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Congestive Heart Failure (CHF) Treatment Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • ID: 5012642
  • Report
  • April 2021
  • Region: Global
  • 115 pages
  • Mordor Intelligence
UP TO OFF
until Sep 30th 2021

FEATURED COMPANIES

  • Abbott Laboratories
  • Abiomed, Inc
  • Berlin Heart
  • Berlin Heart GmbH
  • Biotronik SE & Co. KG
  • Jarvik Heart Inc.
The Congestive Heart Failure (CHF) Treatment Devices Market is expected to register a CAGR of 8.1% during the forecast period.

The COVID-19 has been reported to cause worse outcomes in patients with underlying cardiovascular disease, especially in patients with acute cardiac injury. According to a research article by Tarun Dalia et al., published in the Indian Heart Journal February 2021, the presence of congestive heart failure (CHF) in patients with COVID-19 is associated with increased mortality and worse outcomes. Moreover, there is an increased risk of acute cardiac injury and cardiac arrhythmia among non-survivors and severe COVID-19 patients.

An increasing patient pool of cardiovascular diseases (CVDs) is one of the prime factors augmenting the growth of the CHF treatment devices market. Sedentary lifestyles, junk food consumption, and mental stress are other key factors associated with the development of CVDs. As per the World Health Organization, in 2019, cardiovascular disease is the leading cause of death globally, taking an estimated 17.9 million lives each year. As a result, the huge target population is positively impacting the growth of the congestive heart failure treatment devices market.

The increasing geriatric population is also leading to upsurge in the cases of CVDs worldwide. For instance, as per United Nations World Ageing 2019 report, majority share of the older population is contributed by Eastern and South Eastern Asia followed by Europe and North America. Eastern and South Eastern Asia is also expected to observe a largest increase by about 312 million in the coming years as compared to any other regions. Furthermore, in 2019, there were around 200 million people who were 65 years and above in North America and Europe regions.This demographic is prone to chronic diseases including CVDs and is characterized by low immunity levels, and thereby serves as a high impact rendering driver for the growth of these products over the forecast period. As a result, the latest treatments available in cardiac care are expected to increase the life span of the elderly population subset.

The market players are focusing on adopting new growth strategies such as product launches, developments, mergers, and acquisitions to enhance market share. For instance, in October 2018, Abbott Laboratories received approval from U.S. Food and Drug Administration (FDA) for HeartMate 3 Left Ventricular Assist Device (LVAD) in the treatment of heart failure.

Furthermore, supportive government legislation and initiatives in the emerging economies and improving healthcare infrastructure to spread awareness about CVDs occurring in population is working as a growth stimulant to overall market. The developing countries are focusing more on increasing reach of heart diseases awareness programs, which in turn is expected to trigger the adoption of these devices. In addition, technological advancement such as integration of digital platforms with CHF treatment devices is working in favor of the overall market. However, the high cost of CHF treatment devices may hamper the growth of the market over the forecast period.

Key Market Trends

Implantable Pacemakers Segment is Expected to Hold Significant Market Share Over the Forecast Period

Implantable pacemaker is a device that uses electrical impulses to regulate the heart rhythm. An internal pacemaker is one in which the electrodes are placed in the heart and electronic circuitry and the power supply are implanted within the body. Moreover, by regulating the heart’s rhythm, a pacemaker can often eliminate the symptoms of bradycardia which means individuals often have more energy and less shortness of breath.

According to a research article by Ana C Gonzales-Luna et al., published in Journal of Arrhythmia July 2020, due to COVID-19 pandemic, there was a reduction in the pacemaker implant of 73% and a reduction of 78% of patients with the diagnosis of complete or high-grade atrioventricular block and a reduction in the de-novo pacemaker implant was observed, regardless of the etiology. Thus, the study results indicate that there was a significant reduction in de-novo pacemaker implantation during the months of the COVID-19 pandemic 2020.

The major factors driving the implantable pacemakers segment growth include rising cardiovascular patients along with increasing geriatricpopulation, reimbursement coverage and technological advancements such as exclusive algorithms to accurately detect and reduce the likelihood of atrial fibrillation.

According to the World Population Ageing 2019 report, in China population aged above 65 years or over is expected to reach 365.63 million by 2050 from 164.48 million in 2019. As the aged population are more prone to the chronic diseases such as cardiovascular diseases which will boost the during the forecast period.

