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Shibuya-ku, Tokyo, Japan, Japan, May 26, 2022, 03:23 /Comserve / -- Congestive Heart Failure (CHF) Treatment Devices Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The global congestive heart failure treatment devices market is anticipated to grow with a CAGR of nearly 8.1% during the forecast period. A rising patient pool of cardiovascular diseases (CVDs) is one of the prime factors augmenting the growth of the CHF treatment devices market. Sedentary lifestyles, junk food consumption, and mental stress are other key factors associated with the development of CVDs. As per the World Health Organization, in 2019, cardiovascular disease is the leading cause of death globally, taking an estimated 17.9 million lives each year. As a result, the huge target population is positively impacting the growth of the congestive heart failure treatment devices market.
Increasing geriatric population is also leading to upsurge in the cases of CVDs worldwide. This demographic is prone to chronic diseases including CVDs and is characterized by low immunity levels, and thereby serves as a high impact rendering driver for the growth of these products over the forecast period. As a result, the latest treatments available in cardiac care are expected to increase the life span of the elderly population subset.
Supportive government legislation and initiatives in emerging economies coupled with improving healthcare infrastructure to spread awareness about CVDs occurring in population is working as a growth stimulant to overall market. Developing countries are focusing more on increasing reach of heart diseases awareness programs, which in turn is expected to trigger the adoption of these devices. In addition, technological advancement such as integration of digital platforms with CHF treatment devices is working in favor of the overall market. However, high cost of CHF treatment devices may hamper the growth of the market.
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Key Market Trends
The Implantable Cardioverter Defibrillators form Product Segment is expected to witness the fastest growth and is Expected to Continue to Do the Same during the Forecast Period
The implantable cardioverter defibrillators are expected to show significant growth through the forecast period. An ICD continuously monitors the heart and automatically delivers therapies to correct fast heart rhythms when necessary. Thus the high adoption rate can be attributed to the rising adoption of these devices due to its ability to perform three basic functions, which include defibrillation, cardioversion, and pacing of the heart.
The implantable cardioverter defibrillators segment is further segmented into transvenous ICD and subcutaneous ICD. These devices will transform cardiac procedures through integrated technology to extend and improve lives while decreasing the burden of care and reducing cost.
On the other hand, the pacemaker segment is anticipated to grow at a significant rate over the forecast period due to reimbursement coverage and technological advancements such as exclusive algorithms to accurately detect and reduce the likelihood of atrial fibrillation boost the market share of this vertical.
North America Represents the Largest Market and Asia-Pacific is Expected to Register Fastest Growth
Currently, North America dominates the market for CHF treatment devices, and it is expected to continue its stronghold for a few more years. Growing demand for CHF treatment in the region coupled with the increasing prevalence of target disorders, high healthcare spending, and increase in awareness is anticipated to drive the market. Moreover, strong clinical pipeline, favorable reimbursement policies for therapeutic products and higher adoption of these devices are other factors anticipated to promote revenue growth.
The Asia Pacific is anticipated to witness lucrative growth over the forecast period. The Asia Pacific is estimated to have the largest geriatric population in the world with the highest obesity rates owing to sedentary lifestyles and unhealthy dietary habits. These factors are expected to increase the prevalence of cardiac diseases in this region, hence positively impacting the growth of the Asia Pacific market. In addition, the booming medical tourism industry in this region is expected to fuel the demand for cardiovascular systems in countries such as China, Japan, Malaysia, Thailand, and India.
Competitive Landscape
Global congestive heart failure treatment devices market is moderately fragmented in terms of competition with many local manufacturers competing with international companies. Companies are more focused on developing high-utility products, which can deliver personalized care. These advancements are improving accuracy, providing additional capabilities to enhance the workflow, and facilitating error reduction.
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Some of the market players in this vertical include Medtronic Plc, Boston Scientific Corporation, Biotronik SE & Co., KG, St. Jude Medical, among others. The operating strategies adopted by these players include new product launches and regional expansions. For instance, in September 2017, Boston Scientific has launched resonate devices with HeartLogic heart failure diagnostic.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
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
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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