The North America percutaneous mechanical circulatory support devices market is expected to reach US$ 1,749.25 million by 2027 from US$ 645.23 million in 2019. The market is expected to grow at a CAGR of 13.6% during 2020–2027.
Increasing geriatric population, increasing prevalence of cardiovascular diseases and shortage of heart donors are the major factors driving the growth of the market in the region. Additionally, rapidly growing healthcare market and consolidation in the market are likely to fuel the growth of the percutaneous mechanical circulatory support devices market during the forecast period. However, factors such as high costs of these devices and procedures associated with them as well as product recalls, and impact of COVID-19 pandemic on medical device industry are likely to restrain the growth of the market.
Percutaneous mechanical circulatory support devices offer effective and rapid approach to slow the downward spiral of hemodynamic instability among patients suffering with decompensated heart failures and cardiogenic shocks till a more definitive strategy is perceived among patients to recover from these cardiac ailments. The major roles of the percutaneous mechanical circulatory support devices include improving the native cardiac output, reducing ventricular volume and filling pressures, augmenting coronary perfusion, and maintaining vital organ perfusion.
The percutaneous mechanical circulatory support devices are majorly used to help patients suffering from cardiogenic shocks and heart failures. These disease conditions usually fall under the most commonly encountered cardiovascular diseases. In spite of the increase in the attribute of metabolic disorders to the incidence of cardiovascular disease (CVD), hypertension remains the most important risk factor in people. According to the Public Health Center-based prospective (JPHC) study conducted in March 2017, cardiovascular disease is an important risk factor for stroke and heart failure in geriatric population. According to the Centers for Disease Control and Prevention (CDC), in 2016, About 610,000 people die due to heart disease in the US every year, which accounts to one in every four deaths. According to the Heart Failure Society of America, nearly 5.7 million Americans are suffering from heart failure. The data also suggests that almost 1.4 million people with CHF are less than 60 years of age. The Centers for Disease Control and Prevention (CDC) reports that about half of people who develop heart failure die within five years of diagnosis. The cost of heart failure in the US is estimated to be US$ 30.7 billion each year.
Various research studies show that improvements and experience with percutaneous mechanical circulatory support may offer the prospect of better outcomes. Thus, with the rising prevalence of cardiovascular diseases in North American, the adoption of mechanical circulatory devices has emerged as a potential solution for patients’ treatment, which, in turn is likely to boost the growth of the percutaneous mechanical circulatory support devices market in the region.
As North America is witnessing the increasing number of COVID-19 cases, various cities in the region are shutting down, causing treatments and doctors/cardiologists appointment cancellation. Companies operating in the percutaneous mechanical circulatory support devices market have limited their production. As the treatment procedures are directly contacted with patients’ oral fluid that has a possible risk of infections, for the preventing the spread of COVID-19 it is requested to maintain social distancing as there is a greater risk of getting infected with coronavirus due to direct exposure to oral fluids of the patients. Thus, owing to these factors, the increased production for diagnostics test kits and ventilators are likely to hinder the growth of the percutaneous mechanical circulatory support devices market.
In terms of product, the intra-aortic balloon pumps segment held the largest share of the percutaneous mechanical circulatory support devices market in 2019 and is expected to dominate the market in 2027. The growth of this segment is attributed to the advantages such as better outcomes, rare complication rates, and low mortality rates. Moreover, these systems also have ability to increase the coronary blood supply. However, the short-term ventricular assist devices segment is anticipated to witness the fastest growth rate during the forecast period as these devices have comparatively low contra-indications and may remain in-situ in patients for a longer time than IABPs. Additionally, these devices are suitable to act as a single compensation to all the cardiac functions.
A few of the major secondary sources associated with the North America percutaneous mechanical circulatory support devices market report are the World Health Organization (WHO), Heart Disease and Stroke Statistics, National Institutes of Health (NIH), Centers for Disease Control and Prevention (CDC), Heart Failure Society of America, Heart and Stroke Foundation of Canada, and Heart and Stroke Foundation of Canada, among others.