Deep Analysis of Impact of COVID-19 on “Congestive Heart Failure (CHF) Treatment Devices Market 2015-2024” Growth Worldwide….
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.
With Covid-19
infections rising globally, the apprehension regarding a shortage of essential
life-saving devices and other essential medical supplies in order to prevent
the spread of this pandemic and provide optimum care to the infected also
widens. In addition, till a pharmacological treatment is developed, ventilators
act as a vital treatment preference for the COVID-19 patients, who may require
critical care. Moreover, there is an urgent need for a rapid acceleration in
the manufacturing process for a wide range of test-kits (antibody tests,
self-administered, and others). The report will account for Covid19 as a key
market contributor.
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.
The Congestive Heart
Failure (CHF) treatment devices market was valued at USD 15.6 billion in 2015
and is expected to witness a CAGR of 8.1% over the forecast period.
Rising burden of
Cardiovascular Diseases (CVDs) is one of the prime factors responsible for the
lucrative growth of the CHF treatment devices market. Sedentary lifestyles,
mental stress, and junk food consumption are other key factors associated with
the development of CVDs.
CVDs are a group of
disorders characterized by functional or structural abnormalities or both that
affect the functioning of the heart and the associated blood vessels. According
to the World Health Organization, CVDs contribute to the maximum number of
deaths globally. In 2012, approximately 17.5 million deaths were reported from
CVDs, representing 31.0% of the global death statistics. Of the 17.5 million
deaths reported, 7.4 million were due to coronary heart disease and 6.7 million
were due to stroke.
Favorable
reimbursement policies, such as the U.S. Medicare system, is a prime growth
factor for this vertical. Medical device companies now provide new product
platforms, which are covered under reimbursement programs that benefit the
patient. The reimbursement can be availed for devices, such as VADs, ICDs, and
pacemakers that are used to treat CHF.
Individuals above 60
years of age forms the key target population for CHF treatment devices. This
demographic is characterized with low immunity levels and are prone to chronic
diseases including CVDs; and thereby serve 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. The chart below forecasts the number of
geriatric patients over the next six years, which form the routine target group
contributing to the rise in surgical volumes.
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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)
o LVAD
o RVAD
o BiVAD
·
Counter Pulsation Devices
·
Implantable Cardioverter Defibrillators
o Transvenous ICD
o Subcutaneous ICD
·
Pacemakers
o Implantable
o External
·
Cardiac Resynchronization therapy
o Cardiac Resynchronization
Therapy-Defibrillators (CRT-D)
o Cardiac Resynchronization
Therapy-Pacemakers (CRT-P)
The Implantable Cardioverter
Defibrillators (ICDs) held lucrative share in the market due to its ability to
perform three basic functions, which include defibrillation, cardioversion, and
pacing of heart. 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
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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