Newark, NJ, June 23, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cardiovascular devices market is expected to grow from USD 42.61 billion in 2019 to USD 71.05 billion by 2027, at a CAGR of 6.6% during the forecast period 2020-2027.
The cardiovascular devices market is currently witnessing considerable demand across the globe. Increasing awareness about the various cardiovascular diseases and increasing geriatric population across the world are the primary factors driving the growth of the market. As per the estimation of the World Health Organization (WHO), cardiovascular diseases are the number one cause for death globally and taking around 17.9 million lives every year. Thus, the rising prevalence of cardiovascular diseases is one of the key factors fuelling the growth of the market.
Cardiovascular devices are the medical devices which are used to diagnosis and treat the heart diseases and other heart-related problems. These devices play essential role prevention and treatment of cardiovascular diseases. The cardiovascular devices include implantable cardioverter defibrillators, implanted heart rhythm monitors, pacemakers, and various other devices.
Global cardiovascular devices market is increasing rapidly, owing to the rising incidences of the heart-related diseases across the globe. In addition to this, rising geriatric population in North America and the European region, further boosting the growth of the market. Moreover, increasing research and development activities to develop highly advanced cardiovascular devices, also propelling market growth. Many hospitals in the Asia Pacific region are investing in purchasing new devices, offering various growth opportunities in the market. However, stringent government regulation for the approval and commercialization of the cardiovascular devices could hamper the growth of the market in the upcoming years.
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Key players operating in the global cardiovascular devices market include Becton, Cardinal Health, B. Braun Melsungen AG, Cook Medical, Inc., St. Jude Medical, Inc., Medtronic, Boston Scientific Corporation, Dickinson and Company, Abbott Laboratories, Inc., Braun Melsungen AG and Terumo Cardiovascular Systems Corporation among others. To gain the significant market share in the global cardiovascular devices market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in March 2018, SMT (Sahajanand Medical Technologies), the leading manufacturer of cardiac stents in India, announced the partnership with the Cardinal Health, to provide Cardinal Health access to the fast-growing Indian cardiology market.
- In February 2019, Cook Medical announced that the company has received the US Food and Drug Administration (FDA) approval for its Zenith endovascular aortic dissection system.
Diagnostic and monitoring tools are dominated in the global cardiovascular devices market and held the market share of 57.89% in the year 2019
The type segment includes surgical devices, diagnostic and monitoring tools. The diagnostic and monitoring device segment is classified into Holter monitors, ECG, event monitors, echocardiograms, implantable loop recorders, PET scans, cardiac CT, MRI and doppler fetal monitors. Diagnostic and monitoring tools is dominated in the global cardiovascular devices market and held the market share of 57.89% in the year 2019. Rising prevalence of cardiovascular diseases and increasing geriatric population across the globe, driving the growth of diagnostic and monitoring tools and devices.
Stroke segment is anticipated to grow at the highest CAGR of 7.9% over the forecast period
The application segment includes cerebrovascular heart disease, stroke, sudden cardiac arrest, coronary heart disease. Stroke segment is anticipated to grow at the highest CAGR of 7.9% over the forecast period. The rising number of people diagnosed with the heart problems followed by stroke, fuelling the growth of cardiovascular devices market.
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The hospital segment is dominated in the global cardiovascular devices market and held the largest market share of 62.35% in the year 2019.
The end-user segment includes ambulatory surgical centres, cardiac diagnostic centres, hospital. The hospital segment is dominated in the global cardiovascular devices market and held the largest market share of 62.35% in the year 2019. This is mainly due to the availability of technologically advanced cardiovascular devices and the presence of skilled physicians in hospitals.
Regional Segment Analysis of the Cardiovascular Devices Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global cardiovascular devices market classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region is dominated in the global cardiovascular devices market and accounted for 42.35% in the year 2019. The growth is mainly attributed to factors such as well developed healthcare infrastructure, highly advanced medical devices, and early adoption of technologies in the healthcare segment. In addition to this, the presence of the key market players across the region, further driving the growth of the market in the North America region. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 8.5% over the forecast period. This is mainly due to increasing hospitals infrastructure across the region. In addition to this, rising investment by the hospitals in the countries such as India and China for the installation of the various advanced devices, driving the growth of the market. Furthermore, increasing geriatric population in countries such as Japan and South Korea, further propelling the market growth in the Asia Pacific region.
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About the report:
The global cardiovascular devices market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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