iCrowd Newswire – May 28, 2020
The global cardiovascular devices market accounted to US$ 40.8 Bn in 2018 and is expected to grow at a CAGR of 6.5% during the forecast period 2019 – 2027, to account to US$ 71.1 Bn by 2027.
Asia Pacific is the fastest growing geographic market and it is expected to be the fastest revenue contributor throughout the forecast period. Asia Pacific is recognized as a developing market for the medical devices. The growth is driven by the factors such as rise in the cardiovascular diseases in the countries across the region and the developments in the healthcare systems and industries, rise in the applications for the product approval in China, rise in programs among the others.
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The major players operating in the cardiovascular devices market include, Medtronic, Boston Scientific Corporation, Abbott, Biosense Webster, Inc (Johnson and Johnson), General Electric Company, Koninklijke Philips N.V, Siemens AG, BD, B. Braun Melsungen AG and Edwards Lifesciences Corporation.
The market is has provided inorganic growth strategies to these companies by various market consolidations. For instance, in January, 2019 Edward Lifesciences Corporation announced completion of CAS Medical Systems, Inc. The acquisition, has enhanced the critical care portfolio of the company.
Global cardiovascular devices market was segmented by device, application and end user. The device segments was classified as electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. Based on the application it is divided into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease and others. And on the basis of the end user the market is classified as hospitals, ambulatory surgery centers, and cardiac centers.
The market for cardiovascular devices is expected to grow significantly due to factors significantly increasing prevalence of cardiovascular diseases, rising developments for cardiovascular devices, and increasing elderly population. However, the factors such as rigorous regulations for approval and high cost of products and procedures are likely to act as restraining factors for the cardiovascular devices market.
Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality across the world. The CVDs are the disorders of the heart and blood vessels and include cerebrovascular disease, coronary heart disease, rheumatic heart disease and other conditions. Some of the major lifestyle factors which leads to the cardiovascular disease and difficulties are use of tobacco, unhealthy diet, and physical inactivity increases the risk of heart attacks and strokes. Whereas, the other risk factors for the cardiovascular diseases are high blood pressure, diabetes, increased level of cholesterol levels. CVDs are among the top ten leading causes of death across the world, it affects more people as compared to any other disease. According to the World Health Organization, cardiovascular diseases are number one cause of the death across the world. As per WHO data published in 2017, states that, in 2016, approximately 17.9 million people died from CVDs, which was 31.0% of all the global deaths. Thus, owing to the factors the market is likely to grow during the forecast period.
The rise in the cardiovascular conditions are rising across the globe, the prevalence is significantly rising in the countries of the developing nations. The incidences are rising due to the shift in the lifestyle and the other health conditions sue to the change in the adoption of the modernized facilities. The modernized facilities reduced the physical activities, the stress level among the people are also rising. Thus, these factors are leading to the cardiovascular conditions and is leading to the rising demand for the cardiovascular devices. The developing nations are significantly developing their healthcare facilities and services and are heading towards the technological advancements. For instance, structural heart is at initial stage of the development in the regions like Asia Pacific and Middle East and Africa. For instance, in India Kim hospital provides services for the structural heart in the south Indian region. Hence, the emerging nations are likely to favor the growth of the market.
The report segments the global cardiovascular devices market as follows:
Global Cardiovascular Devices Market – By Device
- Electrography (ECG)
- Cardiac Catheter
- Heart Valve
- Event Monitor
Global Cardiovascular Devices Market – By Application
- Coronary Heart Disease
- Sudden Cardiac Arrest
- Cerebrovascular Heart Disease
Global Cardiovascular Devices Market – By End User
- Ambulatory Surgical Centers
- Cardiac Centers
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Keywords: Cardiovascular Devices Market,Cardiovascular Devices