Mechanical Circulator Support Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3648
Mechanical Circulatory Support Devices Market size is projected to experience significant growth from 2019 to 2025.
Surge in patients suffering from heart failure and other cardiovascular diseases in developed countries will be one of the major influencing factors for the growth of mechanical circulatory support devices market in the forthcoming years. According to the World Health Organization (WHO), more than 85% of all cardiovascular deaths are due to heart attacks and strokes. Increasing prevalence of such incidence will drive the mechanical circulatory support devices market growth.
Cardiovascular diseases cause a great burden for the elderly population. According to American Heart Association, about two-thirds of cardiovascular disease related deaths occur in people aged 75 and older. Rising geriatric population is expected to escalate the demand for mechanical circulatory support devices, thus propelling market growth.
However, high out-of-pocket expenditure will be a major barrier in accessing the devices used in treatment of cardiovascular diseases that might limit its market growth. Moreover, presence of stringent government regulations and product approvals in the emerging region will be a major restraining factor. Hence, stringent government regulations coupled with high costs associated with the devices could limit the mechanical circulatory support devices market growth.
Percutaneous devices segment is expected to witness considerable growth owing to increasing prevalence of cardiovascular diseases coupled with recent technological advancements in such devices. Moreover, increasing geriatric population is another major factor augmenting market growth as people above the age of 60 are more prone to cardiovascular diseases. Additionally, rising per capita income will also act as a market driving factor. Also, increasing healthcare expenditure in the developed as well as developing economies will further boost product demand, thus propelling market growth over the forecast timeframe.
Hospitals segment is expected to witness significant growth in the forecast period. High growth is attributed to availability of state-of-the-art facilities in such healthcare settings. Substantial proportion of cardiac surgeries happen in hospital settings; thus, demand for these devices are the highest. Moreover, owing to rising number of multi-specialty hospitals and people’s preference for hospitals over other healthcare settings will further drive segmental growth. Hospitals provide wide array of treatments for atrial fibrillation procedures to patients suffering from complex medical conditions that cannot be safely treated in community clinics. Hence, aforementioned reasons will propel mechanical circulatory support devices market growth.
U.S. is anticipated to dominate the market during the forecast period. According to Center for Disease Control and Prevention, every year about 0.6 million people die in the U.S. due to heart diseases. Hence, rising cardiovascular diseases in patients coupled with increasing capital investment for mechanical circulatory support devices by major market players is one of the primary factors driving the demand and rate of adoption for such devices, thus augmenting market growth in the U.S.
Asia Pacific countries such as Japan, India and China are experiencing different lifestyle-related disease such as cardiovascular disease and diabetes. The last two decades have witnessed a drastic rise in the number of people with heart diseases in the Asia Pacific region, with half population being India and China combined. The prevalence of heart diseases in China region is attributed to various factors such as modernization, regular smoking, unhealthy food intake and poor nutrition. Moreover, lack of awareness among people about the harmful effects of smoking is a leading cause resulting in heart diseases, thus augmenting regional growth.
Some of the prominent players of global mechanical circulatory support devices market include Abbott Laboratories, Boston Scientific Corporation, Cardiobridge GmbH, Getinge AB, LivaNova PLC, Medtronic plc, Koninklijke Philips N.V., and Terumo Corporation. These organizations adopted various strategies for gaining a competitive advantage over its peers. Strategies mostly adopted by these companies are novel product launch, collaboration strategies, expansion plans, etc.
Mechanical Circulatory Support Devices Market, by Product, 2014-2025 (USD Million)
- Total Artificial Heart
- Extracorporeal Membrane Oxygenation system
Mechanical Circulatory Support 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
- Abbott Laboratories
- Boston Scientific Corporation
- Cardiobridge GmbH
- Getinge AB
- LivaNova PLC
- Medtronic plc
- Koninklijke Philips N.V.
- Terumo Corporation
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