Congestive Heart Failure Treatment Devices Market Size, Share & Trends Analysis Report By Product (Ventricular Assist Devices, Counter Pulsation Devices, Pacemakers), By Region, And Segment Forecasts, 2023 - 2030

Congestive Heart Failure Treatment Devices Market Size, Share & Trends Analysis Report By Product (Ventricular Assist Devices, Counter Pulsation Devices, Pacemakers), By Region, And Segment Forecasts, 2023 - 2030

Congestive Heart Failure Treatment Devices Market Growth & Trends

The global congestive heart failure treatment devices market size is expected to reach USD 46.58 billion by 2030, registering a CAGR of 7.6% from 2023 to 2030, 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.

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.

Congestive Heart Failure Treatment Devices Market Report Highlights

• 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 2022, 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 40.55% in 2022; this can be attributed to the presence of a large population base suffering from CVDs coupled with a significant geriatric population base.
• 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.

Please note The report will be delivered in 2-3 business days upon order notification.