The Cardiovascular Device market size is estimated to reach USD 79.50 Billion by 2028, registering a CAGR of 6.8% during the forecast period, according to a new report by Reports and Data. Major factors driving market revenue growth rising global burden of various coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac deaths. Stroke, hypertensive heart disease, rheumatic heart failure, heart arrhythmia, and congenital heart disease are among the most common cardiovascular ailments. A cardiovascular device is an instrument designed to aid in the prevention, treatment, and relief of cardiovascular disease. It can be a gadget for disease monitoring and diagnostics as well as surgical intervention in disease therapy.
The market for these medical devices is fueled by the high prevalence of cardiovascular disease caused by bad lifestyle choices such as smoking, alcohol consumption, and hypertension, as well as a big senior population. Advances in science and technology have resulted in the development of minimally invasive treatment procedures for the condition, as well as increased public knowledge of treatment options. The growth curve has been moulded by appropriate medical reforms, as well as the appropriate cost-effective therapies helped by coverage and reimbursements. The market has also been boosted by strategic acquisitions and mergers, as well as primary product introductions. However, exorbitant gadget maintenance costs and a scarcity of experienced workers have become major roadblocks to the business.
Top Companies Profiled in the Report Include:
Terumo Corporation, Stryker Corporation, Abbott Laboratories, General Electric Company, Boston Scientific Corporation, Edwards Lifesciences Corporation, and W.L. Gore Associates, Getinge Group and Becton Dickinson and Company
Cardiovascular Devices Market Overview:
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
Major Highlights of the Cardiovascular Devices Market Report:
- Product type segments include diagnostic and monitoring devices and surgical devices. Among these, the diagnostic and monitoring devices segment accounted for largest revenue share in 2020 due to compact design, ease of operation and data storage capabilities of these devices.
- On the basis of application, the market report is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease and others. Among these, the coronary heart disease segment is expected to register a significantly rapid revenue CAGR during the forecast period.
- On the basis of end-use, the market report is segmented into hospitals, cardiac diagnostic centres, ambulatory surgical centres. The cardiac diagnostic centres segment is expected to register largest revenue share over the forecast period due to availability of advanced healthcare services and treatments, equipment, and surgical devices and tools. They are also more economical than hospitals.
- Asia Pacific cardiovascular device market is expected to register fastest revenue growth rate over the forecast period due to large-scale adoption of advanced cardiovascular equipment, solutions, software, as well as need for cardiovascular device implementation with rising cases of cardiovascular diseases in countries in the region.
- Revenue from Europe cardiovascular device market is projected to account for a significantly larger revenue share over the forecast period. This can be attributed to rapid technological advancements in cardiovascular devices, rising incidence of coronary diseases, and increasing geriatric population in countries in the region.
- Key players in the market include Terumo Corporation, Stryker Corporation, Abbott Laboratories, General Electric Company, Boston Scientific Corporation, Edwards Lifesciences Corporation, and W.L. Gore Associates, Getinge Group and Becton Dickinson and Company.
Additionally, the report consists a detailed analysis of the segmentation of the Cardiovascular Devices Market based on product types and end-use/application offered in the Cardiovascular Devices Market -
Product Type Outlook (Revenue, USD Billion; 2020 – 2028)
- Diagnostic and monitoring devices
- Electro cardiogram(ECG)
- Echo cardiogram
- Holter monitors
- Event Monitors
- PET scans
- MRI scans
- Cardiac CT
- Surgical Devices
- Pacemakers
- Stents
- Catheters
- Guidewire
- Electrosurgical Procedures
- Valves
- Occlusion Devices
Application Outlook (Revenue, USD Billion; 2020 – 2028)
- Coronary Heart Disease
- Sudden Cardiac Arrest
- Stroke
- Cerebrovascular Heart Disease
- Others
End Use Outlook (Revenue, USD Billion; 2020 – 2028)
- Hospitals
- Cardiac Diagnostic Centres
- Ambulatory Surgical Centres
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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