The congestive heart failure treatment devices market was valued at $11,897.97 million 2020, and is estimated to reach $20,470.14 million by 2030, growing at a CAGR of 5.6% from 2021 to 2030.Congestive heart failure (CHF) is a physiological condition that has an adverse impact on the pumping efficiency of the cardiac muscles. It characterizes the accumulation of fluid around the heart leading to inefficient pumping. The onset of CHF is marked by the failure of the ventricles to pump sufficient volume of blood to the body organs. This eventually leads to deposition of fluid in the lungs, abdomen, liver, and lower body. CHF is treated by a number of devices that maintain heart rhythm, such as pacemakers, cardiac resynchronization therapy (CRT), implantable cardioverter defibrillators (ICDs), and ventricular assist devices (VADs).
Growth of the global congestive heart failure treatment devices market is majorly driven byconstantly changing lifestyle habits (such as unhealthy dietary habits, excessive alcohol consumption, smoking, obesity, and lack of physical activity), which make individuals more susceptible to arrhythmia and heart failure. In addition, a number of factors such as the large number of technological advancements in CHF treatment devices, increased adoption rate of these devices, and growth in emphasis on early intervention and primary prevention of heart-related disorders are responsible for driving the market. Conversely, stringent government regulations for the approval of CHF treatment devices, high cost, and high preference to drugs for CHF treatment are some of the factors restraining the marketgrowth.
Furthermore, development of advanced technologies fuels the demand and application of congestive heart failure treatment devices. In addition, technological advancement in the congestive heart failure treatment devices propels the growth of the market.
Rise in healthcare facilities, increased healthcare burden, and innovation of new medical devices are the major factors that drive the global congestive heart failure treatment devicesmarket. In addition, the key players such as Boston Scientific Corporation, Medtronic Plc and Abiomed Inc. focused on the production of congestive heart failure treatment devices that contribute toward the market growth. As per the Health Resources and Services Administration, 106,430 number of men, women, and children were on the national transplant waiting list and 39,000 transplants were performed in 2020, globally. The rise in demand for organ transplantation procedure and surge in usage of ventricular assist devices product drives the market growth. Furthermore, as per Organization for Economic Co-operation and Development, in 2018, 45,307 cases of coronary artery bypass grafting procedures were performed in Germany. Hence, the surge in incidences of emergency surgeries and extensive use of implantable cardioverter defibrillator, ventricular assist devices, and other devices propel the growth of the congestive heart failure treatment devices market.
Cardiovascular diseases (CVDs) are the leading cause of death globally, and it takes an estimated 17.9 million lives each year. According to the report by the British Heart Foundation, in 2021, 7.6 million people live with heart & circulatory diseases and it causes about 25% death in the UK. Cardiovascular diseases are a group of disorders of the heart & blood vessels and include, coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions.
Thus, rise in use of congestive heart failure treatment devices during cardiac surgeries is expected to contribute toward the growth of congestive heart failure treatment devices market
. Furthermore, rise in geriatric population and increased burden of cardiovascular diseases lead to upsurge in hospital admissions, which drive the growth of the market.
However, high costs of cardiac resynchronization, pacemaker devices, limited availability of funds, and dearth of skilled professionals could impede the market growth. Presently, people are more aware of health, which, in turn, compels them to maintain their health condition and fosters demand for treatment of various diseases that lead to rise in hospital care. This has encouraged many key players to enter emerging market, thus offering lucrative growth opportunities in the congestive heart failure treatment devices market.
The congestive heart failure treatment devices market is segmented on the basis of type, and region. By product type, the market is categorized into pacemakers, cardiac resynchronization therapy (CRT), implantable cardioverter defibrillators (ICDs), and ventricular assist devices (VADs). Pacemaker is further segmented into implantable pacemaker and external pacemakers. In addition, CRT devices is segmented into two major types, namely, CRT-P and CRT-D. Furthermore, ICDs is further segmented into transvenous implantable cardioverter defibrillator (T-ICDs) and subcutaneous implantable cardioverter defibrillator (S-ICDs). Moreover, VADs is also segmented into left ventricular assist device (LVAD), right ventricular assist device (RVAD) and biventricular assist device (BIVAD).
Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global congestive heart failure treatment devicesmarket are Abbot Laboratories (St. Jude Medical Inc.), Abiomed Inc., Berlin Heart GmbH, Biotronik SE & Co. KG, Boston Scientific Corporation, Jarvik Heart Inc, Lepu Medical, Medtronic Plc, Microport Scientific Corporation, and Osypka Medical GmbH.
