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.
Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Some key highlights of the 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.
Key Players covered in this report are
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
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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