According to a new report published by Allied Market Research, titled, “Congestive Heart Failure (CHF) Treatment Devices Market,” The congestive heart failure (chf) treatment devices market was valued at $11.9 billion in 2020, and is estimated to reach $20.5 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
Which is the most influencing segment growing in the Congestive Heart Failure Treatment Devices report?
Pacemakers segment dominated the global market in 2020, and expected to continue this trend throughout the forecast period due to the technological advancements and new product launch and thus is expected to drive the segment.
What are the key trends in the congestive heart failure treatment devices market report?
Increase in demand for new technologies in congestive heart failure treatment devices, advanced infrastructure for research & development and investments in healthcare is anticipated to drive the market in the forecast period.
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- Covid 19 impact trends and perspective
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- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
Covid-19 Situation –
- The COVID-19 pandemic has restrained the industry growth significantly due to decrease in number of cardiac surgeries has led to decline in the usage and production of congestive heart failure treatment devices.
- Moreover, the majority of the professional healthcare workers were diverted to treat Covid-19 patients.
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The major factors driving the growth of the market include the increase in heart failure, technological advancements in CHF treatment devices, and increasing adoption rates of these devices. In addition, the increasing incidence of diabetes, atherosclerosis, stroke, high blood pressure and other factors due to unhealthy lifestyles such as unhealthy eating habits, lack of exercise and five Smoking, among others, is a major cause of heart failure. The rising geriatric population is expected to increase the incidence of heart failure, thereby increasing the market growth. The presence of a growing medical need for early intervention and early prevention of heart failure is also expected to drive the demand for these devices. However, the high cost of these devices and poor credit conditions in emerging countries are some of the factors restraining the market growth.
The segment of the cardioverter defibrillator (ICD) will maintain its market lead throughout the analysis, mainly due to the number of patients increasing faster than the normal rate, the average age of the world’s population going to the group of senior Ventricular assist devices (VADs) have been the fastest growing segment, with a CAGR of 11.9%. Increasing focus on the development of advanced VDAs and the decline in VADs are the main reasons for this market growth.
Major Key Market Players in the Industry –
- Abbot laboratories,
- Abiomed Inc.,
- Berlin Heart GmbH,
- Biotronik SE and Co. KG,
- Boston Scientific Corporation,
- Jarvik Heart Inc,
- Lepu Medical,
- Medtronic Plc,
- Microport Scientific Corporation,
- Osypka Medical GmbH
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Market: By Region Outlook
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, Rest of LAMEA)
Important Questions Being Answered by This Market Report Are –
Q1. What is the total market value of Congestive Heart Failure Treatment Devices market report?
Q2. What would be forecast period in the market report?
Q3. Which is base year calculated in the Congestive Heart Failure Treatment Devices market report?
Q4. Which are the top companies hold the market share in Congestive Heart Failure Treatment Devices market?
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Key findings of the study –
- By product type, the pacemaker’s segment was the highest contributor to the congestive heart failure treatment devices market size in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
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