North America Ventricular Assist Device Market is rising to a valuation of US$ 1.07 Billion by 2024
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.
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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.
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.
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.
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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.
Transparency Market Research (TMR) is a 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 business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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