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. “
With big number of well-settled players such as SynCardia Systems,
St. Jude Medical, Berlin Heart, Abiomed, Heart Ware International,
the ventricular assist devices market in North America shows a
highly competitive market landscape.
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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.
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