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Congestive Heart Failure Treatment Devices Market Size, Industry Analysis, Key Insights And Forecast To 2033
Congestive Heart Failure Treatment Devices Market
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According to The Business Research Company's, The congestive heart failure treatment devices market size has grown strongly in recent years. It will grow from $18.22 billion in 2023 to $19.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to the shift towards less invasive surgical techniques, the demand for minimally invasive structural heart devices, ongoing training and education programs for healthcare professionals, rising healthcare expenditure, and growing patient preference for non-surgical or minimally invasive treatment options.
The congestive heart failure treatment devices market size is expected to see strong growth in the next few years. It will grow to $26.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to the increasing aging population, growing awareness about heart health, the implementation of screening programs, favorable reimbursement policies for structural heart procedures, and timely regulatory approvals for new structural heart devices. Major trends in the forecast period include increasing adoption of transcatheter valve replacement, ongoing development of innovative devices with advanced materials, growing emphasis on personalized treatment approaches, increasing adoption of hybrid procedures, and integration of remote monitoring and telehealth solutions.
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Market Drivers and Trends:
Major companies operating in the congestive heart failure treatment devices market are developing innovative products, such as pacemakers with Bluetooth connectivity, to gain a competitive edge in the market. Pacemakers with Bluetooth connectivity are medical devices that regulate heart rhythms and can wirelessly transmit data to healthcare providers for monitoring and adjustments. For instance, in June 2021, Microport Crm S.R.L., a France-based medical devices company, announced the launch of Alizea and Borea pacemakers with Bluetooth connectivity and streamlined remote monitoring. These pacemakers are equipped with Bluetooth technology, enabling cardiologists to monitor the devices remotely and minimizing the need for patients to travel to hospitals for routine check-ups. The SmartView Connect home monitor supports this remote monitoring by providing detailed reports on the system's performance. Alizea and Borea pacemakers are compact and have a projected lifespan of 13 years. They include advanced features such as SafeR mode and real-time EGM. These pacemakers aim to enhance healthcare management by reducing hospital visits and ensuring continuous monitoring and follow-up.
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Major Key Players of the Market:
Abbott Laboratories, Medtronic plc, Baxter International Inc., Boston Scientific Corporation, Terumo Corporation, Edwards Lifesciences Corporation, Charles River Laboratories International Inc., W. L. Gore & Associates Inc., Bracco Group, LivaNova PLC, Meril Life Sciences Pvt. Ltd., Biotronik SE & Co. KG, CryoLife Inc., HeartWare International Inc., Direct Flow Medical Inc., Berlin Heart GmbH, CVRx Inc., Micro Interventional Devices Inc., Jarvik Heart Inc, CardioKinetix Inc, Xeltis AG, Ancora Heart Inc, ReliantHeart Inc.
Congestive Heart Failure Treatment Devices Market 2024 Key Insights:
• The congestive heart failure treatment devices market size is expected to see strong growth in the next few years. It will grow to $26.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Increasing Prevalence Of Cardiovascular Disorders Fuels Growth In Congestive Heart Failure Treatment Devices Market
• Development Of Bluetooth-Enabled Pacemakers To Enhance Remote Monitoring And Patient Care
• North America was the largest region in the congestive heart failure treatment devices market in 2023
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