High target disease prevalence, product launches, increasing strategic developments such as partnerships and agreements, favorable research funding scenario are key factors contributing to high CAGR of Cardiovascular Device Market during forecast period.
Market Size – USD 40.67 Billion in 2018, Market Growth - CAGR of 6.8%, Market Trends – Product launches and research for Cardiovascular Device Market.
NEW YORK, May 22, 2019 (GLOBE NEWSWIRE) -- The recent study on Cardiovascular Device market by Reports and Data suggests that the market was estimated to attain a value of USD 69.08 billion by the end of 2026 with a CAGR of 6.8%. The most common Cardiovascular diseases include stroke, hypertensive heart disease, rheumatic heart failure, heart arrhythmia, congenital heart disease, etc. Cardiovascular Devices is an apparatus or a material made with a purpose of prevention, treatment and alleviation of the Cardiovascular disorder. It can be a device used for monitoring and diagnosis or for surgical intervention in the treatment of the diseases.
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The market for these medical devices are propelled by the high prevalence of the target disease due to unhealthy living habits like smoking, consumption of alcohol and hypertension coupled with a large amount of geriatric population. The advancements in science and technology to bring about minimally invasive methods to treat the disease and improved awareness about techniques to treat the disease. Appropriate medical reforms along with the suitable cost-effective treatments aided with coverage and reimbursements have shaped the growth curve. Also, strategic acquisitions and mergers along with primary product launches have fueled the market. However, unfavorable trade relations, high cost of device maintenance and lack of skilled personnel have become prime source of hindrances to the market.
Further key findings from the report suggest
- Asia-Pacific regional segment of the cardiovascular device market has registered a very high CAGR. This can be attributed the rising population, especially the geriatric, adoption of unhealthy western lifestyle and heavy investments in health sector
- Among the end users, the Cardiac diagnostic centers were popularized due to the ease and lack of delay in diagnosis and monitoring. Also, it is more economical than hospitals and hence it has registered a CAGR of 6.5%
- Among the devices for Diagnostic and Monitoring, the ECG holds at least 40% of the share, this can be attributed to the augmented capacities of the new generation electrocardiograms.
- The current and future product approvals have determined the strength of the market in the foreseeable future. For instance, the Medtronic plc received approval from United States Food and Drug Administration Systems (USAD) for patients with chronic and severe heart failures to be treated with a new approach like the less invasive-implant approach via thoracotomy
- The market being consolidated and restricted to a few very strong key players, the market situation is very difficult for the entrants especially for entrants to get tax cuts and product approvals
- Top companies for instance, Medtronic acquired approval from FDA for a device DES made for the purpose of treating patients with Chronic Total Occlusion will come up in the near future
- Europe has been able to capture almost 20% of the market share. This is because of the increasing number of people affected by cardiovascular diseases in the given regions. However, there are a lot of factors like stringent regulations and the effects of the recent political breakdown that has hindered the European market
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the Cardiovascular Device Market based on Product Type, End Use and region.
Product type (Revenue, USD Million; 2016–2026)
- Diagnostic and monitoring devices
- Electro cardiogram (ECG)
- Echo cardiogram
- Holter monitors
- Event Monitors
- PET scans
- MRI scans
- Cardiac CT
- Electro cardiogram (ECG)
- Surgical Devices
- Pacemakers
- Stents
- Catheters
- Guidewire
- Electrosurgical Procedures
- Valves
- Occlusion Devices
- Pacemakers
By Application (Revenue, USD Million; 2016–2026)
- Coronary Heart Disease
- Sudden Cardiac Arrest
- Stroke
- Cerebrovascular Heart Disease
- Others
End Use (Revenue, USD Million; 2016–2026)
- Hospital
- Cardiac Diagnostic Centres
- Ambulatory Surgical Centres
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- U.S.
- Europe
- UK
- France
- UK
- Asia Pacific
- China
- India
- Japan
- China
- MEA
- Latin America
- Brazil
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