The market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition. For instance, in January 2020, Medtronic Plc received approval from U.S. Food and Drug Administration (FDA) for Micra AV, the world’s smallest pacemaker with atrioventricular (AV) synchrony. Micra AV is indicated for the treatment of patients with atrioventricular (AV) block, a condition in which the electrical signals between the chambers of the heart (the atria and the ventricle) are impaired. Thus, all the above factors are expected to contribute to the good growth of this segment over the forecast period.

North America is Expected to Dominate the Market Over the Forecast Period

Some of the factors that are driving the market growth in North America region include increasing demand for congestive heart failure (CHF) treatment, the increasing prevalence of target disorders, high expenditure on healthcare, and an increase in awareness among population regarding availability of treatment devices. Moreover, strong clinical pipeline, favorable reimbursement policies for therapeutic products, and higher adoption of these devices are the other factors anticipated to promote the growth in revenue.

According to the Centers for Disease Control and Prevention (CDC), COVID-19 patients with underlying heart condition are still more likely to become severely ill. In addition, according to the American College of Cardiology (ACC), on March 6, 2020, people who have underlying cardiovascular disease actually have a higher mortality rate when it comes to COVID-19 (10.5%) than people who have an underlying chronic respiratory disease (6.3%).

Several companies are starting various strategies like collaboration, new product launch, merger and acquisition in order to maintain and increase their market share. For instance, inJune 2020, Philips announced that the Center for Devices and Radiological Health (CDRH) of the United States Food and Drug Administration (FDA) has granted premarket approval (PMA) for the company’s HeartStart FR3 and HeartStart FRx automated external defibrillators (AEDs).

Furthermore, supportive awareness initiatives for the disease awareness are projected to support the market for cardiovascular devices in North America region. For instance, in 2020, Mexico has joined the HEARTS initiative to strengthen primary health care for cardiovascular diseases. Thus, considering above mentioned factors it is expected to fuel the market growth in North America region over the forecast period.

Competitive Landscape

The Congestive Heart Failure (CHF) Treatment Devices Market is moderately fragmented, in terms of competition with many local manufacturers competing with international companies. Companies are more focused on developing high-utility products, which can deliver personalized care. These advancements are improving accuracy, providing additional capabilities to enhance the workflow, and facilitating error reduction. Some of the market players include Jarvik Heart, Inc., Medtronic Plc, Boston Scientific Corporation, Abbott Laboratories, Biotronik SE & Co. KG, among others.

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Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abbott Laboratories
  • Abiomed, Inc
  • Berlin Heart
  • Berlin Heart GmbH
  • Biotronik SE & Co. KG
  • Jarvik Heart Inc.
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Cardiovascular Diseases (CVD)
4.2.2 Advent of Technological Advanced Products
4.3 Market Restraints
4.3.1 High cost of devices
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Ventricular Assist Devices (VADs)
5.1.1.1 LVAD
5.1.1.2 RVAD
5.1.1.3 BiVAD
5.1.2 Counter Pulsation Devices
5.1.3 Implantable Cardioverter Defibrillators
5.1.3.1 Transvenous ICD
5.1.3.2 Subcutaneous ICD
5.1.4 Pacemakers
5.1.4.1 Implantable
5.1.4.2 External
5.1.5 Cardiac Resynchronization Therapy
5.1.5.1 Cardiac Resynchronization Therapy-Defibrillators (CRT-D)
5.1.5.2 Cardiac Resynchronization Therapy-Pacemakers (CRT-P)
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Berlin Heart
6.1.3 Biotronik SE & Co. KG
6.1.4 Boston Scientific Corporation
6.1.5 Jarvik Heart Inc.
6.1.6 Medtronic Plc
6.1.7 ReliantHeart Inc.
6.1.8 Siemens Healthcare
6.1.9 Teleflex Incorporated
6.1.10 Abiomed, Inc
6.1.11 Berlin Heart GmbH
6.1.12 LivaNova PLC
6.1.13 Edwards Lifesciences Corporation

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Berlin Heart
  • Biotronik SE & Co. KG
  • Boston Scientific Corporation
  • Jarvik Heart Inc.
  • Medtronic Plc
  • ReliantHeart Inc.
  • Siemens Healthcare
  • Teleflex Incorporated
  • Abiomed, Inc
  • Berlin Heart GmbH
  • LivaNova PLC
  • Edwards Lifesciences Corporation
Note: Product cover images may vary from those shown

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