Circulatory Support Devices Market Size to Hit US$ 4.321 Billion by 2031 | Growth Plus Reports

Newark, New Castle, USA, July 03, 2023 (GLOBE NEWSWIRE) — According to the most recent study by Growth Plus Reports, the global circulatory support devices market was valued at US$ 2.44 billion and is expected to rise at a revenue CAGR of 6.5% to reach US$ 4.321 billion by 2031.

The global market for circulatory support devices was analyzed, and it is expected to rise significantly during the forecast period. Circulatory support systems are man-made devices that may perform various heart functions. These devices vary significantly in indication and design and are most typically used to provide temporary or total support to a failing heart.

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                               Circulatory Support Devices Market Scope

Recent Development in the Global Circulatory Support Devices Market: 

• In August 2021, The Australian government’s Medical Research Future Fund (MRFF) funded a new initiative dubbed the Mechanical Heart Frontiers Program, which aims to develop and market a world-first, long-lasting mechanical heart. 
• In February 2021, CARMAT was granted FDA approval to conduct an Early Feasibility Study (EFS) of their Complete Artificial Heart utilizing BlueSync technology in the United States. 

Key Takeaways: 

• Chronic conditions such as diabetes and thyroid are driving the market revenue share.
• The growing number of patients suffering from congestive heart failure is increasing hospitalizations, propelling the market growth. 
• Technologically advanced features of circulatory support devices, such as the smaller size, are growing product demand.

Market Drivers and Restraints: 

The driving factor for the circulatory support devices market revenue is the rising prevalence of congestive heart failure, excessive blood pressure, and related diseases. Also, technologically enhanced qualities of circulatory support devices, such as smaller size, which allows them to be implanted with little invasion to give complete ventricular circulation aid and decreased hemolysis by providing an abundant channel for circulation, are boosting the market revenue.

However, the high cost of these devices and lack of awareness are expected to limit market revenue growth. 

Market Segmentation: 

Segmentation By Product Type

Based on product types, the global circulatory support devices market is segmented into ventricular assist devices, extracorporeal membrane oxygenation, intra-aortic balloon pumps, and the artificial heart. Due to the rising frequency of cardiac defects in the aging population, the intra-aortic balloon pumps segment accounts for the largest market revenue share, with the high cost of these devices.

Segmentation By End-User

Based on the end-user, the global circulatory support devices market is segmented into hospitals, cardiology centers, and ambulatory surgical centers. Due to patient demand for healthcare services, the ambulatory surgical center’s segment accounts for the largest revenue share, reducing the infection rates and recovery period. 

Regional Growth Dynamics

Based on the region, the global circulatory support devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Because of important market players, the high incidence of cardiovascular illnesses caused by lifestyle problems, a focus on research and development, the launch of technologically sophisticated products, and a well-established healthcare infrastructure, North America accounts for the significant revenue share in the global market.

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Competitive Landscape

The following is a list of the prominent players in the global market for circulatory support devices: 

• NovaPump GmbH
• Jude Medical Inc. 
• Berlin Heart GmbH
• NovaPump GmbH
• Jude Medical Inc. 
• Berlin Heart GmbH

Report Coverage 

Growth Plus reports studied the global market for circulatory support devices in-depth and analyzed the basic market characteristics, significant investment areas, analytics of regional growth, revenue forecast, competitive landscape, mergers, and acquisitions. 

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022)
   3. Regulatory Landscape
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL CIRCULATORY SUPPORT DEVICES MARKET – ANALYSIS & FORECAST, BY PRODUCT TYPE
   1. Ventricular Assist Devices
      1. Left Ventricular Assist Devices (LVAD)
      2. Biventricular Ventricular Assist Devices (BIVAD)
      3. Right Ventricular Assist Devices (RVAD)
   2. Extracorporeal Membrane Oxygenation
      1. Respiratory
      2. Cardiac
      3. ECPR
   3. Intra-Aortic Balloon Pumps
   4. Artificial Heart
6. GLOBAL CIRCULATORY SUPPORT DEVICES MARKET – ANALYSIS & FORECAST, BY END USER
   1. Hospitals
   2. Cardiology Centers
   3. Ambulatory Surgical Centers 

CIRCULATORY SUPPORT DEVICES MARKET TOC

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