Growth of the global congestive heart failure treatment devices market is majorly driven byconstantly changing lifestyle habits (such as unhealthy dietary habits, excessive alcohol consumption, smoking, obesity, and lack of physical activity), which make individuals more susceptible to arrhythmia and heart failure. In addition, a number of factors such as the large number of technological advancements in CHF treatment devices, increased adoption rate of these devices, and growth in emphasis on early intervention and primary prevention of heart-related disorders are responsible for driving the market. Conversely, stringent government regulations for the approval of CHF treatment devices, high cost, and high preference to drugs for CHF treatment are some of the factors restraining the marketgrowth.
Furthermore, development of advanced technologies fuels the demand and application of congestive heart failure treatment devices. In addition, technological advancement in the congestive heart failure treatment devices propels the growth of the market.
Rise in healthcare facilities, increased healthcare burden, and innovation of new medical devices are the major factors that drive the global congestive heart failure treatment devicesmarket. In addition, the key players such as Boston Scientific Corporation, Medtronic Plc and Abiomed Inc. focused on the production of congestive heart failure treatment devices that contribute toward the market growth. As per the Health Resources and Services Administration, 106,430 number of men, women, and children were on the national transplant waiting list and 39,000 transplants were performed in 2020, globally. The rise in demand for organ transplantation procedure and surge in usage of ventricular assist devices product drives the market growth. Furthermore, as per Organization for Economic Co-operation and Development, in 2018, 45,307 cases of coronary artery bypass grafting procedures were performed in Germany. Hence, the surge in incidences of emergency surgeries and extensive use of implantable cardioverter defibrillator, ventricular assist devices, and other devices propel the growth of the congestive heart failure treatment devices market.
Cardiovascular diseases (CVDs) are the leading cause of death globally, and it takes an estimated 17.9 million lives each year. According to the report by the British Heart Foundation, in 2021, 7.6 million people live with heart & circulatory diseases and it causes about 25% death in the UK. Cardiovascular diseases are a group of disorders of the heart & blood vessels and include, coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions.
Thus, rise in use of congestive heart failure treatment devices during cardiac surgeries is expected to contribute toward the growth of congestive heart failure treatment devices market
. Furthermore, rise in geriatric population and increased burden of cardiovascular diseases lead to upsurge in hospital admissions, which drive the growth of the market.
However, high costs of cardiac resynchronization, pacemaker devices, limited availability of funds, and dearth of skilled professionals could impede the market growth. Presently, people are more aware of health, which, in turn, compels them to maintain their health condition and fosters demand for treatment of various diseases that lead to rise in hospital care. This has encouraged many key players to enter emerging market, thus offering lucrative growth opportunities in the congestive heart failure treatment devices market.
The congestive heart failure treatment devices market is segmented on the basis of type, and region. By product type, the market is categorized into pacemakers, cardiac resynchronization therapy (CRT), implantable cardioverter defibrillators (ICDs), and ventricular assist devices (VADs). Pacemaker is further segmented into implantable pacemaker and external pacemakers. In addition, CRT devices is segmented into two major types, namely, CRT-P and CRT-D. Furthermore, ICDs is further segmented into transvenous implantable cardioverter defibrillator (T-ICDs) and subcutaneous implantable cardioverter defibrillator (S-ICDs). Moreover, VADs is also segmented into left ventricular assist device (LVAD), right ventricular assist device (RVAD) and biventricular assist device (BIVAD).
Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global congestive heart failure treatment devicesmarket are Abbot Laboratories (St. Jude Medical Inc.), Abiomed Inc., Berlin Heart GmbH, Biotronik SE & Co. KG, Boston Scientific Corporation, Jarvik Heart Inc, Lepu Medical, Medtronic Plc, Microport Scientific Corporation, and Osypka Medical GmbH.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the congestive heart failure (CHF) treatment devices market analysis from 2020 to 2030 to identify the prevailing congestive heart failure (chf) treatment devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the congestive heart failure (chf) treatment devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global congestive heart failure (chf) treatment devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Pacemakers
- Cardiac Resynchronization Therapy
- Implantable Cardioverter Defibrillators
- Ventricular Assist Devices
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- abbot laboratories
- Abiomed Inc.
- Berlin Heart GmbH
- Biotronik SE and Co. KG
- Boston Scientific Corporation
- Jarvik Heart Inc
- Lepu Medical
- Medtronic Plc
- Microport Scientific Corporation
- Osypka Medical GmbH
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CONGESTIVE HEART FAILURE (CHF) TREATMENT DEVICES MARKET, BY PRODUCT TYPE
CHAPTER 5: CONGESTIVE HEART FAILURE (CHF) TREATMENT DEVICES MARKET, BY REGION
CHAPTER 6: COMPANY LANDSCAPE
CHAPTER 7: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Congestive Heart Failure (CHF) Treatment Devices Market,' the congestive heart failure (chf) treatment devices market was valued at $11.9 billion in 2020, and is estimated to reach $20.5 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.Congestive Heart Failure (CHF) treatment devices are used to treat the inability of the heart to maintain or pump enough blood to meet the body’s demand. This device is most preferably used as one of the vital treatment modalities for treating sudden cardiac arrest (SCA).
