Market Trends of Congestive Heart Failure (CHF) Treatment Devices Industry
This section covers the major market trends shaping the Congestive Heart Failure Treatment Devices Market according to our research experts:
The Implantable Pacemakers Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The implantable pacemaker is a device that uses electrical impulses to regulate the heart rhythm. An internal pacemaker is one in which the electrodes are placed in the heart, and electronic circuitry and the power supply are implanted within the body. Moreover, by regulating the heart's rhythm, a pacemaker can often eliminate the symptoms of bradycardia, which means individuals often have more energy and less shortness of breath.
The major factors driving the growth of implantable pacemakers include rising cardiovascular patients and technological advancements, such as exclusive algorithms to accurately detect and reduce the likelihood of atrial fibrillation. Atrial fibrillation, often called AFib or AF, is the most common type of heart arrhythmia. An arrhythmia is when the heart beats too slowly, too fast, or in an irregular way. According to a press release by CDC in October 2022, it is estimated that 12.1 million people in the United States will have AFib in 2030. Similarly, in February 2022, a research article published in the National Library of Medicine stated that It had been estimated that 6-12 million people worldwide will suffer this condition in the US by 2050 and 17.9 million people in Europe by 2060. Thus, the increasing prevalence of AFib is expected to increase the demand for CHF devices for treatment, which is expected to increase market growth over the forecast period.
The market leaders are involved in the advancement of technology with clinical trials. For instance, in December 2021, Boston Scientific Corporation initiated the MODULAR ATP clinical trial to evaluate the safety, performance, and effectiveness of the mCRM Modular Therapy System, which includes the EMPOWER Modular Pacing System (MPS), which is designed to be the leadless pacemaker capable of delivering both bradycardia pacing support and anti-tachycardia pacing (ATP). Thus, such clinical trials are expected to increase market growth over the forecast period by providing advanced technology.
Thus, all the above factors, such as increasing CVDs and clinical trials, are expected to contribute to the good growth of this segment over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
Some of the factors driving the market growth in the North American region include increasing demand for congestive heart failure (CHF) treatment, the increasing prevalence of target disorders, high expenditure on healthcare, and an increase in awareness among the population regarding the availability of treatment devices. Moreover, a strong clinical pipeline, favorable reimbursement policies for therapeutic products, and higher adoption of these devices are the other factors anticipated to promote revenue growth.
The increasing prevalence of heart diseases in the region is one of the key factors in market growth. For instance, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130 million adults in the United States will have some type of heart disease. Additionally, the statistics provided by the Heart and Stroke Foundation of Canada in February 2022 state that there are 750,000 people currently living with heart failure, and 100,000 people are diagnosed with this condition each year in Canada. Thus, the increasing prevalence of heart diseases is expected to increase the adoption of devices for the treatment of such diseases, which is expected to increase market growth over the forecast period.
Furthermore, initiatives such as product approvals are expected to increase market growth. For instance, in April 2022, Abbott received the Food and Drug Administration (FDA) approval for leadless pacemaker technology with its new Aveir single-chamber VR pacemaker system, which features increased battery longevity over current commercially available leadless pacemakers. Thus, such approvals are expected to increase market growth as it provides new innovative technology in the market. Similarly, in June 2021, the American College of Cardiology (ACC) and GE Healthcare collaborated to support and participate in ACC's Applied Health Innovation Consortium to build a roadmap for artificial intelligence (AI) and digital technology in cardiology and develop new strategies for improved health outcomes.
Thus, considering the aforementioned factors, such as the increasing prevalence of CVDs, and initiatives by key market players are expected to fuel the market growth in the North American region over the forecast period.
