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Congestive Heart Failure Treatment Devices Market Size, Share, and Analysis, By Product Type (Pacemakers, Cardiac Resynchronization Therapy, Implantable Cardioverter Defibrillators, Ventricular Assist Devices), By End User (Hospitals & Clinic, Specialized Cardiovascular Disease Treatment Centres, Ambulatory Surgery Centres) and Regional Forecasts, 2022-2032
The Global Congestive Heart Failure Treatment Devices market size was USD 5.5 billion in 2021 and projected to grow from USD 6.4 billion in 2023 to USD 13 billion by 2032, exhibiting a CAGR of 8% during the forecast period.
Congestive heart failure treatment device is called as mechanical circulatory support system. There are various types of congestive heart failure treatment devices like implantable cardioverter defibrillators, cardiac resynchronization therapy devices, pacemakers, and ventricular assist devices. There are many ventricular assist devices, like left congestive heart failure treatment devices (LVADs), right congestive heart failure treatment devices (RVADs), and others which are utilized as a permanent solution in patients with minor improvement chances of cardiac muscles. The implantable cardiac defibrillator is an electronic device placed inside the body to track rhythm of heart and provide shock to the heart muscle in case of abnormal rhythm.
Global Congestive Heart Failure Treatment Devices Market is expected to project a CAGR of 8% during the forecast period, 2022-2032
Global Congestive Heart Failure Treatment Devices market is expected to reach USD 13 billion at a CAGR of 8% during forecast period owing to the rising prevalence of cardiovascular disorders and increasing risk of organ failure is expected to boost the growth of the market. The increasing investments by the key players in development of congestive heart failure treatment devices is creating an opportunity for the market to grow. The increasing patient count with heart failure has created demand for ventricular assistance devices and is expected to drive the market grow.
Pacemakers segment is expected to grow with high CAGR during forecast period
Global Congestive Heart Failure Treatment Devices Market is classified based on the Product Type into Pacemakers, Cardiac Resynchronization Therapy, Implantable Cardioverter Defibrillators, Ventricular Assist Devices. Pacemakers segment dominated the congestive heart failure treatment devices market in 2021 and is expected to continue during the forecast period due to the rising R&D activities in this industry and increasing demand for congestive heart failure treatment devices for treatment of heart failure using pacemakers. The increasing cardiac surgeries is expected to boost the growth of the market.
Hospitals & Clinic segment is expected to grow with high CAGR during 2022-2032
Global Congestive Heart Failure Treatment Devices Market is classified based on End User into Hospitals & Clinic, Specialized Cardiovascular Disease Treatment Centres, Ambulatory Surgery Centres. Hospitals & Clinic segment is expected to dominate the market during the forecast period due to the increasing patient population, presence of skilled professionals in hospital and preference of people to attend hospitals for treatment which is expected to boost the growth of segment in CHF Treatment Devices Market.
Growth Drivers
Rising Technological Advancements is Expected to Boost the Growth of the Market
The increasing technological advancements in the congestive heart failure treatment devices field with several advancements in ICD technology to improve patient monitoring, for prolonging the battery life, better programming of device to intensify the effectiveness of therapy in case of any emergency, is expected to boost the growth of the congestive heart failure treatment devices market. Several advanced treatment options are being initiated after the R&D process to assist in the operating procedures.
Increasing Prevalence of Cardiac Disorders will Drive the Market Growth
The increasing occurrence of cardiovascular disorders, rising count of cardiovascular surgeries and technological improvements are boosting the growth of the congestive heart failure (CHF) therapy devices market. The failure of the ventricles in pumping required volume of blood to the organs causes CHF which results in accumulation in abdomen, lungs, liver, and lower body. Pacemakers, implanted cardioverter defibrillators (ICDs), and ventricular assist devices to treat CHF.
High Cost of the Treatment Devices May Restrain the Market Growth
The cost of Congestive Heart Failure Treatment Devices is high, and it might restrain the growth of the market over the forecast period.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Congestive Heart Failure Treatment Devices Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region dominated the market in 2021 owing to the presence of large patient population affected by cardiovascular disorders along with rising geriatric population. Asia-Pacific region is expected to dominate the market in the forecast period, owing to the high demand for CHF treatment devices. The fast-growing healthcare system in the countries of this region is expected to dominate the growth of the market in this region.
The COVID-19 outbreak had a negative impact on the growth of the global congestive heart failure treatment devices market due to the reduction in the cardiac surgery volumes during pandemic period. The pandemic had stressed healthcare domain worldwide. There had been cancellation in several non-essential surgical procedures which resulted decline cardiac surgeries and having negative impact on the growth of congestive heart failure treatment devices market.
Global Congestive Heart Failure Treatment Devices Market is further segmented by region into:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 8% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product Type |
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End User |
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By Region |
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Global Congestive Heart Failure Treatment Devices Market size was estimated at USD 5.5 billion in 2021 and is expected to reach USD 13 billion in 2032.
Congestive heart failure treatment device is called as mechanical circulatory support system. There are various types of congestive heart failure treatment devices like implantable cardioverter defibrillators, cardiac resynchronization therapy devices, pacemakers, and ventricular assist devices.
Pacemakers and Hospitals & Clinic segment accounted for the largest Congestive Heart Failure Treatment Devices market share
Key players: Boston Scientific Corporation, Abbott, Johnson & Johnson Services, Inc, Mayo Foundation, Medtronic PLC, Biotronik SE & Co., KG, LivaNova PLC, Berlin Heart GmbH, Abiomed, Inc., ReliantHeart Inc., St. Jude Medical, Teleflex, Inc., Edwards Lifesciences Corporation, Jarvik Heart, Inc., MicroPort Scientific Corporation and Other Prominent Players are the key players in the Congestive Heart Failure Treatment Devices Market.
Rising Technological Advancements and Increasing Prevalence of Cardiac Disorders are the factors driving the Congestive Heart Failure Treatment Devices market.
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