Heart failure (HF) affects around 6 million Americans annually. Approximately 670,000 individuals have diagnosed with heart failure annually. It is the leading cause of death in comparison with cancer and other prolonged diseases. A mechanical circulatory support device enables the heart to work when it isn’t working at its best.
Nations with high-incomes are seeing an expanded occurrence of congestive heart failure issues because of the elevated adoption of the sedentary lifestyles leading to increased deaths due to heart failure. Other heart-related conditions, such as hypertension, coronary heart disease are also increasing globally. The high prevalence of congestive heart failure will boost the global circulatory support devices market in future. The surging number of patients experiencing congestive heart failure is driving the hospitalization rate across the globe.
In the American Heart Association/American College of Cardiology guidelines, heart failure is defined as “an intricate clinical syndrome that can outcome from any functional or structural cardiac disorder that damages the ability of the ventricle to fill or eject blood”. According to the Centers for Disease Control and Prevention (CDC), around 5.7 Mn individuals in the United States suffer from heart failure. Heart failure costs the nation an estimated 30.7 Bn each year, nearly half of the individuals who develop heart failure die within 5 years of diagnosis, hence it is expected that there is a rise in the demand of circulatory support devices in the future, which will further enhance the global market of circulatory support devices.
The tenacity of this study titled ‘Circulatory Support Devices Market - Future Prospects, Growth, and Competitive Analysis, 2017 – 2025’ is to offer investors, producers, business authorities and industry patrons with itemized investigation to permit them to take premeditated initiatives and resolutions related to the expectations in the global circulatory support devices market. This report offers and assesses the major circumstances prominent in the overall circulatory support devices market along with market size and forecast.
This report classifies the worldwide circulatory support devices market with respect to the usage areas, products, and geographical distribution. Depending on products types, the global circulatory support devices market is categorized into the total artificial heart (TAH), ventricular assist device (VAD), and extracorporeal membrane oxygenation (ECMO). The usage areas considered with the end goal of this study are hospitals and ambulatory surgical centers. Market size and prediction for every segment from 2015 to 2025 period is offered in the report with respective CAGRs for the forecast period 2017-2025.
This detailed study offers the analysis of each segment for the term of 2015-2025 alongside the specific market assessment for the particular nations in their area-wise segments.
An inclusive study of market situations has been reported in the study to catch suitable understanding of the market and their trends. Several methods are used in the report to determine the rivalry among main market players. The research study also consists of company profiling of the different companies which have a hold in the global market for circulatory support devices market. Some of the key players in the global circulatory support devices market include St. Jude Medical, Inc., ReliantHeart Inc., Medtronic plc., Leviticus Cardio Ltd, Jarvik Heart Inc., Evaheart, Inc., CorWave, CHF Solutions, CardiacAssist, Inc., Berlin Heart GmbH, ABIOMED, Inc. and more.
Increasing number of congestive heart failure and pulmonary disease are boosting the demand for circulatory support devices. Both pulmonary and cardiac operations can be accompanied by the use of this device. The complication of handling the devices and requirement of skilled personnel will limit the usage of these devices only to specialized facilities. The adoption of ventricular assist device is expanding among individuals owing to growing incidence of congestive heart failure over the world. Moreover, the demand for ventricular assist device will continue increasing throughout the forecast period due to rising prevalence of diabetes and kidney disorders. Left ventricular assist device is the most widely recognized circulatory support device because of its durability and improved power source which has led to the development of new generation ventricular assist devices by the industry players
Among the considered usage areas, circulatory support devices enjoy the largest application in hospitals followed by ambulatory centers. Higher affordability of hospitals in terms of purchase of circulatory support devices, superior handling skills and higher cost to profit ratio due to better patient footfall are the leading factors driving the acceptance of circulatory support devices in hospitals. Due to the severity of cardiac diseases, the patients often prefer to approach hospitals as against the other healthcare facilities; greater credibility of hospitals and provision of a wide range of services mainly favor this trend, which is further driving the hospitalization rate and the global market of circulatory support devices.
Geographically, the global circulatory support devices market is composed of Latin America, Middle East & Africa, Europe, Asia Pacific, and North America.
North America held the prime share in global circulatory support devices market attributing to major reasons such as high incidence of congestive heart failure, pulmonary related disease, and growing population augmenting the growth of circulatory support devices market. The need of circulatory support devices due to the rise in the number of heart patients will drive the global circulatory support devices market. During the course of forecast duration 2017 – 2025, Asia Pacific is observed as the fastest growing region due to key driving factors such as rising incidence of heart failure in developing countries, evolving healthcare expenditure, and growing awareness related with early treatment, and escalating demand for the advanced system.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Circulatory Support Devices market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
