What To Know
- Further, by 2030, the ventricular assist devices segment will likely dominate the market due to the rise in several key vendors in developing congestive heart failure treatment devices in the medical device industry.
- However, the high cost of congestive heart failure treatment devices, stringent government regulations for the approval of congestive heart failure treatment devices, and increased preference for drugs for congestive heart failure treatment devices treatment are restraining market growth.
As per the report published by The Brainy Insights, the global congestive heart failure treatment devices market is expected to grow from USD 15.67 billion in 2021 to USD 28.63 billion by 2030, at a CAGR of 6.93% during the forecast period 2022-2030.
The rising healthcare burden and increased healthcare facilities are anticipated to expand the demand for congestive heart failure treatment devices during the projection period. Moreover, the technological advancement in congestive heart failure treatment devices is also helping to propel market growth. However, the high cost of congestive heart failure treatment devices, stringent government regulations for the approval of congestive heart failure treatment devices, and increased preference for drugs for congestive heart failure treatment devices treatment are restraining market growth. Furthermore, the ever-increasing investment by significant participants in technological advancements and innovative low-cost products are opportunities for market growth.
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Competitive Strategy
To enhance their market position in the global congestive heart failure treatment devices market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For example, in February 2021, Teleflex completed its acquisition of Z-Medica LLC, an industry-leading manufacturer of hemostatic products.
Market Growth & Trends
The growth of the congestive heart failure treatment devices market is driven by changing lifestyle patterns, the number of cardiovascular methods, and increasing heart failure cases. Moreover, continuous technological advancements in medical devices are the market growth trend. In addition, the technological advances in ventricular assist devices, including continuous flow technology, have helped in providing extended support, improving implantability & efficiency, and improving the overall patient experience support in creating demand for these devices, which is contributing to the growth of the congestive heart failure treatment devices market. Further, the focus on early intervention and the primary prevention of heart-related diseases are also helping to boost market growth. Also, the funding provided by different governments will aid in the R&D of these devices, further driving the market growth of congestive heart failure treatment devices.
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Key Findings
- In 2021, the pacemakers segment dominated the market with the largest market share of 30.23% and market revenue of 4.73 billion.
The product type segment is divided into implantable cardioverter defibrillators, ventricular assist devices, pacemakers, and cardiac resynchronization therapy. In 2021, the pacemakers segment dominated the market with the largest market share of 30.23% and market revenue of 4.73 billion. This growth is attributed to the increasing cost of cardiac disease management. Further, by 2030, the ventricular assist devices segment will likely dominate the market due to the rise in several key vendors in developing congestive heart failure treatment devices in the medical device industry.
- In 2021, the hospital’s segment dominated the market with the largest market share of 41.12% and market revenue of 6.44 billion.
The end-user segment is divided into ambulatory surgical centres, hospitals, and others. In 2021, the hospital’s segment dominated the market with the largest market share of 41.12% and market revenue of 6.44 billion. This growth is attributed to increasing disposable income, especially in developing nations.
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Regional Segment Analysis of the Congestive Heart Failure Treatment Devices Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region was the largest market for the global congestive heart failure treatment devices industry, with a market share of 47.39% and a market value of around 7.42 billion in 2021. North America currently dominates the congestive heart failure treatment devices market due to the development of technologically developed healthcare facilities. Moreover, the increasing demand for advanced technologies in congestive heart failure treatment devices and growing expansion activities via strategic M&A are also boosting the market growth in this region. Further, the Asia Pacific region is expected to show the fastest CAGR of 8.15% over the projection period. This growth is attributed to the surge in the usage of life support and the development of healthcare infrastructure. In addition, market penetration by the key participants and increasing medical tourism in nations like Singapore and Malaysia are also driving market growth in this region.
Key players operating in the global congestive heart failure treatment devices market are:
- Abiomed Inc.
- Biotronik SE and Co. KG
- Lepu Medical
- Abbot laboratories
- Boston Scientific Corporation
- Medtronic Plc
- Berlin Heart GmbH
- Microport Scientific Corporation
- Jarvik Heart Inc
- Osypka Medical GmbH
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global congestive heart failure treatment devices market based on below mentioned segments:
Global Congestive Heart Failure Treatment Devices Market by Product Type:
- Implantable Cardioverter Defibrillators
- Ventricular Assist Devices
- Pacemakers
- Cardiac Resynchronization Therapy
Global Congestive Heart Failure Treatment Devices Market by End-User:
- Ambulatory Surgical Centers
- Hospitals
- Others
About the report:
The global congestive heart failure treatment devices market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, and distribution and marketing channels analysis.