June 25, 2020
According to recent study titled ‘Percutaneous Mechanical Circulatory Support Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product,; End User, available with Market Study Report LLC, global percutaneous mechanical circulatory support devices market garnered a valuation of USD 1474.28 million in 2019 and is projected to accrue USD 3964.75 million by the year 2027, expanding with a CAGR of 13.5% throughout.
Increased pervasiveness of bacterial infection and ever-growing demand for heart transplantation are projected to drive the growth of global percutaneous mechanical circulatory support devices market, cites the report.
Notably, heart transplantation is the most suitable treatment for patients with severe heart conditions such as refractory end-stage heart failure. According to the latest stats by NHS Blood and Transplant, the number of patients waiting to undergo heart transplantation has more than doubled in the past five years. Also, a report by Ottawa Heart Institute in April 2018, stated that over 5,000 Canadians required heart transplantation. In contrast, only 170 transplants are made in Canada annually due to lack of heart donors.
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The long-standing shortage of organ donors has forced some nations to extend the age limit of donors. For instance, Italy Department of Cardiovascular Surgery, approved the extension of donor age limit to the 60s in certain cases, in an effort to solve donor shortage. This dearth of organ donors is addressed by temporarily utilizing percutaneous mechanical circulatory support devices for long-term support to patients with heart failure. Thus, long awaiting queues, along with rise in number of unstable patients will continue to fuel the demand for mechanical circulatory support devices.
On the contrary, expensive development process of antibiotic used in these devices is likely to restrain the industry growth over the forecast period, claims the market analysis.
Based on the product terrain, intra-aortic balloon pumps segment accounted for majority share of global percutaneous mechanical circulatory support devices market in 2019. Whereas, short-term ventricular assist devices segmentation is predicted to record a y-o-y growth rate of 14% during the analysis period.
Speaking of the end user spectrum, hospitals segment attained the largest market share in 2019, and is expected to follow similar growth trends over the assessment period.
As per the regional analysis, the market is divided into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Spain, Italy, and Russia), Asia Pacific (China, Japan, India, Australia, and South Korea), Middle East & Africa (South Africa, UAE, Saudi Arabia), South America (Brazil, and Argentina), and Rest of the World.
Major players operating in global percutaneous mechanical circulatory support devices market are Medtronic, Abbott, Getinge AB, LivaNova Plc (CardiacAssist, Inc.), Teleflex Incorporated, Abiomed, Berlin Heart, Eurosets, CardioBridge GmbH, and Jarvik Heart, Inc.