Market Strategy

The Target Market

The key factor that supports the growth of the LVAD market is the increasing number of patients with cardiovascular diseases. According to the American Heart Association, 300,000 Americans die a year due to cardiovascular related causes, with over 5.5 million people suffering from heart failure in the U.S in 2013 alone. They state that the LVAD market is expected to reach 1.9 billion by the year 2022.

Additional Products in Development

After initial implantation of the device, we will need to sell new external batteries every 6 months. We will also continue making money by selling replacement internal batteries that will be implanted through minimally invasive surgeries, every ten years.We will have a subscription plan for an app that patients will use to access information regarding their health and allows physicians to recognize any need to contact the patient and give advice.

Works Cited

[1] Reportlinker, “Left Ventricular Assist Device (LVAD) Market - Global Industry Analysis, Size, Share, Trends and Forecast, 2014-2022,” PR Newswire: press release distribution, targeting, monitoring and marketing, 26-Jun-2018. [Online]. Available: https://www.prnewswire.com/news-releases/left-ventricular-assist-device-lvad-market---global-industry-analysis-size-share-trends-and-forecast-2014-2022-300435450.html. [Accessed: 01-May-2019].

[2] “LVADs may not be cost effective in Medicare beneficiaries,” Cardiovascular Business, 23-Jan-2019. [Online]. Available: https://www.cardiovascularbusiness.com/topics/healthcare-economics/lvads-may-not-be-cost-effective-medicare-beneficiaries. [Accessed: 02-May-2019].

[3] M. L. W., G. Maya, and R. Joseph, “Cost of Ventricular Assist Devices,” Circulation, vol. 127, no. 6, pp. 743–748, Feb. 2013. [Accessed: 02-May-2019]. https://www.jtcvs.org/article/S0022-5223(18)30701-3/pdf

[4] T. Shih and J. B. Dimick, “Reducing the cost of left ventricular assist devices: Why it matters and can it be done?,” J. Thorac. Cardiovasc. Surg., vol. 155, no. 6, pp. 2466–2468, 2018.