Congestive Heart Failure Treatment Devices Market
Number of pages: 100 | Report Format: PDF | Published date: 31 January, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 6.2 Billion |
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Revenue forecast in 2030 |
US$ 19.6 Billion |
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Growth Rate |
CAGR of 13.4% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, End-user, and Region |
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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. The market is expected to witness a CAGR of 13.4% from 2022 to 2030.
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), 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. Congestive heart failure is a progressive chronic (long-term) illness in which the heart cannot adequately pump enough oxygen-rich blood to the rest of the body.
The decrease in the heart's pumping function generates 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, many people with heart failure live a full and joyful life. For congestive heart failure, medications such as ACE inhibitors, Angiotensin II receptor blockers (ARBs), mineralocorticoid receptor antagonists (MRAs), beta-blockers, ARNIs, diuretics, digitalis, dinitrate, and many more 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 congestive heart failure. 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 congestive heart failure. A congestive heart failure treatment device is a mechanical circulatory support device. Different types of congestive heart failure treatment devices include pacemakers, cardiac resynchronization therapy devices, implantable cardioverter defibrillators, and ventricular assist devices.
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Market Dynamics
The increasing patient pool of cardiovascular diseases worldwide is one of the major factors driving the revenue growth of congestive heart failure treatment devices 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 that is more prone to congestive heart failure is also likely to boost the congestive heart failure treatment devices. The major players and various research institutes are continuously involved in the research & development for developing new treatment methods in tackling congestive heart failure and thus eventually boost the congestive heart failure treatment devices market. Furthermore, a rise in product approvals is expected to provide remunerative opportunities for market growth for congestive heart failure treatment devices. 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.
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
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Based on products, 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 share in 2021, due to its capacity 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 end-users, the global congestive heart failure treatment devices market is segmented into hospitals, ambulatory care centers, and others. Due to an increase in patients suffering from cardiovascular illnesses, the hospital sector has led the worldwide congestive heart failure therapy market with the greatest revenue share in 2021.
Additionally, the rising number of hospitals is also expected to boost the segment. For instance, according to the American Hospital Association, there will be 6,093 hospitals in the United States by 2022. During crucial interventions, hospitals, with their state of the art facilities, assist in minimizing adverse events.
Congestive Heart Failure Treatment Devices Market by Region
Based on region, the global congestive heart failure treatment devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Because of the availability of advanced healthcare facilities, faster acceptance of modern technologies, and an increasing elderly population, North America dominated the global congestive heart failure treatment devices market in 2021. Along with this, various budding startups operating in the cardiovascular devices market, open new growth opportunities. Rising investments, mergers, partnerships & acquisitions in this region are also boosting the overall market growth. For instance, in January 2023 SoniVie Ltd. A medical device company mainly focused on developing solutions to treat hypertension, announced the completion US$ 60 million series C round financing. SoniVie has developed various technologies including TIVUS (Therapeutic Intra-Vascular Ultrasound System), which employs high-frequency non-focused ultrasound energy to ablate nerves in the renal artery to decrease blood pressure.
Competitive Landscape
Some prominent players operating in the global congestive heart failure treatment devices market are:
Strategic Developments
The estimated market size of the congestive heart failure treatment devices market in 2030 is US$ 19.68 billion.
The increasing patient pool of cardiovascular diseases, rise in the number of product approvals, and the rising geriatric population are the factors driving the congestive heart failure treatment devices market growth
The high cost of these devices, stringent regulatory requirements, and complex reimbursement policies in emerging markets restrict global market growth from its full potential.
The implantable cardioverter defibrillators segment accounts for the largest share in the global congestive heart failure treatment devices market.
Some prominent players operating in the global congestive heart failure treatment devices market are Boston Scientific Corp., LivaNova plc, Medtronic plc, Biotronik, Jarvik Heart Inc., Berlin Heart, Abbot Laboratories, Micromed AS, and Teleflex Inc., among others.
*Insights on financial performance are subject to availability of information in the public domain
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Snehal Deshmukh
Principle Consultant
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