Mechanical Circulatory Support Devices Market Expected to Witness Massive Growth with a Tremendous CAGR of 9.43%, asserts DelveInsight

October 14 21:32 2022
Mechanical Circulatory Support Devices Market Expected to Witness Massive Growth with a Tremendous CAGR of 9.43%, asserts DelveInsight
Mechanical Circulatory Support Devices Market
The Mechanical Circulatory Support Devices Market was valued at USD 2.26 billion in 2020, growing at a CAGR of 9.43% during the forecast period from 2021 to 2026, to reach USD 3.88 billion by 2026.

The Mechanical Circulatory Support Devices Market was valued at USD 2.26 billion in 2020, growing at a CAGR of 9.43% during the forecast period from 2021 to 2026, to reach USD 3.88 billion by 2026.

The demand for Mechanical Circulatory Support Devices is primarily motivated by the outbreak of the COVID-19 pandemic, a rise in cardiovascular disease (CVDs) prevalence in the geriatric population, an increase in heart failure cases, and technological advancements in ventricular assist devices. Due to the scarcity of heart donors, circulatory support devices are an optimal solution that encourages global market expansion.

Some of the key Mechanical Circulatory Support Devices companies with their Mechanical Circulatory Support Devices in various stages of development include Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd, Thoratec Corporation, CardiacAssist, Inc, Berlin Heart GmbH, and others are currently dominating the Mechanical Circulatory Support Devices Market.

DelveInsight’s “Mechanical Circulatory Support Devices Market Insight & Forecast” report will offer an in-depth understanding of the Mechanical Circulatory Support Devices market, further benefiting the competitors or stakeholders operating in the Mechanical Circulatory Support Devices arena.

Mechanical Circulatory Support Devices Overview

Mechanical Circulatory Support Devices are devices that replace or assist the pumping function of the ventricles. These devices support the functioning of a weak heart by pumping blood. They can be used as a bridge to transplantation, for destination therapy, or as a bridge to recovery from postcardiotomy.

Interested to know more about the functioning of Mechanical Circulatory Support Devices – Visit @ Mechanical Circulatory Support Devices Operations & Working.

Mechanical Circulatory Support Devices Market Insights

North America is expected to dominate the overall Mechanical Circulatory Support Devices market during the forecast period. This domination is due to the growing demand for advanced technologies in Mechanical Circulatory Support Devices, the increasing chronic disease in the region is driving the regional growth.

According to the Centers for Disease Control and Prevention (CDC), in 2020, about 6.2 million adults in the United States have heart failure. Heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. About 655,000 Americans die from heart disease yearly— 1 in every 4 deaths.

As per the Department of Anesthesiology, Washington University, 2020, in the United States of America (USA), 85.6 million adults have at least one type of cardiovascular disease, and it is estimated that 1–3% of adults (over 6.2 million) were living with heart failure in 2016, with prevalence increasing with age. By 2030, this number will increase to more than 8 million.

Further, the rising adoption of these devices, the high prevalence of CVDs, the growing number of research and development activities to improve current technologies, and the limited availability of donor hearts for transplants. This situation is giving rise to a critical need for Mechanical Circulatory Support Devices to treat the disease. Additionally, the risk of being affected by a chronic disease is increasing dramatically due to the rising geriatric population, as per the National Institute of Environmental Health Sciences. This indicates that most Americans will likely be affected by chronic disease in the coming decades. This situation is giving rise to a critical need for Mechanical Circulatory Support Devices to prevent and treat the disease.

Europe and Asia-Pacific region have the future potential growth for Global Mechanical Circulatory Support Devices. This is due to the rising burden of chronic diseases in European and Asia countries. In all countries, chronic illness rates have been increasing.

To read more about why North America is leading the market growth in the Mechanical Circulatory Support Device market, get a snapshot of the Mechanical Circulatory Support device market report.

Mechanical Circulatory Support Device Market Dynamics

Mechanical Circulatory Support Devices were found to be extremely beneficial in heart failure cases which further pushed the demand for these devices in the pandemic situation. Heart transplantation is widely regarded as the greatest therapeutic option for individuals with end-stage heart failure worldwide. Only a limited percentage of patients get transplants due to the scarcity of organs available for transplantation.

As per the Department of Anesthesiology, Washington University, 2020, heart failure continues to plague the world; an estimated 26 million people have heart failure. Of the deaths attributed to cardiovascular disease in 2016, approximately 300,000 were estimated to be due to heart failure.

