Congestive Heart Failure (CHF) Treatment Devices Market Expected to Reach $20.5 Billion by 2030—Allied Market Research

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.

Congestive Heart Failure (CHF) treatment devices are used to treat the inability of the heart to maintain or pump enough blood to meet the body’s demand. This device is most preferably used as one of the vital treatment modalities for treating sudden cardiac arrest (SCA). 
The major congestive heart failure treatment devices market trends include technological advancements in congestive heart failure treatment devices, awareness among patients about monitoring of the heart functions, and treatment options for management of cardiac disorders. In addition, rise in concerns to decrease surgical injuries propels the growth of the market. Heart failure is a global pandemic affecting at least 26 million people worldwide and is increasing in prevalence. In addition, according to PubMed Central, heart failure health expenditures are considerable and can increase dramatically with rise in ageing population that boosts the growth of congestive heart failure treatment devices market. Moreover, as per same resource PubMed Central, currently 5.7 million people in the U.S. have heart failure, however the projections are worrisome since it is expected that by 2030 more than 8 million people can have this condition, accounting for a 46 % increase in prevalence. Thus, these aforementioned factors increase the growth of the market. Furthermore, the FDA aims to enhance availability of appropriate, reliable, and accurate congestive heart failure treatment devices to meet public health needs and increase access to treatments for consumers. 
Moreover, advancements in congestive heart failure treatment device by heart failure device companies led to higher success rates in treatment of heart failures which responsible for congestive heart failure treatment devices market growth. Earlier, the devices that were used had certain shortcomings, such as high risk of infection, thrombus formation, and blood trauma. To address such complications, modifications were done in VADs to improve efficiency and durability. The devices, such as the second-generation device, HeartMate II, displayed increased functional capacity and performance. Third-generation devices, such as DuraHeart and HeartMate III were further developed that incorporated features such as smaller size, lower rotational speeds, higher efficiency, and enhanced anatomic design. Thus, with the development of more effective VADs, the market is expected to witness significant growth in the near future, thereby propelling growth of the market.
Moreover, rise in awareness among patients about monitoring of heart and treatment options for cardiac disorders plays a vital role in the growth of the CHF treatment devices market. Several educational and awareness programs have been initiated by the government and key players to increase the awareness of the treatment of cardiac disorders among patients, doctors, and healthcare providers,which boost the growth of the market. Furthermore, surge in geriatric population, who are more vulnerable to chronic and cardiovascular diseases led to upsurge in number of surgeries, which propels the growth of the market. 
For instance, in October 2020, Abbott launched new Gallant implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator (CRT-D) devices, which bring the most advanced heart rhythm management capabilities. These devices offer new opportunities for patient engagement and remote monitoring through smartphone connectivity.As per the report published in the Journal ofGeriatric Cardiology by Li-Yuan Ma, there were approximately 290 million patients of cardiovascular disorders in China and approximately 2 in 5 deaths occurredin China due tocardiovascular disorders. Therefore, the rise innumber of cardiovascular diseases results in increase in number of organ transplantation procedures. This has led to surgein usage of congestive heart failure treatment devices that boost the growth of the market. Ageing population is at a high risk of having cardiovascular diseases, which leads to increase in demand for surgical interventions. Thus, rise in geriatric population is expected to drive the substantial growth of the market during forecast period.
The congestive heart failure treatment devices market is segmented on the basis of product and region. By product, the market is categorized into four major devices, namely pacemakers, cardiac resynchronization therapy (CRT), implantable cardioverter defibrillator (ICDs), and ventricular assist device (VADs). Pacemaker is further bifurcated into implantable pacemaker and external pacemakers. In addition, CRT devices segment is classified into two major types, namely, CRT-P and CRT-D. ICDs segment is further divided into transvenous implantable cardioverter defibrillator (T-ICDs) and subcutaneous implantable cardioverter defibrillator (S-ICDs). Moreover, VADs is fragmented into left ventricular assist device (LVAD), right ventricular assist device (RVAD), and biventricular assist device (BIVAD). The pacemakers segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to rise in number of cardiac surgeries, advancements in R&D activities in pharmaceutical & medical device industries, and increase in adoption of pacemakers.

Region wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA. 
North America accounted for a majority of the global congestive heart failure treatment devices market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cardiovascular surgeries, increase in number of approvals for ventricular assist products, presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to upsurge in organ transplantation procedures, rise in number of geriatric populations, and growth in the healthcare industry.

KEY FINDINGS OF THE STUDY 
•   By product type, the pacemakers 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