Mechanical Circulator Support Devices Market Size is poised to grow considerably from 2022 to 2028 with the growing proclivity towards the adoption of technologically advanced medical devices for cardiovascular disorders. The growing geriatric population prone to several heart disorders is expected to impel the demand for mechanical circulator support devices which will favor the mechanical circulator support devices market expansion over the foreseeable future.
A mechanical circulatory support device is an equipment that helps in facilitating the proper functioning of the heart and helps in the treatment of patients with end-stage heart failure. They replace certain mechanical functions of the failing heart to enhance organ perfusion and cardiac output.
With regards to product type, extracorporeal membrane oxygenation system segment is estimated to record substantial growth over the forecast period of 2022-2028. This can be attributed to the rising demand for these systems as they help in maintaining the oxygen supply to the body and providing support for reversible heart disorders. The elevating cases of heart diseases will fuel the product demand further over the upcoming years. According to the British Heart Foundation statistics, around 7.6 million people in the UK are living with circulatory or heart disease.
In terms of end-user, ambulatory surgical centers segment is expected to exhibit appreciable growth by the end of 2028 with the growing patient preference for these healthcare settings. The deployment of innovative medical equipment coupled with improved patient outcomes and cost-effectiveness are the major factors driving their demand. Besides, faster recovery time and lesser rate of infection are also stimulating the patient preference for ambulatory surgical centers which will positively influence the segmental growth over the subsequent years.
Regionally, mechanical circulator support devices market is anticipated to observe significant growth across North America over the analysis timeframe. This can be largely credited to the rising product demand driven by the growing pervasiveness of heart diseases in the region. According to the Centers for Disease Control and Prevention (CDC), every year nearly 659,000 people in the U.S. die from heart disease. Besides, the rising incidences of diabetes in the region is also instigating the product demand to a greater extent. As per CDC’s National Diabetes Statistics report of 2020, around 34.2 million Americans are suffering from diabetes.
The major companies active in mechanical circulatory support devices market include Abbott Laboratories, Cardiobridge GmbH, Boston Scientific Corporation, Getinge AB (Electrolux), Medtronic plc, LivaNova PLC, Terumo Corporation, and Koninklijke Philips N.V.
These organizations are undertaking various strategic initiatives to effectively serve a larger customer base and gain a competitive edge in the market. To illustrate, in 2021, Abbott announced that the company has the capacity to supply and support the burgeoning demand for mechanical circulatory support devices for the effective treatment of advanced heart failure.
The outbreak of COVID-19 crisis across the globe has seriously impacted mechanical circulator support devices market as various elective surgical procedures were canceled or postponed and most of the healthcare resources were allocated for the COVID patients. However, the increasing need for surgical procedures and adoption of the required safety measures to minimize the spread of infection is expected to fuel the product demand which in turn will drive the business expansion over the following years.
Market, by Product
Market, by End-use
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