The Congestive Heart Failure (CHF) Treatment Devices Market is expected to register a CAGR of 8.1% during the forecast period.
The COVID-19 has been reported to cause worse outcomes in patients with underlying cardiovascular disease, especially in patients with acute cardiac injury. According to a research article by Tarun Dalia et al., published in the Indian Heart Journal February 2021, the presence of congestive heart failure (CHF) in patients with COVID-19 is associated with increased mortality and worse outcomes. Moreover, there is an increased risk of acute cardiac injury and cardiac arrhythmia among non-survivors and severe COVID-19 patients.
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An increasing patient pool of cardiovascular diseases (CVDs) is one of the prime factors augmenting the growth of the CHF treatment devices market. Sedentary lifestyles, junk food consumption, and mental stress are other key factors associated with the development of CVDs. As per the World Health Organization, in 2019, cardiovascular disease is the leading cause of death globally, taking an estimated 17.9 million lives each year. As a result, the huge target population is positively impacting the growth of the congestive heart failure treatment devices market.
The increasing geriatric population is also leading to upsurge in the cases of CVDs worldwide. For instance, as per United Nations World Ageing 2019 report, majority share of the older population is contributed by Eastern and South Eastern Asia followed by Europe and North America. Eastern and South Eastern Asia is also expected to observe a largest increase by about 312 million in the coming years as compared to any other regions. Furthermore, in 2019, there were around 200 million people who were 65 years and above in North America and Europe regions.This demographic is prone to chronic diseases including CVDs and is characterized by low immunity levels, and thereby serves as a high impact rendering driver for the growth of these products over the forecast period. As a result, the latest treatments available in cardiac care are expected to increase the life span of the elderly population subset.
The market players are focusing on adopting new growth strategies such as product launches, developments, mergers, and acquisitions to enhance market share. For instance, in October 2018, Abbott Laboratories received approval from U.S. Food and Drug Administration (FDA) for HeartMate 3 Left Ventricular Assist Device (LVAD) in the treatment of heart failure.
Furthermore, supportive government legislation and initiatives in the emerging economies and improving healthcare infrastructure to spread awareness about CVDs occurring in population is working as a growth stimulant to overall market. The developing countries are focusing more on increasing reach of heart diseases awareness programs, which in turn is expected to trigger the adoption of these devices. In addition, technological advancement such as integration of digital platforms with CHF treatment devices is working in favor of the overall market. However, the high cost of CHF treatment devices may hamper the growth of the market over the forecast period.
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