Increasing incidence rates of atherosclerosis, heart valve issues, arrhythmias, diabetes and cardiomyopathy are some key factors driving demand for congestive heart failure treatment devices in coming six years. Approximately 5.1 million people in the U.S. have heart failure. Lifestyle habits such as smoking, lack of physical activity, unhealthy dietary habits are also increasing the incidences of congestive heart failure. Moreover, increasing geriatric population base is also expected to fuel the prevalence of congestive heart failure thereby propelling growth of this market in the forecast period.
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Cardiac assist devices (CAD) held one of the largest shares in congestive heart failure treatment devices market due to the shortage of heart donors and technologically advanced cardiac assist devices in 2013. Additionally, reimbursement coverage for cardiac device implantation procedures is anticipated to provide this segment with growth platform.
North America dominated the overall market in terms of revenue owing to the increasing incidence rates of high blood pressure, arthritis, coronary artery disease leading to congestive heart failure. Moreover increasing patient awareness and improved healthcare infrastructure in the U.S. and Canada are expected to drive the market of this region at a rapid rate.
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Asia pacific market is expected to be the fastest growing market over the next six years. Increasing geriatric population base, presence of high unmet needs and untapped opportunity in emerging countries such as China and India are some drivers contributing to the growth of Asia Pacific market.
Key market players of congestive heart failure treatment devices market are Boston Scientific, World Heart Corporation, St. Jude Medical Inc, Thoratec, cardioelectronica, Baikal, Medtronic Inc., Berlin Heart Inc., AbioMed, Placetronix and Jarvik Heart.
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