North America Ventricular Assist Device Market: High Cost of Treatment to Impede Growth of Market
Most of the well established players depend on technological advancements and innovation for the strengthening their businesses. However, in the near future, the companies are expected to change their towards tactical business collaborations such as mergers, acquisitions, and joint ventures so as to enhance their overall market presence and cut down the competition in the market.
The North America market for ventricular assist devices stood at an overall valuation of US$0.4 bn in the year 2015. The growth of the market is expected to reach to a figure worth US$1.07 bn by the end of year 2024. This growth of the market is expected to be grow with an impressive CAGR of 9.20% over the course of the given forecast period of 2016 to 2024. The segment of destination therapy (DT) has been reported to have a greater application of ventricular assist devices than the remaining two segments of indication. It is projected to remain as a leading segment with its accounting for nearly 66.7% in the overall market by the end of forecast period in 2024.
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From a geographical standpoint, North America market for ventricular assist devices, the U.S. and Canada are considered to be the prime regional market with the U.S. market coming up as a leading contributor among the two. The growth of the U.S. market can be attributed to increasing level of awareness among the customers about the advantages of ventricular assist devices. The North America market is expected grow with an impressive CAGR of 9.70%.
Cardiovascular diseases have been a reason for concern among the population of North America since past few years. As per the study by American Heart Association, about 70% of the elderly population with diabetes die from heart disorders and nearly 16% die because of stroke in North America. Most of the advance stage heart diseases are a result of dysfunction on left ventricle that results in the increased application of LVADs, which subsequently is adding to the overall demand of the ventricular assist devices across the North America region.
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Other important factors that are responsible for driving the overall growth of the North America market for ventricular assist devices are the restricted number of heart donors and the increasing awareness among customers about the benefits ventricular assist device.
However, there are some factors that may impede the development of the market in the coming years of the forecast period of 2016 to 2024. One of the key restraining factor for the growth of the North America market for ventricular assist devices is the overall cost of the treatment. High cost of the treatment may stop from its widespread adoption. The rising incidences of malfunctioning of devices and recalling of products is also expected to impede the overall growth of the market for ventricular assist devices in North America. “
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