Congestive heart failure is a disorder that occurs when the heart is not able to pump enough blood to the body. Exhaustion, shortness of breath, and leg swelling are a few of the symptoms of congestive heart failure. As a result, it’s essential to manage heart failure using various commercially accessible tools, including defibrillators and pacemakers.
In 2021, the market for congestive heart failure treatment devices was worth USD 17.53 billion, and by 2030 it will reach USD 35.96 billion, growing at an 8.31% CAGR during the forecast period.
The demand for congestive heart failure treatment devices will increase due to rising healthcare costs and expanding healthcare facilities. Also, the development of congestive heart failure treatment technology accelerates the market’s expansion.
Market Dynamics
Drivers
The market for congestive heart failure therapeutic devices is experiencing growing product demand. The most important factor is the rising incidence of cardiovascular illnesses (CVDs). In addition, the growing number of elderly patients would change healthcare delivery and increase demand for congestive heart failure treatment devices.
Additionally, a sedentary lifestyle with risk factors like smoking, eating foods high in fat, cholesterol, and sodium, getting insufficient exercise, and drinking too much alcohol will eventually result in an increase in heart failure cases worldwide, fueling the demand for congestive heart failure treatment devices.
Another factor that has contributed to the market’s positive growth for congestive heart failure treatment devices is technological progress in the field of congestive heart failure treatment devices, such as recent developments in implantable cardioverter-defibrillator (ICD) technology that have extended battery life, improved patient monitoring, and improved device programming to enhance therapy effectiveness in emergencies.
Restraints
The market is driven by the high cost of congestive heart failure treatment devices, strict regulatory requirements for their approval, and an increase in the use of pharmaceuticals instead of these devices to treat congestive heart failure.
Opportunity
Global demand for these devices will be driven by rising demand and declining willingness for organ donation, the need for safe and effective therapy, and the rising prevalence of chronic heart failure. According to CDC (Centers for Disease Control and Prevention) studies, over 6 million adults in the United States and over 23 million globally suffer from heart failure.
Market Segmentation
By Product
On the basis of product, the market is segmented into ventricular assist devices, defibrillators, pacemakers, and resynchronization therapy.
The pacemaker segment led the entire market in 2021 with a share of 30.23% and USD 4.73 billion in revenue. The largest share of this segment is due to the rising cost of treating heart diseases. Furthermore, by 2030, the ventricular assist devices category will probably rule the market. It is due to the rise of multiple major suppliers creating congestive heart failure therapy devices in the medical device business.
By End-User
On the basis of product, the market is divided into ambulatory surgical centers, hospitals, and others.
With the highest market share of 41.12% and the highest market revenue of $6.44 billion in 2021, the hospital sector led the market. It is due to the growing discretionary money, especially in developing countries.
Regional Overview
North America area was the largest market, with a market share of 47.39% and a projected market size of $7.42 billion in 2021. Due to the development of technologically advanced healthcare infrastructure, North America ruled the market for congestive heart failure therapy devices. Also, expanding strategic M&A activity and the rising demand for sophisticated technology in congestive heart failure therapy devices are contributing to the market growth in this region.
Additionally, the Asia Pacific area will experience the quickest CAGR of 8.15% throughout the projection period. The spike in the use of life support and the expansion of the hospital infrastructure are credited with this growth. Moreover, market expansion in this area is being fueled by leading players’ market penetration as well as rising medical tourism in countries like Singapore and Malaysia.
Key Players
- Abiomed
- Medtronic
- Biotronik SE & Co. KG
- Berlin Heart GmbH
- Boston Scientific Corporation
- LivaNova PLC
- Jarvik Heart
- HeartWare International
- CVRx
- ReliantHeart
- St. Jude Medical
In 2021, the market for congestive heart failure treatment devices was worth USD 17.53 billion, and by 2030 it will reach USD 35.96 billion, growing at an 8.31% CAGR during the forecast period. The market for congestive heart failure treatment devices is growing due to an aging population that is more sensitive to cardiovascular diseases (CVDs), a growth in product development research and development activities, and the rising prevalence of CVDs.
Related Reports:
Laparoscopy Devices Market Report – The global laparoscopy devices market will witness a robust CAGR of 7.8%, valued at $11.10 billion in 2021, expected to appreciate and reach $21.82 billion by 2030, confirms Strategic Market Research. Based on Region, North America held the greatest proportion of the worldwide market for laparoscopic devices in 2020.
