Circulatory support devices are used to overcome the condition of shock or hypotension. These are also required to prevent conditions in patients who are at a risk of organ failure. A shock is nothing but an acute circulatory failure with insufficient or inaptly distributed tissue perfusion that results in comprehensive cellular hypoxia. It is a life-threatening medical emergency. A mechanical assistance is required for patients with advanced heart or pulmonary failure in order to keep their heart pumping enough blood. To fulfill this requirement, circulatory support devices are being used to complement or swap the action of the failing heart or lungs. It can be used either on a temporary basis or need to be integrated permanently inside the organ. Intensive care unit or high dependency areas are the best providers of such kind of circulatory support to patients in need.

The global circulatory support devices market can be segmented based on product type and end-user. In terms of product type, the market can be categorized into ventricular assist device (VAD), extracorporeal membrane oxygenation (ECMO), and total artificial heart (TAH). A ventricular assist device is an embedded pump that supports the pumping action of heart’s ventricles. The extracorporeal membrane oxygenation is used for patients with severe respiratory or cardiac failure, such as cardiac arrest, as an in-hospital mode of life support. Based on end-user, the global circulatory support devices market can be classified into hospitals and ambulatory surgical centers (ASCs). Large number of critically ill patients prefer hospitals over other health care centers because these offer several inpatient and outpatient cardiac services. The inflow of patients is expected to increase in hospitals during the forecast period, as these are considered to be more reliable, are associated with large number of suppliers, reimbursement authorities, and government organizations.

Increased incidence of congestive heart failure and heart attacks are being recorded each year in developed countries due to changing lifestyles and related diseases such as diabetes and thyroid disorders. Hence, the mortality rate among the affected individuals is increasing. Coronary heart disease and high blood pressure are other heart-related problems growing at a faster pace. Increasing prevalence of congestive heart failure is one of the major drivers of the global circulatory support devices market. Rise in number of patients suffering from congestive heart failure is driving the hospitalization rate and burden on society in terms of total expenditure across the globe. Most of these people belong to the age group of 65 and above. Patients with class III, IV, and stage C, D of congestive heart failure disorders are highly recommended to use circulatory support devices, which in return propels demand for these products.

Geographically, the global circulatory support devices market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global circulatory support devices market, with the U.S. accounting for a major market share. Manufacturers in the Americas are developing innovative products to cure congestive heart disorder by using advanced technologies. The safety and efficacy of these new products are being ensured by premarket approval through clinical trials. For instance, St. Jude Medical is focusing on obtaining the U.S. FDA approval for HeartMate 3 system by conducting IDE trial. Moreover, demand for circulatory support devices is increasing in the region due to rising government initiatives in order to provide cover to the growing population with congestive heart disease. Europe is considered to be the second largest market. However, the market in Asia Pacific is projected to expand at the highest CAGR during the forecast period due to factors such as governmental initiatives, increased awareness about cardiac safety, rise in focus of major players in India and China. Emerging markets with rapidly growing economies offer significant opportunities in the market because of changing lifestyle and increase in awareness among people.

Key players in the global circulatory support devices market are St. Jude Medical, Medtronic, ABIOMED, Reliant Heart, and Berlin Heart. Other prominent companies in the market include CorWave, CardiacAssist, Evaheart, Leviticus Cardio, Jarvik Heart, and Ventracor.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Circulatory Support Devices Market

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