The major congestive heart failure treatment devices market trends include technological advancements in congestive heart failure treatment devices, awareness among patients about monitoring of the heart functions, and treatment options for management of cardiac disorders. In addition, rise in concerns to decrease surgical injuries propels the growth of the market. Heart failure is a global pandemic affecting at least 26 million people worldwide and is increasing in prevalence. In addition, according to PubMed Central, heart failure health expenditures are considerable and can increase dramatically with rise in ageing population that boosts the growth of congestive heart failure treatment devices market. Moreover, as per same resource PubMed Central, currently 5.7 million people in the U.S. have heart failure, however the projections are worrisome since it is expected that by 2030 more than 8 million people can have this condition, accounting for a 46 % increase in prevalence. Thus, these aforementioned factors increase the growth of the market. Furthermore, the FDA aims to enhance availability of appropriate, reliable, and accurate congestive heart failure treatment devices to meet public health needs and increase access to treatments for consumers.
Moreover, advancements in congestive heart failure treatment device by heart failure device companies led to higher success rates in treatment of heart failures which responsible for congestive heart failure treatment devices market growth. Earlier, the devices that were used had certain shortcomings, such as high risk of infection, thrombus formation, and blood trauma. To address such complications, modifications were done in VADs to improve efficiency and durability. The devices, such as the second-generation device, HeartMate II, displayed increased functional capacity and performance. Third-generation devices, such as DuraHeart and HeartMate III were further developed that incorporated features such as smaller size, lower rotational speeds, higher efficiency, and enhanced anatomic design. Thus, with the development of more effective VADs, the market is expected to witness significant growth in the near future, thereby propelling growth of the market.
Moreover, rise in awareness among patients about monitoring of heart and treatment options for cardiac disorders plays a vital role in the growth of the CHF treatment devices market. Several educational and awareness programs have been initiated by the government and key players to increase the awareness of the treatment of cardiac disorders among patients, doctors, and healthcare providers,which boost the growth of the market. Furthermore, surge in geriatric population, who are more vulnerable to chronic and cardiovascular diseases led to upsurge in number of surgeries, which propels the growth of the market.
For instance, in October 2020, Abbott launched new Gallant implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator (CRT-D) devices, which bring the most advanced heart rhythm management capabilities. These devices offer new opportunities for patient engagement and remote monitoring through smartphone connectivity.As per the report published in the Journal ofGeriatric Cardiology by Li-Yuan Ma, there were approximately 290 million patients of cardiovascular disorders in China and approximately 2 in 5 deaths occurredin China due tocardiovascular disorders. Therefore, the rise innumber of cardiovascular diseases results in increase in number of organ transplantation procedures. This has led to surgein usage of congestive heart failure treatment devices that boost the growth of the market. Ageing population is at a high risk of having cardiovascular diseases, which leads to increase in demand for surgical interventions. Thus, rise in geriatric population is expected to drive the substantial growth of the market during forecast period.
The congestive heart failure treatment devices market is segmented on the basis of product and region. By product, the market is categorized into four major devices, namely pacemakers, cardiac resynchronization therapy (CRT), implantable cardioverter defibrillator (ICDs), and ventricular assist device (VADs). Pacemaker is further bifurcated into implantable pacemaker and external pacemakers. In addition, CRT devices segment is classified into two major types, namely, CRT-P and CRT-D. ICDs segment is further divided into transvenous implantable cardioverter defibrillator (T-ICDs) and subcutaneous implantable cardioverter defibrillator (S-ICDs). Moreover, VADs is fragmented into left ventricular assist device (LVAD), right ventricular assist device (RVAD), and biventricular assist device (BIVAD). The pacemakers segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to rise in number of cardiac surgeries, advancements in R&D activities in pharmaceutical & medical device industries, and increase in adoption of pacemakers.
Region wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for a majority of the global congestive heart failure treatment devices market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cardiovascular surgeries, increase in number of approvals for ventricular assist products, presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to upsurge in organ transplantation procedures, rise in number of geriatric populations, and growth in the healthcare industry.
KEY FINDINGS OF THE STUDY
- By product type, the pacemakers segment was the highest contributor to the congestive heart failure treatment devices market size in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
Companies Mentioned
- abbot laboratories
- Abiomed Inc.
- Berlin Heart GmbH
- Biotronik SE and Co. KG
- Boston Scientific Corporation
- Jarvik Heart Inc
- Lepu Medical
- Medtronic Plc
- Microport Scientific Corporation
- Osypka Medical GmbH
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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