Circulatory Support Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 06, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 2.44 billion |
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Revenue Forecast in 2031 |
US$ 4.321 billion |
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CAGR |
6.5% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global circulatory support devices market was valued at US$ 2.44 billion in 2022 and is expected to register a revenue CAGR of 6.5% to reach US$ 4.321 billion by 2031.
Circulatory Support Devices Market Fundamentals
Circulatory support systems are artificial devices that can perform various cardiac tasks. These devices vary greatly in indication and design and are most commonly used to give temporary or complete assistance to the heart that is not functioning properly. Extracorporeal membrane oxygenation (ECMO), the Left Ventricular Assist Device (LVAD), and the Right Ventricular Assist Device (RVAD) are all examples of artificial heart devices. (RVAD). Mechanical support devices utilized for temporary usage include the intra-aortic balloon pump (IABP), biventricular assist device (BiVAD), and total artificial heart (TAH).
Temporary mechanical circulatory support (MCS) devices have progressed from being used solely as a rescue method for a cardiogenic shock to an indispensable instrument in many parts of cardiovascular care. Temporary MCS are frequently used in the catheterization laboratory, electrophysiology suite, operating room, and intensive care unit for operations. Expanded indications have resulted in the fast progress of circulatory support device design and technology, with various devices and modifications to select from depending on the clinical setting. The use of circulatory support devices includes a variety of stakeholders and necessitates a multidisciplinary approach to planning and administration.
Circulatory support devices range in terms of the degree of support offered, hemodynamic effects, contraindications for usage, site of vascular access and installation, sheath size necessary for delivery, and related issues. A thorough review of the patient's phenotype, history, physical examination, laboratory data, imaging results, and treatment goals is required for device selection. Although operator expertise and institutional resources must be considered, particular device selection is determined by the amount of univentricular or biventricular needed hemodynamic support.
The recent development of continuous-flow (non-pulsatile) circulatory support systems has significantly improved the availability of long-term artificial circulation as a therapy option for patients with severe heart failure. Several continuous-flow devices have received clinical approval as a bridge to transplantation and destination treatment. Morbidities associated with device implantation via median sternotomy with cardiopulmonary bypass, as well as frequent adverse events such as acquired von Willebrand syndrome, gastrointestinal bleeding, device thrombosis, progressive aortic insufficiency, and stroke, complicate management and add to morbidity and mortality.
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Circulatory Support Devices Market Dynamics
Each year, the frequency of congestive heart failure and heart attacks in industrialized nations rises due to changing lifestyles and conditions such as diabetes and thyroid problems. As a result, the death rate among afflicted persons is rising. Other heart-related issues that are on the rise include coronary heart disease and excessive blood pressure. One of the primary drivers of the worldwide circulatory support devices market revenue is the rising prevalence of congestive heart failure. The increasing number of people suffering from congestive heart failure is pushing the hospitalization rate and societal burden in terms of total healthcare spending worldwide. Patients with class III, IV, stage C, and D congestive heart failure are strongly advised to utilize circulatory support devices, which drives demand for these items. Additionally, according to the National Institute of Environmental Health Sciences, the chance of contracting a chronic illness also grows significantly as the elderly population grows.
Furthermore, technologically advanced features of circulatory support devices, such as the smaller size, which allows it to be implanted with minimal invasion to provide complete ventricular circulation assistance and reduced hemolysis by giving ample circulation, are also driving market revenue. Furthermore, financing from various governments will aid in the study and development of these devices, propelling the Mechanical Circulatory Support Devices market revenue.
Circulatory Support Devices Market Ecosystem
The global circulatory support devices market is analyzed from three perspectives by product type, end-user, and region.
Circulatory Support Devices Market by Product Type
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Based on product type, the global circulatory support devices market is segmented into ventricular assist devices, extracorporeal membrane oxygenation, intra-aortic balloon pumps, and the artificial heart. The ventricular assist devices are further segmented into left ventricular assist devices (LVAD), biventricular ventricular assist devices (BIVAD), and right ventricular assist devices (RVAD). The extracorporeal membrane oxygenation is further segmented into respiratory, cardiac, and ECPR.
