Heart Failure Devices Global Market is estimated to be worth $38,879.9 million by 2029
Heart Failure Devices (HFD) Heart failure occurs when the heart muscle does not pump blood as well as it should, when this happens blood often backs up and causes shortness of breath. In some people, the heart has difficulty pumping enough blood to support other organs in the body. Others may have a hardening and stiffening of the heart muscle itself, which blocks or reduces blood flow to the heart.
According to IQ4I analysis, the heart failure devices global market expected to grow at high single-digit CAGR from 2022 to 2029 to reach $38,879.9 million by 2029. Factors such as increasing incidence of heart failure diseases, technological advancement in heart failure devices, rising geriatric population, and favorable reimbursement are the drivers, vast pipeline products, increase in funding and approvals are the opportunities. Adverse events and complications with the implantation of heart failure devices, the high cost of the devices, and the lack of trained professionals are the restraints, whereas, stringent regulatory guidelines and the availability of alternative products are the threats.
The heart failure devices global market is segmented based on products, end-users, surgery and geography. The heart failure devices market based on products is segmented as cardiac rhythm products, cardiac assist devices (CAD), structural heart devices (SHD), ECMO and others (modulation devices). Among them, the structural heart device segment commands the largest revenue in 2022 and it is expected to grow at double digit CAGR from 2022 to 2029.
The cardiac rhythm products based on product type is segmented into Implantable Cardioverter Defibrillators (ICD), pacemakers and Cardiac Resynchronization Therapy (CRT) devices. Among them, the ICD segment commanded the largest revenue n 2022 and it is expected to grow at mid single-digit CAGR from 2022 to 2029. The CRT segment is expected to grow at mid single digit CAGR from 2022 to 2029. The Implantable Cardioverter Defibrillators (ICDs) are further segmented into Single and dual-chamber ICDs, among which, dual-chamber devices accounted for the largest revenue in 2022 and is expected to grow at mid single digit CAGR from 2022 to 2029. The pacemakers are segmented into single and dual-chamber pacemakers, among which, dual chamber accounted for the largest revenue in 2022 and is expected to grow at low single digit CAGR from 2022 to 2029. The CRT global market is expected to grow at mid single digit CAGR from 2022 to 2029. The CRT is further segmented into CRT-P and CRT-D; among which, CRT-D accounted for the largest revenue in 2022 and is expected grow at mid single digit CAGR from 2022 to 2029.
Cardiac assist devices based on products are segmented into Ventricular Assist Devices (VAD), Intra aortic balloon pumps (IABP) and Total Artificial Heart (TAH). The Ventricular Assist Devices (VAD) commanded the largest revenue of the Cardiac assist devices global market based on the product in 2022 and is expected to grow at double digit CAGR from 2022 to 2029. VAD based on product type is further sub-segmented into Left-VAD (LVAD), Right-VAD (R-VAD), and Bi-VAD, among which, LVAD has the largest revenue in 2022 and is expected to grow at double digit CAGR from 2022 to 2029.
The structural heart devices are segmented into repair devices and replacement devices, among which, the replacement device segment accounted for the largest revenue in 2022 and is expected to grow at double digit CAGR from 2022 to 2029. Repair devices are expected to grow at early teen CAGR from 2022 to 2029. The repair devices are segmented into annuloplasty, valvuloplasty, occluders, Transcatheter Mitral Valve Repair (TMVr) and others (Chrodal replacement, TTVR, Ventricular restoration system, & Shunt), among these, occluders segment accounted for the largest revenue in 2022 and is expected to grow at a mid teen CAGR from 2022 to 2029 The TMVr segment is expected to grow at mid teen CAGR from 2022 to 2029. The heart valve replacement techniques are broadly classified into surgical and transcatheter-based techniques, among which the transcatheter valve segment accounted for the largest revenue in 2022 and is expected to grow strong at double digit CAGR from 2022 to 2029. The surgical technique is further segmented into mechanical valves and tissue valves, among which, the tissue heart valve segment accounted for the largest revenue in 2022. The transcatheter valve replacement devices global market is segmented into Transcatheter Aortic Valve Replacement (TAVR), Transcatheter Mitral Valve Replacement (TMVR) and Transcatheter Pulmonary Valve Replacement (TPVR), among which TAVR segment occupies the largest share in 2022 and TMVR device segment is expected to grow at a high double digit CAGR from 2022 to 2029.
Heart Failure Devices global market based on surgery is segmented into open surgery, minimally invasive surgery and robotic surgery, among these, the open surgery segment accounted for the largest revenue in 2022 and is expected to grow at high single digit CAGR from 2022 to 2029. Robotic surgery is the fastest-growing segment and is expected to grow at high teen CAGR from 2022 to 2029.
Heart Failure Devices global market based on end-users is segmented into hospitals, ambulatory surgical centers (ASC) and others (academics & research institutes and OBL). Among end-users, the hospital segment accounted for the largest revenue in 2022 and is expected to grow at high single digit CAGR from 2022 to 2029. The ambulatory surgical center is the fastest-growing segment and is expected to grow at early teen CAGR from 2022 to 2029.
The heart failure devices market based on region is segmented as North America (U.S. and the Rest of North America), Europe (Germany, France, Italy, and the Rest of Europe), Asia-Pacific (Japan, China, India and the Rest of APAC), and the Rest of the world (Brazil, Rest of LATAM and the Middle East & Africa). North America holds the largest revenue in 2022 and it is expected to grow at high single digit CAGR from 2022 to 2029 mainly due to the increasing prevalence of structural heart diseases in the region, persistently elevating geriatric population burdened with various kinds of valvular diseases, increasing preference and adoption of the patient population there for technologically advanced and minimally invasive therapeutic products, availability of advanced imaging and better patient screening programs and increasing investments on research activities for developing innovative and technologically advanced products.
The Asia-Pacific is the fastest-growing region and is expected to grow in double digit CAGR from 2022 to 2029 due to the high structural heart disease burden in the region, increasing geriatric population, increasing demand for better healthcare facilities, increasing penetration of reimbursement schemes in developing countries, increasing demand for highly efficient and minimally invasive products from the value-centric patient population, growing economies of the region, availability of various kinds of heart failure treatment products, increasing patient awareness of these products and increasing medical tourism prospects of the region.
The heart failure devices global market is a consolidated market with the top 8 players occupying XX% of the market hence all the existing players in this market are involved in developing new and advanced therapeutics to maintain their market shares. Some of the major players in the heart failure devices market include Medtronic PLC (Ireland), Abbott Laboratories (U.S.), Edwards Lifesciences Corporation (U.S.), Boston Scientific Corporation (U.S.), Abiomed (U.S.), Biotronik (Germany), Getinge (Sweden) and MicroPort (China).