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: www.alliedmarketresearch.com