America.
Companies Mentioned in the Report
The report also profiles major players in the market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include ABIOMED, St. Jude Medical, HeartWare, SynCardia Systems LLC, Sunshine Heart, Inc., Berlin Heart GmbH
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