Congestive Heart Failure (CHF) is a chronic progressive condition that mainly affects the pumping ability of the cardiac muscles. The condition is characterized by the accumulation of fluid around the heart, for which the heart muscles fail to pump sufficient blood to the organs. This in turn, causes the accumulation of fluid in vital organs like lungs, liver, abdomen, and also in the lower part of the body.
The onset of congestive heart failure is characterized by an inability of the ventricles to pump enough blood to the body. Some of the risk factors for this condition are lifestyle habits like smoking, a sedentary lifestyle, and excessive consumption of alcohol. CHF is often treated with devices like pacemakers, implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy (CRT), and ventricular assist devices (VADs), which help maintain heart rhythm.
The congestive heart failure (CHF) treatment devices market is predicted to register a 5.7% CAGR in terms of revenue, to reach USD 15,400 million by 2023, from USD 11,000 million in 2017. Increasing incidence of heart failure, and technological advancements in CHF treatment devices and their increasing adoption rates are some of the important factors that are boosting the growth of the global CHF treatment devices market.
Further, rising geriatric population and changing lifestyle habits will also drive the market growth. Favorable reimbursement policies in countries like the US will exert a positive impact on the growth of the CHF treatment devices market. However, the reimbursement scenario in emerging economies is not so favorable and this may inhibit the growth of the market. The high cost of these devices, along with stringent government regulations regarding the approval of CHF treatment devices, may also restrict the growth of the market.
Region wise, North America has been dominating the market so far and accounted for the majority share in 2015. North America’s dominance can be explained by the increasing incidence of heart failures in the region, the presence of a highly sophisticated healthcare infrastructure, a good adoption rate of CHF treatment devices, and favorable reimbursement policies. However, in the coming years, the Asia-Pacific market is expected to grow at a high rate and offer lucrative opportunities.
The key global players operating in the CHF treatment devices market are, Berlin Heart GmbH, Biotronik SE & Co. KG, Boston Scientific Corporation, Abiomed, Inc., HeartWare International, Inc., Jarvik Heart, Inc., LivaNova PLC, Medtronic plc, ReliantHeart Inc., World Heart Corporation, Teleflex Inc., and St. Jude Medical, Inc.
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