North America Ventricular Assist Device Market is Propelled by Rising rate of Incidence of Cardiovascular Diseases and the Vast Pool of Patients Awaiting Donor Hearts for Transplant

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).

Browse Complete Report Details at: http://www.transparencymarketresearch.com/north-america-ventricular-assist-device-market.html

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.

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.

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.

Get the Premium Research Report of North America Ventricular Assist Device Market at: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=16508

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.

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com/

This release was published on openPR.