Circulatory support devices are used to overcome the condition of shock or hypotension. These are also required to prevent conditions in patients who are at a risk of organ failure. A shock is nothing but an acute circulatory failure with insufficient or inaptly distributed tissue perfusion that results in comprehensive cellular hypoxia. It is a life-threatening medical emergency.
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A mechanical assistance is required for patients with advanced heart or pulmonary failure in order to keep their heart pumping enough blood. To fulfill this requirement, circulatory support devices are being used to complement or swap the action of the failing heart or lungs. It can be used either on a temporary basis or need to be integrated permanently inside the organ. Intensive care unit or high dependency areas are the best providers of such kind of circulatory support to patients in need.
The global circulatory support devices market can be segmented based on product type and end-user. In terms of product type, the market can be categorized into ventricular assist device (VAD), extracorporeal membrane oxygenation (ECMO), and total artificial heart (TAH). A ventricular assist device is an embedded pump that supports the pumping action of heart’s ventricles.
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The extracorporeal membrane oxygenation is used for patients with severe respiratory or cardiac failure, such as cardiac arrest, as an in-hospital mode of life support. Based on end-user, the global circulatory support devices market can be classified into hospitals and ambulatory surgical centers (ASCs). Large number of critically ill patients prefer hospitals over other health care centers because these offer several inpatient and outpatient cardiac services. The inflow of patients is expected to increase in hospitals during the forecast period, as these are considered to be more reliable, are associated with large number of suppliers, reimbursement authorities, and government organizations.
Increased incidence of congestive heart failure and heart attacks are being recorded each year in developed countries due to changing lifestyles and related diseases such as diabetes and thyroid disorders. Hence, the mortality rate among the affected individuals is increasing. Coronary heart disease and high blood pressure are other heart-related problems growing at a faster pace.
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Increasing prevalence of congestive heart failure is one of the major drivers of the global circulatory support devices market. Rise in number of patients suffering from congestive heart failure is driving the hospitalization rate and burden on society in terms of total expenditure across the globe. Most of these people belong to the age group of 65 and above. Patients with class III, IV, and stage C, D of congestive heart failure disorders are highly recommended to use circulatory support devices, which in return propels demand for these products.
Geographically, the global circulatory support devices market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global circulatory support devices market, with the U.S. accounting for a major market share. Manufacturers in the Americas are developing innovative products to cure congestive heart disorder by using advanced technologies.
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The safety and efficacy of these new products are being ensured by premarket approval through clinical trials. For instance, St. Jude Medical is focusing on obtaining the U.S. FDA approval for HeartMate 3 system by conducting IDE trial. Moreover, demand for circulatory support devices is increasing in the region due to rising government initiatives in order to provide cover to the growing population with congestive heart disease.
Europe is considered to be the second largest market. However, the market in Asia Pacific is projected to expand at the highest CAGR during the forecast period due to factors such as governmental initiatives, increased awareness about cardiac safety, rise in focus of major players in India and China. Emerging markets with rapidly growing economies offer significant opportunities in the market because of changing lifestyle and increase in awareness among people.
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Key players in the global circulatory support devices market are St. Jude Medical, Medtronic, ABIOMED, Reliant Heart, and Berlin Heart. Other prominent companies in the market include CorWave, CardiacAssist, Evaheart, Leviticus Cardio, Jarvik Heart, and Ventracor.
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