According to the latest study on “Percutaneous Mechanical Circulatory Support Devices Market Forecast to 2027 – Covid-19 Impact and Global Analysis by Product and End-User”, the market was valued at US$ 1,474.28 million in 2019 and is projected to reach US$ 3,964.75 million by 2027; it is expected to grow at a CAGR of 13.5% during 2020–2027. The report provides trends prevailing in the global percutaneous mechanical circulatory support devices market and the factors driving market along with those that act as hindrances.
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The product segment of the percutaneous mechanical circulatory support devices market is segmented into intra-aortic balloon pumps, VA-extracorporeal membrane oxygenation, and short-term ventricular assist devices. The intra-aortic balloon pumps segment held the largest share of the percutaneous mechanical circulatory support devices market, by product segment, in 2019. The short-term ventricular assist devices segment is anticipated to grow at a CAGR of 14.0% during the forecast period. Additionally, the use of IABP is likely to be more prevalent in the coming years, and advancements in the technology of these pumps can prove useful to assess the effectiveness of acute interventions that are likely to increase the demand for these products.
The growth of the market is attributed to a few key driving factors such as rising geriatric population and increasing prevalence of cardiovascular diseases; however, the impact of COVID-19 pandemic on medical device industry and high cost of products and procedures are expected to restrain the growth of the market during the forecast period.
Abbott, Medtronic, Getinge AB, Teleflex Incorporated, Livanova Plc (Cardiacassist, Inc.), Abiomed, Eurosets, Berlin Heart, Jarvik Heart, Inc., and CardioBridge GmbH and Company are among the leading companies operating in the percutaneous mechanical circulatory support devices market. The companies are focused toward the adoption of organic strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in June 2016, Medetronic launched a product—Beacon, a care management service for high-risk heart failure patients. This service combines data from Medtronic implantable cardioverter defibrillator (ICD) or cardiac resynchronization therapy (CRT) devices with post-acute monitoring from MCMS.
Rising Geriatric Population
The high market growth is anticipated on account of the rising global geriatric population. In both male and female population, the risk of cardiovascular diseases increases with an increase in age. Aging blood vessels are less flexible,leading to reducedblood flow. Thus, the risk of heart disease is high in the elderly population. Also, according to the Heart Disease and Stroke Statistics 2018, the average age at the first heart attack is 65.6 years for males and 72.0 years for females. It also mentioned that the annual incidence of a heart attack in the US is 720,000 new attacks and 335,000 recurrent attacks. Moreover, according to the National Institutes of Health (NIH), America’s 65-and-over population is projected to nearly double over the next three decades, from 48 million to 88 million by 2050. Cardiovascular disease (CVD) in older Americans imposes a huge burden in terms of mortality, morbidity, disability, functional decline, and healthcare costs. A retrospective study performed by the University of Pittsburgh in 2015 states that the prevalence of CVD, including hypertension, CHD, HF, and stroke, increases from about 40% in men and women 40–59 years and 70-75% in persons aged 60–79 years, and 79–86% among those aged 80 years or older. Thus, the growing geriatric population leading to higher risks of heart failures and cardiogenic shocks increases the applications of percutaneous mechanical circulatory support devices and eventually favors market growth.
The report segments global percutaneous mechanical circulatory support devices market as follows:
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