News | Heart Failure | June 28, 2016

World Congestive Heart Failure Devices Market to Reach $14.8 Billion by 2022

Implantable cardioverter defibrillators to account for majority of the growth thanks to aging population with higher prevalence of heart arrhythmia issues

Allied Market Research, Congestive Heart Failure Treatment Devices Market report, ICDshea

June 28, 2016 — A recent report published by Allied Market Research, titled, "Congestive Heart Failure (CHF) Treatment Devices Market," projects that the world market would reach $14.8 billion by 2022, at a compound annual growth rate (CAGR) of 5.5 percent from 2016 to 2022. The implantable cardioverter-defibrillator (ICD) segment is expected to dominate the world CHF treatment devices market throughout the forecast period. North America is projected to continue its lead in terms of revenue, accounting for more than two-fifths share of the world CHF treatment devices.

The major factors boosting the market growth include the growing incidence of heart failure, technological advancements in CHF treatment devices and increasing adoption rates for these devices. In addition, rising incidence of diabetes, atherosclerosis, stroke, hypertension and other conditions due to faulty lifestyle habits such as unhealthy dietary habits, lack of physical activity and smoking, among others, are the leading causes of congestive heart failure. A rising geriatric population base is expected to fuel the prevalence of congestive heart failures thereby augmenting the market growth.

The presence of huge unmet medical needs and rising emphasis on early intervention and primary prevention of heart failures are also anticipated to drive the demand for these devices. However, high cost of these devices and unfavorable reimbursement scenarios in the emerging countries are some of the factors that restrict the market growth.

The ICD segment would maintain its lead in the market throughout the analysis period, primarily because of the increasing number of patients with faster-than-normal rhythm as the mean age of the global population is shifting towards older age groups. Ventricular assist devices (VADs) has emerged as the fastest growing segment, with a CAGR of 11.9 percent. Increasing focus on the development of advanced VADs and miniaturization of VADs are the major factors responsible for the growth of this market.

The study also found that China and Japan are the major shareholders in the Asia-Pacific region, jointly accounting for almost half of the share in the Asia-Pacific market.

Geographically, North America accounted for the majority of the share in the world CHF treatment devices market in 2015, and is expected to maintain this lead throughout the forecast period. This was mainly attributed to the increasing incidence of heart failures, presence of highly sophisticated healthcare infrastructure and adoption of advanced CHF treatment devices in the North American countries. However, Asia-Pacific is expected to be the fastest growing region throughout the analysis period, owing to ample growth opportunities in terms of unmet medical needs for the treatment of cardiac disorders in these regions.

The key players profiled include Abiomed Inc., Berlin Heart GmbH, Biotronik SE & Co. KG, Boston Scientific Corp., HeartWare International Inc., Jarvik Heart Inc., LivaNova PLC, Medtronic plc, ReliantHeart Inc. and St. Jude Medical Inc.

For more information:

Related Content

The annual Azbee Awards are hosted by the American Society of Business Publication Editors (ASBPE) to recognize editorial and design excellence in the business, trade and specialty press.
News | Business | March 08, 2018
Scranton Gillette Communications’ Diagnostic and Interventional Cardiology (DAIC) was recently named a 2018
Fysicon announced its acquisition by Canon Medical Systems Corporation.
News | Business | March 08, 2018
Fysicon announced its acquisition by Canon Medical Systems Corporation. Linda Elberse, CEO of Fysicon, stated: "Being...
ACC 2018 Cardiovascular Summit Teaches Cardiology Best Practices
News | Business | February 28, 2018
The American College of Cardiology’s Cardiovascular Summit will begin on Thursday, Feb. 22, 2018, bringing together...
FDA Releases Final Rule on Data Acceptance from Medical Device Clinical Investigations
News | Business | February 21, 2018
The U.S. Food and Drug Administration (FDA) issued the final rule on “Human Subject Protection; Acceptance of Data from...
Amazon, Berkshire Hathaway and JPMorgan Chase to Form New Healthcare Company
News | Business | January 30, 2018
January 30, 2018 — Amazon , Berkshire Hathaway and JPMorgan Chase & Co.
News | Business | January 16, 2018
American College of Cardiology (ACC) Chief Executive Officer Shalom “Shal” Jacobovitz will be leaving the College...
CMS Launches New Voluntary Bundled Payments Model
News | Business | January 10, 2018
The Centers for Medicare & Medicaid Services (CMS) Center for Medicare and Medicaid Innovation (Innovation Center)...
Toshiba Medical Systems Changes Name to Canon Medical Systems Corp.
News | Business | January 08, 2018
January 8, 2018 — Canon Inc. and Canon Medical Systems Corp.
CMS Announces Final Changes, Cancellations of Mandatory Bundled Payment Models
News | Business | December 21, 2017
The Centers for Medicare & Medicaid Services (CMS) last week finalized the cancellation of the mandatory hip...
Catheter reprocessing can reduce costs in the cath and EP lab.
Feature | Business | December 19, 2017 | Lars Thording
As payers and other healthcare entities look to better manage costs, especially in the acute care setting, it is impo
Overlay Init