The congestive heart failure (CHF) treatment devices market is expected to reach USD 32.0 billion by 2024, according to a new report by Grand View Research, Inc. The rising burden of CVDs is one of the prime factors responsible for lucrative growth of this vertical. Sedentary lifestyles, mental stress, and junk food consumption tendencies are the key factors responsible for development of CVDs.
Favorable reimbursement policies, such as the U.S. Medicare system, are observed to be a prime growth factor for this industry. Companies now provide new product platforms, which have reimbursement coverage that benefit the patient. The reimbursement can be availed for devices, such as Ventricular Assist Devices (VADs), Implantable Cardiovascular Defibrillators (ICDs), and pacemakers, which are used to treat CHF.
The industry participants are more focused on developing high-utility products, which can deliver personalized care. These advancements are improving the accuracy and provide additional capabilities to enhance the workflow and reduce the incidence of errors.
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Further key findings from the study suggest:
- The market by product is segmented into VADs, Counter Pulsation Devices, ICDs, pacemakers, and cardiac resynchronization devices. The ICD segment consisting of two types, transvenous and subcutaneous, held a lucrative share in 2015, which was followed by the pacemaker’s segment. This can be attributed to the fact that defibrillators and pacemakers form the primary line of treatment administered for heart failure.
- On the other hand, the VAD segment is anticipated to grow at a significant rate over the forecast period due to reimbursement coverage and technological advancements in VADs.
- The VAD based on the site of implantation are categorized into Left Ventricular Assist Devices (LVAD) and Right Ventricular Assist Devices (RVAD). When the LVAD and RVAD are implanted together they are termed Biventricular Assist Devices (BIVAD).
- North America dominated the overall market in terms of revenue share at over 40.0% in 2015; this can be attributed to the presence of a large population base suffering from CVDs coupled with a significant geriatric population base.
- Asia-Pacific is anticipated to grow at a lucrative CAGR during the forecast period due to the increasing demand for these products. Furthermore, the rapidly improving healthcare infrastructure in the countries, such as India and Japan, also contribute toward the growth of this region.
- Some of the players in this industry are Berlin Heart Inc., Medtronic, Boston Scientific, World Heart Corporation, Biotronik, Jarvik Heart, MicroMed Cardiovascular Inc., Teleflex Inc., and St. Jude Medical.
- The market participants are actively involved in the improvement of the current product portfolio, in order to sustain their market position. Additionally, drug development and their market entry in the untapped nations are expected to propel market growth.
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Grand View Research has segmented the global CHF treatment devices market on the basis of product.
Global CHF Treatment Devices Market by Product (USD Million), 2013 – 2024
- Ventricular Assist Devices (VADs)
- Counter Pulsation Devices
- Implantable Cardioverter Defibrillators
- Transvenous ICD
- Subcutaneous ICD
- Cardiac Resynchronization therapy
- Cardiac Resynchronization Therapy-Defibrillators (CRT-D)
- Cardiac Resynchronization Therapy-Pacemakers (CRT-P)
CHF Treatment Devices Market by Region (USD Million), 2013 – 2024
- North America
- Asia Pacific
- Latin America
- South Africa
- Saudi Arabia
Browse Press Release of this Report: http://www.grandviewresearch.com/press-release/global-congestive-heart-failure-chf-treatment-devices-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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