Congestive Heart Failure Treatment Devices Market
Number of pages: 100 | Report Format: PDF | Published date: January 31, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 6.2 billion |
|
Revenue Forecast in 2030 |
US$ 19.6 billion |
|
CAGR |
13.4% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global congestive heart failure treatment devices market was valued at US$ 6.2 billion in 2021 and is expected to register a revenue CAGR of 13.4% to reach US$ 19.6 billion by 2030.
Congestive Heart Failure Treatment Devices Market Fundamentals
Cardiovascular diseases are broadly classified into six types: coronary artery disease (due to artery narrowing), heart valve disease (due to valve malfunction), arrhythmia (due to abnormal heart rhythm), congestive heart failure (CHF), or heart failure (due to loss of pumping strength), heart muscle disease (due to thickening of the heart valve), and congenital heart disease (due to congenital heart disease) (acquired by birth). Heart failure, also known as congestive heart failure (CHF), is a dangerous illness without a cure. CHF is a progressive chronic (long-term) illness in which the heart cannot adequately pump sufficient oxygen-rich blood to the rest of the body.
The decrease in the heart’s pumping function leads to edema, or blood congestion, in the lungs, feet, and legs, which causes fatigue and shortness of breath. However, when the illness is controlled with appropriate lifestyle adjustments and heart failure drugs, people with heart failure can live full and joyful life. For CHF, medications such as ACE inhibitors, angiotensin II receptor blockers (ARBs), mineralocorticoid receptor antagonists (MRAs), beta-blockers, ARNIs, diuretics, digitalis, and dinitrate are recommended as monotherapy or in combination.
Coronary artery disease, diabetes, excessive blood pressure, and prior heart attack cardiomyopathy are the most prevalent causes of CHF. Shortness of breath with activity or when lying down, fatigue and weakness, swelling in the legs, ankles, and feet, rapid or irregular heartbeat, swelling of the belly area (abdomen), reduced ability to exercise, and persistent cough or wheezing with white or pink blood-tinged mucus are all symptoms of CHF.
A CHF treatment device is a mechanical circulatory support device. Different types of CHF treatment devices include pacemakers, cardiac resynchronization therapy devices, implantable cardioverter defibrillators, and ventricular assist devices.
[354644654]
Congestive Heart Failure Treatment Devices Market Dynamics
The increasing patient pool of cardiovascular diseases worldwide is one of the major factors driving the revenue growth of the congestive heart failure treatment devices market globally. According to the WHO, cardiovascular disease is one of the leading causes of death globally, taking about 17.9 million lives annually. Along with this, the rising geriatric population, which is more prone to CHF, is also likely to boost the demand for CHF treatment devices. The key players and research institutes are continuously involved in the research & development for the development of new treatment methods that can be utilized in treating CHF and thus eventually boost the congestive heart failure treatment devices market. Furthermore, a rise in product approvals is expected to lead to remunerative opportunities for market revenue growth in the congestive heart failure treatment devices market.
However, the high cost of these devices, stringent regulatory requirements, and complex reimbursement policies in emerging markets are likely to impede the growth of the congestive heart failure treatment devices market to some extent.
Congestive Heart Failure Treatment Devices Market Ecosystem
The global congestive heart failure treatment devices market has been analyzed from three perspectives: product, end-user, and region.
Congestive Heart Failure Treatment Devices Market by Product
[46574359]
Based on the product, the global congestive heart failure treatment devices market is segmented into ventricular assist devices, counter pulsation devices, implantable cardioverter defibrillators, pacemakers, and cardiac resynchronization therapy.
The implantable cardioverter defibrillators segment dominated the market with the largest market revenue share in 2021, due to the capacity of the device to execute three basic functions: cardiac pacing, defibrillation, and cardioversion. An implantable cardiac defibrillator continuously monitors heart rhythm and delivers a mild shock to the heart muscle if it becomes abnormal. It typically helps when the heart quits working properly. There are two types of implanted cardioverter defibrillators: transvenous and subcutaneous implantable cardioverter defibrillators. Transvenous implantable cardioverter defibrillators are placed in the chest and wires connect to the heart. Subcutaneous implantable cardioverter defibrillators, on the other hand, are placed beneath the skin on the side of the chest below the armpit. It is connected to a running electrode.
Congestive Heart Failure Treatment Devices Market by End-user
Based on the end-user, the global congestive heart failure treatment devices market is segmented into hospitals, ambulatory care centers, and others.
Due to an increase in the number of patients suffering from cardiovascular illnesses, the hospital sector led the global congestive heart failure therapy market with the greatest revenue share in 2021. Additionally, the rising number of hospitals is also expected to boost revenue growth in the segment. For instance, the American Hospital Association estimates around 6,093 hospitals in the United States by 2022. Hospitals, with their state-of-the-art facilities, assist in minimizing adverse events during crucial interventions.
Congestive Heart Failure Treatment Devices Market by Region
Based on the region, the global congestive heart failure treatment devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Due to the availability of advanced healthcare facilities, faster acceptance of modern technologies, and an increase in the elderly population, North America dominated the global congestive heart failure treatment devices market in 2021. Along with this, increasing number of emerging startups operating in the cardiovascular devices market opens new revenue growth opportunities in the region. Rising investments, mergers, partnerships, and acquisitions among the players in this region are also boosting the overall market growth.
Congestive Heart Failure Treatment Devices Market Competitive Landscape
The prominent players operating in the global congestive heart failure treatment devices market are:
Congestive Heart Failure Treatment Devices Market Strategic Developments
The congestive heart failure treatment devices market is expected to be valued at US$ 19.68 billion by 2030.
The increasing patient pool of cardiovascular diseases, growing number of product approvals, and the rising geriatric population are driving revenue growth in the congestive heart failure treatment devices market.
The high cost of these devices, stringent regulatory requirements, and complex reimbursement policies in emerging markets restrict global market growth to its full potential.
The implantable cardioverter defibrillators segment accounts for the largest revenue share of the global congestive heart failure treatment devices market.
Boston Scientific Corp., LivaNova plc, Medtronic plc, Biotronik, and Jarvik Heart Inc. are among the prominent players in the global market.
*Insights on financial performance are subject to availability of information in the public domain