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Congestive Heart Failure Treatment Devices Market Trends, Demand and Analysis 2012 – 2018
The global market for congestive heart failure treatment devices is expected to reach $5.9 billion by the year 2016 at the compounded annual growth rate of 11.7% during the forecasted period. This growth is mainly attributed by the rising incidences of heart failures across the world. American market for congestive heart failure treatment devices accounted for $1.6 billion in 2010 and is expected to reach $3.2 billion by the year 2016 at the CAGR of 12.4% during the forecasted period. European market is forecasted to reach $1.5 billion at the CAGR of 7.5% by 2016.
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Congestive heart failure (CHF) is the inability of heart to maintain proper cardiac output to meet the metabolic demands of tissues and body organs. Growth of congestive heart failure treatment devices is mainly driven by the products that treat congestive heart failure for many reasons such as growth in aging population, increasing incidences of congestive heart failures, availability of products to treat CHF, greater understanding of CHF, and changing demographics & lifestyles.
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US and European markets posses’ maximum potential for congestive heart failure treatment products due to the increasing incidences of heart failures in these regions. Emerging markets like Asia Pacific and Latin America are set to witness significant growth in this industry due to changing demographics, healthcare reforms, increasing income levels, and increase in treatment of congestive heart failures.
Some of the key players dominating this market are Berlin Heart Inc., Biotronik, Boston Scientific, Jarvik Heart, Medtronic Inc., MicroMed Cardiovascular Inc., St. Jude Medical Inc., Teleflex Inc., Thoratec, World Heart Corporation, AbioMed, and others.
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