Report : Percutaneous Mechanical Circulatory Support Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Intra-Aortic Balloon Pumps, VA-Extracorporeal Membrane Oxygenators (ECMO), and Short-Term Ventricular Assist Devices); End User (Hospitals, Ambulatory Surgical Centers, and Others); and Geography
Short-Term Ventricular Assist Devices Segment to Dominate the Market During Forecast Period
According to the latest study on "Percutaneous Mechanical Circulatory Support Devices Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product and End-User", the market was valued at US$ 1,474.28 million in 2019 and is projected to reach US$ 3,964.75 million by 2027; it is expected to grow at a CAGR of 13.5% during 2020–2027. The report provides trends prevailing in the global percutaneous mechanical circulatory support devices market and the factors driving market along with those that act as hindrances.
The product segment of the percutaneous mechanical circulatory support devices market is segmented into intra-aortic balloon pumps, VA-extracorporeal membrane oxygenation, and short-term ventricular assist devices. The intra-aortic balloon pumps segment held the largest share of the percutaneous mechanical circulatory support devices market, by product segment, in 2019. The short-term ventricular assist devices segment is anticipated to grow at a CAGR of 14.0% during the forecast period. Additionally, the use of IABP is likely to be more prevalent in the coming years, and advancements in the technology of these pumps can prove useful to assess the effectiveness of acute interventions that are likely to increase the demand for these products.
The growth of the market is attributed to a few key driving factors such as rising geriatric population and increasing prevalence of cardiovascular diseases; however, the impact of COVID-19 pandemic on medical device industry and high cost of products and procedures are expected to restrain the growth of the market during the forecast period.
Abbott, Medtronic, Getinge AB, Teleflex Incorporated, Livanova Plc (Cardiacassist, Inc.), Abiomed, Eurosets, Berlin Heart, Jarvik Heart, Inc., and CardioBridge GmbH and Company are among the leading companies operating in the percutaneous mechanical circulatory support devices market. The companies are focused toward the adoption of organic strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in June 2016, Medetronic launched a product—Beacon, a care management service for high-risk heart failure patients. This service combines data from Medtronic implantable cardioverter defibrillator (ICD) or cardiac resynchronization therapy (CRT) devices with post-acute monitoring from MCMS.
The report segments global percutaneous mechanical circulatory support devices market as follows: