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Description
Mechanical Circulatory Support (MCS) Devices Market Size was valued at USD 1.1 billion in 2021 and is poised to grow at a significant CAGR of 9.5% over 2022–2028. The aging population is anticipated to alter healthcare delivery and increase demand for remote mechanical circulatory support devices. According to Global Population Aging 2020 Report (United Nations, 2020), the aging population is expected to grow at an alarming rate. Around 727 million people worldwide will be 65 years of age or older in 2020, and the number of such patients is anticipated to double by 2050 and reach 1.5 billion. Thus, it is anticipated that each of these reasons will contribute to expanding the global market for mechanical circulatory support devices. As a result of the widespread increase in cardiovascular disorders, which mainly comprise heart failure problems, mechanical circulatory devices have become prospective treatment options for patients and are expected to fuel the market for mechanical circulatory support systems. Furthermore, according to the Centers for Disease Control and Prevention (CDC), the risk of heart failure will rise in 2020 due to specific risk factors such as coronary artery disease (CAD), heart attacks, diabetes, high blood pressure, and obesity. The prevalence of heart failure continues to rise over time with population aging, according to research from the American Heart Association 2020. Between 2013 and 2016, an estimated 6.2 million American adults under 20 experienced heart failure, compared to an estimated 5.7 million between 2009 and 2012. Continuous flow technology has helped ventricular assist devices (VAD) become more efficient and implantable. These devices are in more demand by offering lengthier support, allowing the market for mechanical circulatory support devices expands. The extensive use of mechanical circulatory support devices due to rising heart failure rates and a shortage of donors is anticipated to create enormous opportunities for the market’s expansion internationally. Market players are applying the different market strategies such as mergers, acquisition and launching new products in the market. For instance, in February 2021, CARMAT received FDA approval to conduct an Early Feasibility Study (EFS) of its Total Artificial Heart in the US using BlueSync technology.
Recent Market Developments:
In December 2020, Abbott announced their FDA approval for updated labeling of the company’s HeartMate 3 heart pump so that it could be used readily in pediatric patients suffering from advanced refractory left ventricular heart failure.
In Feb 2021, Terumo Signs a Definitive Agreement to Acquire All Assets of Health Outcomes Sciences, Inc. Transaction furthers Terumo’s efforts to improve patient outcomes and decrease healthcare costs through personalized predictive analytics and clinical decision support at the point of care
