The “Congestive Heart Failure (CHF) Treatment Devices Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Congestive Heart Failure (CHF) Treatment Devices Market is expected to register a CAGR of 8.1% during the forecast period.
Companies Mentioned
- Abbott Laboratories
- Berlin Heart
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- Jarvik Heart Inc.
- Medtronic Plc
- ReliantHeart Inc.
- Siemens Healthcare
- Teleflex Incorporated
- Abiomed, Inc
- Berlin Heart GmbH
- LivaNova PLC
- Edwards Lifesciences Corporation
Key Market Trends
Implantable Pacemakers Segment is Expected to Hold Significant Market Share Over the Forecast Period
Implantable pacemaker is a device that uses electrical impulses to regulate the heart rhythm. An internal pacemaker is one in which the electrodes are placed in the heart and electronic circuitry and the power supply are implanted within the body. Moreover, by regulating the heart’s rhythm, a pacemaker can often eliminate the symptoms of bradycardia which means individuals often have more energy and less shortness of breath.
According to a research article by Ana C Gonzales-Luna et al., published in Journal of Arrhythmia July 2020, due to COVID-19 pandemic, there was a reduction in the pacemaker implant of 73% and a reduction of 78% of patients with the diagnosis of complete or high-grade atrioventricular block and a reduction in the de-novo pacemaker implant was observed, regardless of the etiology. Thus, the study results indicate that there was a significant reduction in de-novo pacemaker implantation during the months of the COVID-19 pandemic 2020.
The major factors driving the implantable pacemakers segment growth include rising cardiovascular patients along with increasing geriatric population, reimbursement coverage and technological advancements such as exclusive algorithms to accurately detect and reduce the likelihood of atrial fibrillation.
According to the World Population Ageing 2019 report, in China population aged above 65 years or over is expected to reach 365.63 million by 2050 from 164.48 million in 2019. As the aged population are more prone to the chronic diseases such as cardiovascular diseases which will boost the during the forecast period.
The market leaders are involved in product launches, collaborations, expansions, and acquisitions to sustain the competition. For instance, in January 2020, Medtronic Plc received approval from U.S. Food and Drug Administration (FDA) for Micra AV, the world’s smallest pacemaker with atrioventricular (AV) synchrony. Micra AV is indicated for the treatment of patients with atrioventricular (AV) block, a condition in which the electrical signals between the chambers of the heart (the atria and the ventricle) are impaired. Thus, all the above factors are expected to contribute to the good growth of this segment over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
Some of the factors that are driving the market growth in North America region include increasing demand for congestive heart failure (CHF) treatment, the increasing prevalence of target disorders, high expenditure on healthcare, and an increase in awareness among population regarding availability of treatment devices. Moreover, strong clinical pipeline, favorable reimbursement policies for therapeutic products, and higher adoption of these devices are the other factors anticipated to promote the growth in revenue.
According to the Centers for Disease Control and Prevention (CDC), COVID-19 patients with underlying heart condition are still more likely to become severely ill. In addition, according to the American College of Cardiology (ACC), on March 6, 2020, people who have underlying cardiovascular disease actually have a higher mortality rate when it comes to COVID-19 (10.5%) than people who have an underlying chronic respiratory disease (6.3%).
Several companies are starting various strategies like collaboration, new product launch, merger and acquisition in order to maintain and increase their market share. For instance, in June 2020, Philips announced that the Center for Devices and Radiological Health (CDRH) of the United States Food and Drug Administration (FDA) has granted premarket approval (PMA) for the company’s HeartStart FR3 and HeartStart FRx automated external defibrillators (AEDs).
Furthermore, supportive awareness initiatives for the disease awareness are projected to support the market for cardiovascular devices in North America region. For instance, in 2020, Mexico has joined the HEARTS initiative to strengthen primary health care for cardiovascular diseases. Thus, considering above mentioned factors it is expected to fuel the market growth in North America region over the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Cardiovascular Diseases (CVD)
4.2.2 Advent of Technological Advanced Products
4.3 Market Restraints
4.3.1 High cost of devices
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product
5.2 Geography
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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