North America Ventricular Assist Device Market

North America Ventricular Assist Device Market Size (2023 to 2028)

The North American market size for ventricular assist devices is predicted to be worth USD 1.67 billion by 2028 from USD 0.81 billion in 2023, growing at a CAGR of 15.59% from 2023 to 2028.

The growing incidence of cardiovascular diseases in North America drives the growth of the ventricular assist devices market in the North American region. Factors such as unhealthy lifestyle habits, excessive consumption of alcohol and unhealthy foods, and insufficient physical activity are majorly resulting in the growing incidence of cardiovascular diseases among people. Ventricular Assist Devices (VADs) are electromechanical solutions designed to partially or fully replace the failing heart's pumping function. They come in two types: left ventricle and right ventricle VADs. Left ventricular VADs channel blood from the left ventricle to the aorta, facilitating circulation throughout the body. Conversely, right ventricular VADs transport blood from the right ventricle to the pulmonary artery and lungs. In the United States, around 2,500 individuals with heart failure receive left ventricular assist devices annually. Primarily prescribed for patients with weakened hearts or heart failure, these devices aid in pumping blood from the heart's lower chambers to sustain bodily functions.

The growing aging population and rising awareness of ventricular assist devices (VADs) further boost the growth rate of the North American market. The older population is susceptible to heart ailments due to reduced immune function and inadequate nutrition. VADs are also employed for patients awaiting organ transplants. Particularly, Left Ventricular Assist Device (LVAD) implantation has gained traction for addressing heart failure among older individuals. This practice is prevalent among those aged 75 and above.

The integration of advanced technologies such as artificial intelligence and algorithms into ventricular assist device (VAD) procedures fosters market growth in North America. Manufacturers are dedicated to refining VAD surgical instruments for enhanced surgical outcomes and reduced complications. Given the growing prevalence of diverse heart conditions, researchers and manufacturers are diligently striving to create cost-effective VAD solutions. The growing investments in research and development, government backing, the prominence of key market players, and the acceleration of product approval processes promote North American market growth.

The high costs associated with ventricular assist devices and heart-related surgical procedures are one of the major factors hampering the North American market growth. Factors such as insufficiently skilled healthcare professionals, limited awareness, suboptimal reimbursement policies and prolonged approval timelines for innovative devices further impede the regional market growth. Complications linked to ventricular assist devices encompass bleeding, blood clotting, infection, device malfunctions, and right heart failure.

This report on the North American ventricular assist device market has been segmented and sub-segmented into the following categories.

By Product:

• Left Ventricular Assist Devices (LVADs)
• Right Ventricular Assist Devices (RVADs)
• Biventricular Assist Devices (BIVADs)

By Application:

• Bridge-to-transplant (BTT) Therapy
• Destination Therapy
• Bridge-to-recovery (BTR) Therapy
• Bridge-to-candidacy (BTC) Therapy

By Design:

• Transcutaneous Ventricular Assist Devices
• Implantable Ventricular Assist Devices

By Country:

• The United States
• Canada
• Rest of North America

North America is anticipated to account for the leading share of the global market during the forecast period owing to the growing focus on specialized hospitals, rising healthcare expenditures, and an increasing number of awareness initiatives conducted by healthcare organizations and market players.

The U.S. market is expected to dominate the market in the North American region due to its robust manufacturing infrastructure and increasing consolidation activities. The Canadian market is anticipated to hold a considerable share of the North American market in the coming years due to several research facilities, clinical trial centers, a growing number of heart transplant programs, and improved infrastructure for surgical procedures.

KEY MARKET PLAYERS:

Companies playing a pivotal role in the North American ventricular assist device market profiled in this report are Abbott (US), ReliantHeart Inc. (US), Abiomed Inc. (US), Cardiac Assist Inc. (US), Medtronic plc (Ireland), Fineheart (France), Cirtec (US), CorWave SA (France), and Berlin Heart GmbH (Germany).