Congestive Heart Failure Treatment Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3935
Congestive Heart Failure Treatment Devices Market size is projected to experience significant growth from 2019 to 2025.
Rising incidence of cardiovascular diseases across the globe is one of the factors that is growing the demand for congestive heart failure treatment devices. Cardiovascular disease is one of the leading causes of death in men and women in the U.S. According to the Centers for Disease Control and Prevention, around 610,000 people die of heart disease in the U.S. annually. Cardiovascular diseases contribute to the maximum number of deaths across the globe. According to the World Health Organization, in 2016, around 17.9 million people died due to cardiovascular disease, representing 31% of global deaths. Thus, with growing incidence of cardiovascular diseases, the demand for the devices in the treatment of congestive heart failure is increasing significantly and thereby driving the growth of the market positively.
Growing technological advancements in congestive heart failure treatment devices are boosting the demand for these products. For instance, a less invasive device named implantable string subcutaneous defibrillator (ISSD) designed by Newpace, helps in preventing abrupt cardiac death. Unlike conventional defibrillators, that requires a metal pulse generator pocket, ISSD uses a single flexible string shaped device with no wires. Furthermore, the device can be connected to a smartphone and it takes around 20 minutes to implant the device.
Rising incidence of diabetes, strokes, atherosclerosis, and hypertension due to inappropriate lifestyle habits such as lack of physical activity, unhealthy dietary habits, and smoking, among others are the leading causes of congestive heart failure. According to the American Heart Association, diabetes is considered one of the seven major controllable risk factors for cardiovascular diseases. It is stated that around 68% people aged 65 years and above suffering from diabetes die from some form of heart diseases. Thus, with such escalating number of diabetic patients that are more prone to the risk of cardiovascular disease is expected to boost the demand for congestive heart failure treatment devices market over the coming years.
However, high cost of the devices may restrain the demand for congestive heart failure treatment devices. Furthermore, rigorous regulatory procedures may limit product approvals, thereby hampering market growth.
Ventricular assist devices segment is expected to witness the lucrative growth over the forecast period due to miniaturization of devices. The major factor that is driving the growth of ventricular assist devices segment include rising incidence of patients with heart failure and shortage of heart donors. Various technological advancements in ventricular assist devices further offers segment growth opportunity. Rising geriatric population that is prone to various cardiovascular conditions, increasing healthcare expenditure, and emerging market economies will offer growth potential for ventricular assist devices in the forthcoming period.
Hospitals segment is expected to witness significant growth owing to the availability of improved and specialized technology-based devices in these facilities. Favorable reimbursement policies and growing infrastructure to offer quick therapy transitions will further boost the segmental growth.
North America congestive heart failure treatment devices market is dominating the market due to the growing incidence of cardiovascular diseases coupled with significant geriatric population base. Growing inclination of patients towards advanced equipment for treatment that further offers portability, and cost-effectiveness will further accelerate the market growth. Moreover, the presence of sophisticated healthcare system and a robust distribution channel for congestive heart failure treatment devices will augment market growth.
Asia pacific region is projected to witness a lucrative growth over the forecast period owing to the rising demand for these products coupled with large population base suffering from cardiovascular diseases. Furthermore, growing demand is attributed to accessibility of advanced technological devices that provides portability which in turn has propelled the growth of the market in the region.
Few of the key companies operating in congestive heart failure treatment devices market include Boston Scientific Corporation, Medtronic, St. Jude Medical Inc., Teleflex Inc., Biotronik, and, Berlin Heart Gmbh. Players have been engaging in mergers and acquisitions to expand their product portfolio. For instance, in 2016, Medtronic acquired Heartware International in order to expand its therapies, diagnostic tools and services for patients suffering from heart failure.
Congestive Heart Failure Treatment Devices Market by Product, 2014-2025 (USD Million)
- Ventricular Assist Devices
- Implantable Cardioverter Defibrillators
- Transvenous ICD
- Subcutaneous ICD
- Cardiac Resynchronization therapy
- Cardiac Resynchronization Therapy-Defibrillators (CRT-D)
- Cardiac Resynchronization Therapy-Pacemakers (CRT-P)
Congestive Heart Failure Treatment Devices Market by End-use, 2014-2025 (USD Million)
- Ambulatory Surgical Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Boston Scientific Corporation
- St. Jude Medical, Inc.
- Teleflex, Inc.
- Berlin Heart GmbH
- Jarvik Heart Inc.
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