Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Cardiology Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 16, 2021 (GLOBE NEWSWIRE) -- The Global Cardiology Market is expected to grow at a CAGR of around 8.8% from 2020 to 2027 and reach the market value of over US$ 24.3 Bn by 2027.
North America holds dominating share of the cardiology market and is projected that it will continue the same trend in the forthcoming years. This is attributed to the rising prevalence of cardiac disorders in this region, rising aging population, availability of favorable reimbursement policies, and the presence of prominent players in this region. Additionally, funding or grants approved by the government for the development of new products for the treatment of cardiovascular diseases (CVDs) further stimulates the growth of the cardiology market.
On the other hand, Asia-Pacific will record significant growth through remarkable CAGR for the cardiology market. Rising disposable income groups, presence of large patient pool suffering from cardiac disorders, launching of new products, and consistent research and development activities contribute for the growth of cardiology market.
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Market Driver
Rising prevalence of coronary artery disease
Coronary artery disease (CAD) is the most common type of heart disease in the US with a mortality rate of 365,914 people in the US according to the statistics revealed by the Centers for Disease Control and Prevention (CDC). Additionally, CDC also estimates that nearly 18.2 million people above the age of 20 suffered from CAD specifically in the US. Also, British Heart Foundation reveals that in June 2020, 2.3 million people were living in UK suffering from CAD. Such a massive patient population and the high mortality rate are expected to increase the demand for cardiology devices in the forthcoming years.
Segmental Outlook
The global cardiology market is segmented based on disease indication, medical devices, drug type, and by distribution channel. By disease indication, the market is segmented based on hypertension, hyperlipidemia, arrhythmia, and others. By medical devices, it is further segmented as pacemakers, implantable cardioverter defibrillators (ICDs), ventricular assist devices (VAD), cardiac resynchronization therapy (CRT) devices, heart monitors, stents, catheters, and others. Further, by drug type, it is segmented as antihypertensive, antihyperlipidemic, anticoagulants, antiplatelet drugs, and others. By distribution channel, the market is segmented as hospital pharmacies, retail pharmacies, and online pharmacies.
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Based on indication, hypertension segment will record a remarkable share in the forecast period.
Based on the distribution channel, hospital pharmacies will record highest share in the coming years. Moreover, retail pharmacies segment will hold second largest market share among distribution channel segment. Online pharmacies segment is expected to experience highest CAGR in terms of revenue owing to ease and convenience supported by technological advancement. Based on drug type, anticoagulants will record a remarkable share for cardiology market.
Competitive Landscape
Some of the leading competitors are Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Edwards Lifesciences, Cardinal Health, Terumo Corporation, Biosensors International Group, and among others.
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Some of the key observations regarding the cardiology industry include:
- In June 2020, Edwards Lifesciences announced receiving Chinese regulatory approval for Edwards "SAPIEN 3 transcatheter" heart valve for the treatment of patients suffering from severe, symptomatic aortic stenosis (AS) at high risk for or unable to undergo open-heart surgery. Additionally, the new product is widely studied transcatheter valves, with more than 30,000 patients treated in clinical trials and registries in over 65 countries across the world.
- In September 2019, Medtronic plc announced receiving approval by the Food and Drug Administration (FDA) for its new product namely, "Evolut™ PRO+ TAVR System – a new-generation Medtronic TAVR system". The launch comes to the heel of FDA's recent indication expansion for the Evolut TAVR platform to treat patients with symptomatic severe aortic stenosis at low risk of surgical mortality, the final surgical risk category to be approved for TAVR.
- In March 2019, ABBOTT announced receiving approval from the US Food and Drug Administration (FDA) for its new, expanded indication to its leading "MitraClip™" device intended for repairing a leaky mitral valve without open-heart surgery. The new product is the first transcatheter mitral valve intervention therapy approved to treat select heart failure patients with clinically significant secondary, or functional, mitral regurgitation (MR).
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