North America Emerges as Largest Congestive Heart Failure Treatment Market
Market Dynamics: The Congestive Heart Failure Treatment Market is anticipated to experience a steady revenue CAGR during the forecast period, driven by the increasing prevalence of heart failure cases worldwide. Heart failure is a chronic condition in which the heart does not pump blood adequately, leading to symptoms like fatigue, shortness of breath, swollen legs, and irregular heartbeat. The primary causes of heart failure include coronary artery disease, high blood pressure, faulty heart valves, inflammation of heart muscles, congenital heart defects, abnormal heart rhythms, and long-term diseases like diabetes and thyroid.
Factors Supporting Market Growth: The Congestive Heart Failure Treatment Market is propelled by the rise in the prevalence of heart failure due to unhealthy lifestyles, an increase in the geriatric population with a higher risk of cardiovascular and other chronic diseases, and advancements in treatment and research.
Restraints: The high cost of treatment and the risks associated with treatment drugs and devices are the major factors that restrain revenue growth of the Congestive Heart Failure Treatment Market.
Opportunities: Advancements in treatment technology, improved healthcare facilities, government initiatives to spread awareness, and increased healthcare investments provide lucrative growth opportunities.
Geographic Market Scenario: North America has emerged as the largest regional market for heart failure due to increased healthcare expenditure, awareness, and incidence of heart failures. The Asia Pacific market is anticipated to experience the fastest growth over the forecast period due to rising patients with heart failures, government initiatives, and increased demand for treatment.
Key Market Trends and Innovations: Agouza Hospital Giza, Egypt, is conducting clinical trials on the efficacy of metformin as add-on therapy in non-diabetic heart failure patients. The FDA has approved drugs like Verqua, Farxiga, and Corlanor to reduce cardiovascular death and risk of heart failure. ABIOMED acquired preCARDIA, a medical device company, to improve outcomes for heart failure patients.
Organic and Inorganic Strategies Adopted: Companies have been adopting organic and inorganic strategies to gain market share and develop new treatment options for heart failure patients.
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Major companies in Congestive Heart Failure Treatment Market:
- sJarvik Heart, Inc.
- Boehringer Ingelheim International GmbH
- Otsuka Pharmaceutical Co., Ltd.
- Tenax Therapeutics
- Eli Lilly and Company
- Novartis AG
- Bayer AG
- Amgen Inc.
- Bristol-Myers Squibb
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Driving Factors in Congestive Heart Failure Treatment Market:
- Increasing prevalence of heart failure cases worldwide
- Rise in unhealthy lifestyle choices leading to an increase in heart failure cases
- Aging population with higher risk of cardiovascular diseases
- Technological advancements in the treatment of heart failure
- Research and drug development for the treatment of heart failure
- Government initiatives to spread awareness about the symptoms, causes, and available treatments for heart failure
- Increase in healthcare investments
- Growing demand for effective heart failure treatments
- Availability of effective and innovative treatment options
- Rise in disposable income and healthcare expenditure.
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Notable Innovations in Congestive Heart Failure Treatment Market:
- Vericiguat: In November 2020, the U.S. FDA approved Verquvo (vericiguat), a new drug by Merck for treating symptomatic chronic heart failure. Vericiguat works by stimulating the enzyme guanylate cyclase, which leads to the production of cyclic guanosine monophosphate (cGMP), a signaling molecule that helps dilate blood vessels and reduce blood pressure.
- Farxiga: In May 2020, the FDA approved Farxiga (dapagliflozin), a drug by AstraZeneca that reduces the risk of cardiovascular death in heart failure patients with reduced ejection fraction (HFrEF).
- Corlanor: In April 2019, the FDA approved Corlanor (ivabradine), an oral solution by Amgen that reduces the risk of hospitalization for worsening heart failure in patients with stable, symptomatic chronic heart failure with left ventricular ejection fraction (LVEF) ≤ 35% and a heart rate of ≥ 70 beats per minute.
- Abbott's HeartMate 3: In August 2017, the FDA approved Abbott's HeartMate 3 Left Ventricular Assist System (LVAS) for the treatment of advanced heart failure. The HeartMate 3 is a small, fully magnetically levitated centrifugal flow LVAS that provides long-term cardiac support for patients who are awaiting heart transplantation.
- CardioMEMS HF System: In May 2014, the FDA approved the CardioMEMS HF System, a tiny implantable sensor by St. Jude Medical that measures pulmonary artery pressure in heart failure patients. The device is implanted in the pulmonary artery via a catheter and sends pressure readings wirelessly to a patient's healthcare provider. By monitoring pulmonary artery pressure, the device helps to prevent hospitalizations and improve quality of life for heart failure patients.
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