Selbyville, Delaware, Feb. 18, 2021 (GLOBE NEWSWIRE) --
According to latest report “Cardiovascular Devices Market by Device Type (Cardiac Ablation Devices, Left Atrial Appendage (LAA) Closure Devices, Endoscopic Vessel Harvesting (EVH) Devices), End-use (Hospitals, Ambulatory Surgical Centers, Cardiac Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of cardiovascular devices will cross $10 billion by 2027. High adoption of advanced devices with increasing disease prevalence will foster the market growth.
Increasing multitude of cardiological disorders with growing geriatric population and acceptance of unhealthy lifestyle habits worldwide will result in substantial number of patients undergoing cardiac procedures. According to the National Institute of Aging, people aged 65 years and older are at higher risk of coronary heart diseases, sudden heart attack and strokes. Improved outcomes, success rates and patient satisfaction associated with use of advanced devices in comparison with drug therapy for such patients will thereby lead to rapid product usage for faster recovery. Therefore, large patient population adopting advanced treatment procedures will significantly contribute towards the considerable market value during the forecast period.
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Along with huge patient population, technological advancements and new product development in cardiovascular devices will offer tremendous opportunities for market expansion in the foreseeable future. Use of ablation catheter with contact force-sensing to optimize lesion formation has boosted product adoption. In order to enhance efficiency and offer effective treatment to patients, major industry players are advancing products to drive the customer preference towards minimally invasive cardiovascular procedures.
Endoscopic vessel harvesting (EVH) systems segment in the cardiovascular devices market accounted for USD 400 million in 2020 led by increase in preference for coronary artery bypass grafting (CABG) using less invasive approach. According to the Centers for Disease Control and Prevention, in the U.S., about 18.2 million adults suffered from coronary artery disease responsible for over 360,000 deaths in 2017. Advancements in EVH systems has resulted in its wide acceptance during CABG. Thus, increasing awareness and product penetration will fuel the segment revenue in the coming years.
Cardiovascular devices market for ambulatory surgical centers (ASCs) segment is projected to witness 16.7% growth rate till 2027. Ambulatory surgical centers are reporting increase in cardiovascular procedures. Improving reimbursement scenario associated with procedures performed in ASCs aid in expanding the segment value. For instance, the Centers for Medicare & Medicaid Services has approved additional cardiovascular procedures performed in ASCs in its reimbursement policies. In 2018, the program added about 17 procedures related to cardiac catheterization to the 2019 list of Medicare-covered ASC procedures. Moreover, lower cost and stay duration, convenient environment and highly efficient professionals augment the segment growth.
Germany cardiovascular devices market is poised to grow at 16.9% CAGR through 2027. Significantly increasing geriatric population pool contributing to the national disease burden will influence the market demand. Usage of high-end technologies impels the demand for advanced devices, thereby assisting in complex procedures. Additionally, national economic growth results in infrastructure development among healthcare facilities that will further strengthen the industry growth. Leading market leaders are continuously focusing on product development, that will play a vital role in strengthening the regional growth in the forthcoming years.
Major players operating in the cardiovascular devices market include Medtronic plc, Abbott Laboratories (St. Jude Medical), Boston Scientific Corporation, and Biosense Webster (Johnson & Johnson). Companies are implementing various strategies such as product innovations and partnerships to gain competitive advantage in the industry.
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Some major findings of the cardiovascular devices market report include:
- Product development by leading players to gain competitive edge will significantly drive the, the market revenue.
- Growing geriatric pool, contributing to rising hospital admissions associated with heart stroke will offer tremendous demand for industry.
- Increasing demand for minimally invasive procedures owing to numerous benefits will create growth opportunities for advanced devices.
- Government initiatives to create awareness regarding cardiac health and funding to boost R&D in the field of cardiovascular medicine will propel the industrial revenue.
Table of Contents (ToC) of the report:
Chapter 3 Cardiovascular Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By device type
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Market size by approach, 2016 – 2027 (USD Million)
3.6.1 Cardiac ablation devices market
3.6.2 Left atrial appendage devices market
3.7 Regulatory landscape
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.9.1 Company matrix analysis
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.