The intra-aortic balloon pumps segment held the largest share of the global circulatory support devices market in 2022. The rising frequency of cardiac defects, an aging population, and various technological advances and improvements in these pumps are some of the reasons driving worldwide market expansion in the next years. According to the World Health Organization, around 32.4 million yearly myocardial infarctions and strokes occur globally. The intra-aortic balloon pump segment is expected to increase in terms of revenue share significantly during the forecast period due to the rising incidence of cardiac abnormalities, an aging population, and several technical breakthroughs and improvements in these pumps. However, one of the primary reasons expected to stymie intra-aortic balloon pump market revenue growth is the high cost of intra-aortic balloon pumps.
In recent years, VAD technology has advanced considerably, with smaller, more durable devices capable of sustaining the heart for extended amounts of time. This has resulted in improved patient results and greater trust in using VADs. In recent years, VAD reimbursement policies have changed, making these devices more available to patients who require them. There has been an increase in awareness and adoption of VADs as more healthcare practitioners become aware of them as a feasible treatment choice for heart failure. The use of VADs as a long-term treatment choice for people not candidates for heart surgery is referred to as destination therapy. The destination treatment market for VADs is expected to grow as more patients seek options for transplantation.
Circulatory Support Devices Market by End User
Based on end-user, the global circulatory support devices market is segmented into hospitals, cardiology centers, and ambulatory surgical centers.
With a large revenue share in the global market, the ambulatory surgical center segment is expected to dominate during the forecast period. It is expected to grow at the fastest revenue CAGR because of the increased patient demand for these healthcare services. Cutting-edge medical equipment, improved patient outcomes, and cost-effectiveness are the primary factors affecting their market. Furthermore, shorter recovery periods and reduced infection rates encourage patients to select ambulatory surgical centers, which will benefit the segment's revenue growth during the forecast period.
Circulatory Support Devices Market by Region
Based on region, the global circulatory support devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global circulatory support devices market with the largest revenue share due to the presence of key market players, the high prevalence of cardiovascular diseases caused by lifestyle disorders, and a focus on research and development, which resulted in the launch of technologically advanced products, and a well-established healthcare infrastructure. This large revenue share is due to rising product demand fueled by the region's increasing prevalence of heart disease. According to the Centers for Disease Control and Prevention (CDC), roughly 659,000 Americans die yearly from heart disease. Furthermore, rising diabetes incidences in the area are increasing product demand to a larger degree. According to the CDC's National Diabetes Statistics Report for 2020, approximately 34.2 million Americans have diabetes.
According to the Department of Anesthesiology, Washington University, 2020, 85.6 million adults in the United States of America (USA) have at least one type of cardiovascular disease. This number is expected to rise to more than 8 million by 2030. Europe was the second largest circulatory support system market, followed by Asia Pacific. The Asia Pacific market for circulatory support devices is expected to develop quickly, followed by Latin America, the Middle East, and Africa. The factors driving the region's circulatory support devices market revenue are the increasing focus of governments in Asian countries on improving healthcare facilities, the growing focus of market players on leveraging the revenue growth opportunities offered by emerging markets, government initiatives, and increased awareness about cardiac safety.
Competitive Landscape of the Global Circulatory Support Devices Market
The prominent market players in the global circulatory support devices market include:
Strategic Development in Circulatory Support Devices Market
Circulatory support systems are artificial devices that can perform various cardiac tasks. These devices vary greatly in indication and design and are most commonly used to give temporary or complete assistance to a heart that is not functioning properly.
The expected size of the circulatory support devices market in 2031 will be US$ 4.32 billion.
Europe is the region dominating the global circulatory support devices market in terms of revenue share.
The revenue CAGR of the circulatory support devices market during the forecast period is expected t be 6.5%.
Some prominent global circulatory support devices market players include Abbott Laboratories, Teleflex Incorporated, and SynCardia Systems, LLC.
*Insights on financial performance are subject to the availability of information in the public domain