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Mechanical Circulator Support Devices Market Size
Mechanical Circulator Support Devices Market size is poised to grow considerably from 2024 to 2032, due to the growing inclination towards adopting technologically advanced medical devices for cardiovascular disorders. The expanding geriatric population prone to several heart disorders will propel the demand for mechanical circulator support devices. In a 2024 statistical update from the American Heart Association, it is reported that 46.7% of U.S. adults suffer from high blood pressure. Over the past decade, there has been a 65.6% increase in the age-adjusted death rate due to high blood pressure, with the actual number of deaths rising by 91.2%.
With the global inflation levels reaching an all-time high, people worldwide have been tightening their budgets while many of them have been cutting their expenditures on health and medical services. A June 2022 survey carried out by West Health and Gallup reveals that in the initial six months, high healthcare costs pushed around 100 million or 38% of American adults to skip or delay treatment and cut back on utilities and food or borrow capital to pay medical bills. The current situation depicts a decline in the number of people undergoing treatment for several health issues and the significant transformation in consumer buying behavior.
Mechanical Circulator Support Devices Market Trends
The increasing technological advancements are promoting the development of more efficient and user-friendly devices. The growing preference for minimally invasive procedures is encouraging the development of less invasive circulatory support devices. Moreover, the increasing prevalence of cardiovascular diseases and the rising aging population is driving the adoption of mechanical circulator support devices as a bridge to transplantation or recovery, mainly in patients with severe heart failure. Rapid advancements in healthcare infrastructure and increased healthcare spending are also positively influencing the industry gains.
Mechanical Circulator Support Devices Market Analysis
The extracorporeal membrane oxygenation system segment is estimated to witness substantial growth through 2032. This can be attributed to the rising development of these systems as they help maintain the supply of oxygen in the body while offering support for reversible heart disorders. According to the British Heart Foundation statistics, around 7.6 million people in the U.K. are living with circulatory or heart disease. The increasing incidences of heart disorders will fuel the product uptake over the upcoming years.
The ambulatory surgical centers end-user segment in the mechanical circulator support devices industry is expected to exhibit appreciable rise till 2032 due to the growing patient preference for these healthcare settings. The deployment of innovative medical equipment, improved patient outcomes, and cost-effectiveness are the major factors driving the progression of mechanical circulator support devices across ambulatory surgical centers (ASCs). Benefits like faster recovery time and lesser rate of infection are also stimulating the patient preference.
North America mechanical circulator support devices market is anticipated to witness strong gains from 2024 to 2032. This can be largely credited to the rising product value driven by the growing pervasiveness of heart diseases in the region. According to the Centers for Disease Control and Prevention (CDC), annually, around 659,000 people in the U.S. die from heart disease. Besides, the rising incidences of diabetes will further instigate the demand for mechanical circulator support devices to a greater extent. As per the CDC’s latest National Diabetes Statistics report, around 37.3 million, or 11.3% of people in America, have diabetes.
Mechanical Circulator Support Devices Market Share
Some of the major mechanical circulator support devices companies are:
- Abbott Laboratories
- Cardiobridge GmbH
- Boston Scientific Corporation
- Getinge AB (Electrolux)
- Medtronic plc
- LivaNova PLC
- Terumo Corporation
- Koninklijke Philips N.V.
Leading market players involved in the mechanical circulator support devices industry are adopting various inorganic corporate strategies, such as mergers & acquisitions, partnerships, and product launches to expand their offerings and enhance their service reach.
Mechanical Circulator Support Devices Industry News:
- In February 2021, Terumo Corporation agreed to acquire all assets of Health Outcomes Sciences, Inc. (HOS), specializing in predictive analytics and clinical decision support to assist healthcare organizations to deliver personalized, predictive insights at the point of care, leading to notable improvements in clinical, patient, and financial outcomes.