PUBLISHER: The Business Research Company | PRODUCT CODE: 1518280
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518280
A congestive heart failure (CHF) treatment device is a medical tool created to assist in managing and addressing the effects of this condition, wherein the heart struggles to efficiently pump blood, resulting in fluid accumulation in the lungs and other tissues. Such devices play a role in monitoring, supporting, or enhancing heart function, thereby mitigating symptoms and reducing the likelihood of complications and hospitalizations associated with congestive heart failure.
The primary types of devices used in treating congestive heart failure encompass cardiac pacemakers, implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy (CRT) devices, counter-pulsation devices, and ventricular assist devices (VADs). A cardiac pacemaker, for example, is a small implant placed in the chest to regulate irregular heart rhythms by delivering electrical impulses to restore a normal heartbeat. These devices, including left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs), find utility across various settings, including hospitals, specialized cardiovascular treatment centers, and ambulatory surgery centers.
The congestive heart failure treatment devices market research report is one of a series of new reports from The Business Research Company that provides congestive heart failure treatment devices market statistics, including congestive heart failure treatment devices industry global market size, regional shares, competitors with a congestive heart failure treatment devices market share, detailed congestive heart failure treatment devices market segments, market trends and opportunities, and any further data you may need to thrive in the congestive heart failure treatment devices industry. This congestive heart failure treatment devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The congestive heart failure treatment devices market size has grown strongly in recent years. It will grow from $18.22 billion in 2023 to $19.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to the demand for minimally invasive structural heart devices, the shift towards less invasive surgical techniques, ongoing training and education programs for healthcare professionals, growing patient preference for non-surgical or minimally invasive treatment options and rising healthcare expenditure.
The congestive heart failure treatment devices market size is expected to see strong growth in the next few years. It will grow to $26.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The projected expansion in the forecast period can be credited to several factors, including the rising proportion of elderly individuals, heightened awareness regarding cardiac health, the initiation of screening initiatives, advantageous reimbursement schemes for structural heart interventions, and prompt regulatory clearances for novel structural heart devices. Significant trends anticipated during this period encompass the heightened uptake of transcatheter valve replacement techniques, ongoing innovations in device materials, a growing focus on tailored treatment strategies, increased adoption of hybrid surgical approaches, and the integration of remote monitoring and telemedicine solutions.
The increase in the incidence of cardiovascular conditions is anticipated to drive the expansion of the congestive heart failure treatment devices market in the foreseeable future. Cardiovascular disorders encompass a spectrum of heart and blood vessel ailments, including coronary artery disease, hypertension, and heart failure, affecting blood circulation and overall cardiac health. This surge in cardiovascular disorder prevalence primarily stems from escalating rates of risk factors such as obesity, sedentary lifestyles, poor dietary habits, and aging demographics. Congestive heart failure treatment devices play a vital role in managing cardiovascular conditions by regulating heart rhythms and enhancing cardiac function, significantly improving patient outcomes. For instance, as reported by the Office for National Statistics in March 2022, the number of deaths attributed to heart attacks rose to 20,061 in 2021 from 19,440 in 2020. Hence, the uptick in cardiovascular disorder prevalence propels the growth of the congestive heart failure (CHF) treatment devices market.
Major players in the congestive heart failure treatment devices market are innovating by introducing cutting-edge products, such as Bluetooth-enabled pacemakers, to gain a competitive advantage. These pacemakers, equipped with Bluetooth connectivity, not only regulate heart rhythms but also wirelessly transmit data to healthcare providers for remote monitoring and adjustments. For example, in June 2021, Microport Crm S.R.L., a French medical device company, launched Alizea and Borea pacemakers featuring Bluetooth connectivity and streamlined remote monitoring. This technology allows cardiologists to remotely monitor these devices, reducing the need for patients to visit hospitals for routine check-ups. The SmartView Connect home monitor complements this remote monitoring by providing detailed performance reports. Alizea and Borea pacemakers, with a projected lifespan of 13 years, are compact and come with advanced features such as SafeR mode and real-time EGM. These innovations aim to improve healthcare management by minimizing hospital visits and ensuring continuous monitoring and follow-up.
In December 2022, Johnson & Johnson Services Inc., a pharmaceutical and medical technology company based in the United States, completed the acquisition of Abiomed Inc. for $16.6 billion. Through this strategic move, Johnson & Johnson aims to broaden its presence in the rapidly expanding cardiovascular device market, especially in the segments related to heart failure and recovery solutions. Abiomed Inc., headquartered in the United States, specializes in manufacturing devices for the treatment of congestive heart failure.
Major companies operating in the congestive heart failure treatment devices market are Abbott Laboratories, Medtronic plc, Baxter International Inc., Boston Scientific Corporation, Terumo Corporation, Edwards Lifesciences Corporation, Charles River Laboratories International Inc., W. L. Gore & Associates Inc., Bracco Group, LivaNova PLC, Meril Life Sciences Pvt. Ltd., Biotronik SE & Co. KG, CryoLife Inc., HeartWare International Inc., Direct Flow Medical Inc., Berlin Heart GmbH, CVRx Inc., Micro Interventional Devices Inc., Jarvik Heart Inc, CardioKinetix Inc, Xeltis AG, Ancora Heart Inc, ReliantHeart Inc.
North America was the largest region in the congestive heart failure treatment devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the congestive heart failure treatment devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the congestive heart failure treatment devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The congestive heart failure treatment device market consists of sales of external defibrillators, total artificial hearts (TAHs), implantable cardioverter defibrillators, and intra-aortic balloon pumps (IABPs). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Congestive Heart Failure Treatment Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on congestive heart failure treatment devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for congestive heart failure treatment devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The congestive heart failure treatment devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.