Congestive heart failure (CHF) is the inadequacy of the heart to pump enough blood to meet the body’s demand. CHF is one the leading cause of death worldwide. According to Centers for Disease Control and Prevention, more than 5 million people in the United States are suffering from heart failure. About half of the patients die within 5 years of diagnosis. Moreover, heart failure cost around $32 billion to United States each year. There is a need for innovations in both diagnostics and therapeutics to detect disease at the earliest and reduce the mortality rate. The major factors driving the market are rising geriatric population along with higher incidence of coronary heart diseases, hypertension and diabetes. Unhealthy lifestyle such as smoking tobacco, high intake of salt and cholesterol and weight gain would also drive the market. However, high cost of treatment and stringent regulatory environment are likely to restrain the market growth.
The global congestive heart failure treatment devices market is segmented on the basis of its type and geography. Based on device type, the market is segmented into Cardiac Resynchronization Therapy (CRT) devices, ventricular assist devices, Implantable Cardioverter Defibrillator (ICD) and others such as Counterpulsation devices and total artificial heart. The CRT devices are further divided into CRT pacemakers and CRT defibrillators. Geographically, the market is segmented across four regions, namely, North America, Europe, Asia-Pacific and LAMEA.
New product approval and launch are among the few strategies adopted by the key industry players. For instance, in April 2015, HeartWare International got Canadian marketing approval for HeartWare Ventricular Assist System, a small circulatory support device. In March 2014, St. Jude Medical announced approval of three pacemakers: Allure Quadra CRT-P, Assurity and Endurity Pacemakers. The companies profiled in this report include Medtronic plc, Boston Scientific Corporation, St. Jude Medical, Inc., Thoratec Corporation, HeartWare Inc., SynCardia Systems, Inc., Vasomedical, Inc., Sorin Group, Biotronik, Inc. and Berlin Heart, Inc.
KEY MARKET BENEFITS
KEY MARKET SEGMENTS:
The global congestive heart failure treatment devices market is segmented below:
Global Congestive Heart Failure Treatment Devices Market - By Type
Global Congestive Heart Failure Treatment Devices Market - By Geography