According to the 2021 statistics, the number of patients waiting for a heart transplant has more than doubled in only five years. However, the scarcity of donors, long waiting times, and an increasing number of unstable patients have favored the development of mechanical circulatory support. As a result of the scarcity of cardiac donors, temporary percutaneous mechanical circulatory support devices are utilized to provide long-term assistance for individuals.

As per the Centers for Disease Control and Prevention (CDC), in 2020, certain risk factors like coronary artery disease (CAD), heart attacks, diabetes, high blood pressure, and obesity increases the risk for heart failure.

According to a report from the American Heart Association, 2020, the prevalence of heart failure continues to increase over time, with the aging of the population. An estimated 6.2 million American adults ≥20 years of age had heart failure between 2013 and 2016, compared with an estimated 5.7 million between 2009 and 2012.

It is predicted that the rising number of elderly patients would transform healthcare delivery and create a larger demand for remote Mechanical Circulatory Support Devices. According to the recent Global Population Aging 2020 Report (United Nations, 2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure for such patients is expected to double and reach 1.5 billion by 2050. Thus, all these factors are projected to drive the growth of the Global Market for Mechanical Circulatory Support Devices.

Thus, with the high prevalence of cardiovascular diseases majorly including heart failure conditions rising across the globe, mechanical circulatory devices have emerged as potential solutions for patients’ treatment and are likely to boost the growth of the Mechanical Circulatory Support Devices market.

However, high treatment costs and limitations regarding the safety of implantable devices may prove to be certain restraints to the Mechanical Circulatory Support Devices market growth.

Recent advancements in Mechanical Circulatory Support Devices Market:

  • In August 2021, the Australian government’s Medical Research Future Fund (MRFF) funded a new program called the Artificial Heart Frontiers Program that aims to develop and commercialize a world-first durable total artificial heart. The Medical Research Future Fund has provided USD 1 million in funding that will establish the program over the next five years.
  • In February 2021, CARMAT received FDA approval to conduct an Early Feasibility Study (EFS) of its Total Artificial Heart in the US using BlueSync technology.
  • In October 2020, the US Food and Drug Administration (FDA) has granted 510(k) clearance to Abiomed for an all-in-one, compact extracorporeal membrane oxygenation (ECMO) cardiopulmonary bypass system called the Abiomed Breethe OXY-1 System.

Key Players Proactively Working In the Mechanical Circulatory Support Devices Market

Key Mechanical Circulatory Support Devices companies involved in manufacturing and production are making a significant growth to the advancement of these devices. To boost their market position, they also engage in mergers and acquisitions. Some of the key Mechanical Circulatory Support Devices companies operating actively in the Mechanical Circulatory Support Devices market include Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd, Thoratec Corporation, CardiacAssist, Inc, Berlin Heart GmbH, and others.

Get a glimpse of the Mechanical Circulatory Support devices market report to see how COVID-19 will affect you in the short and long run.

Scope of the Mechanical Circulatory Support Devices Market Report:

  • Geography Covered: Global
  • Study Period: 2021-2026
  • Key Mechanical Circulatory Support Devices Companies: Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd, Thoratec Corporation, CardiacAssist, Inc, Berlin Heart GmbH, and others.
  • Market Segmentation By Product- Ventricular Assist Devices [Left Ventricular Assist Device, Right Ventricular Assist Device, Biventricular Assist Device], Artificial Heart, Extracorporeal Membrane Oxygenation, Intra-Aortic Balloon Pump
  • Market Segmentation by End-User- Hospitals, Ambulatory Surgical Centers, Specialty Cardiology Centers
  • Market Segmentation by Geography: North America, Europe, Asia-Pacific, Rest of the World (Middle East, Africa, and South America)
  • Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View

Table of Contents 

1

Report Introduction

2

Executive Summary

3

Regulatory and Patent Analysis

4

Key Factors Analysis

5

Mechanical Circulatory Support Devices Porter’s Five Forces Analysis

6

COVID-19 Impact Analysis on Mechanical Circulatory Support Devices Market

7

Mechanical Circulatory Support Devices Market Layout

8

Mechanical Circulatory Support Devices Global Company Share Analysis – Key 3-5 Companies

9

Mechanical Circulatory Support Devices Companies and Product Profiles

10

Project Approach

11

KOL Views

12

DelveInsight Capabilities

13

Disclaimer

 

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