(MENAFN- GlobeNewsWire - Nasdaq) Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Mechanical Circulatory Support Devices - market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
In an epoch where technological advancements and healthcare needs are escalating, the global mechanical circulatory support devices market stands as a testament to innovation responding to dire health challenges. Forecasted to grow at a compound annual growth rate (CAGR) of 9.44% from 2024 to 2030, the market is projected to reach a valuation of USD 4.24 billion by the end of the forecast period.
The Emerging Landscape of Support Devices
An increase in the prevalence of cardiovascular diseases (CVDs) coupled with the escalating number of risk factors such as obesity, hypertension, and an aging population have buttressed the necessity for mechanical circulatory support (MCS) devices. Ventricular assist devices, particularly the Left Ventricular Assist Device (LVAD), are projected to dominate this segment due to significant technological advancements and the persistent shortage of organ donors.
Regional Market Insights and Predictions
North America is poised to lead the global market for mechanical circulatory support devices, with contributing factors such as the high prevalence of chronic heart conditions, a robust healthcare infrastructure, and an environment conducive to product development initiatives. Other regions are also witnessing a noteworthy demand, reflective of the global nature of this healthcare challenge and the universal need for advanced cardiovascular support solutions.
Key Players and Market Dynamics
The market landscape is marked by the presence of notable industry players committed to innovation and improving patient outcomes. The sector witnesses a continuous flow of advancements aimed at enhancing device safety, implantability, and efficiency. These developments are instrumental in solidifying the trust in mechanical circulatory support devices as a viable treatment option for patients with end-stage heart failure.
Implications of Market Trends
Aside from the clear health benefits and potential life-saving capabilities of MCS devices, the market growth signifies a major opportunity for healthcare providers, industry stakeholders, and investors. The heightened demand and expansion of this market are indicative of a future where mechanical circulatory support is a standard and accessible option for those in need, sparking a new wave of innovation in the medical device field.
A selection of companies mentioned in this report includes, but is not limited to:
Abbott Laboratories Teleflex Incorporated SynCardia Systems, LLC St. Jude Medical Inc CARMAT CorWave SA Medtronic PLC Terumo Heart, Inc. NovaPump GmbH Getinge AB Balton Ltd. Meril Life Sciences Pvt. Ltd. Thoratec Corporation CardiacAssist, Inc. Berlin Heart GmbH
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