LONDON, March 19, 2024 (GLOBE NEWSWIRE) -- The global cardiovascular implants market is experiencing robust growth, as highlighted in the newest report "Cardiovascular Implants Market Global Report 2024", by The Business Research Company. The report projects substantial expansion, with the cardiovascular implants market size expected to increase from $24.81 billion in 2023 to $26.8 billion in 2024, representing a compound annual growth rate (CAGR) of 8.0%.
Driving Forces and Future Outlook
The cardiovascular implants market report attributes this significant growth to several factors. Personalized medicine approaches, a focus on minimally invasive procedures, global collaboration in cardiovascular research, and healthcare policies emphasizing preventive interventions are key drivers fueling the cardiovascular implants market’s expansion.
Looking ahead, the forecast period from 2024 to 2028 anticipates continued strong growth, with the cardiovascular implants market projected to reach $34.59 billion by 2028, reflecting a CAGR of 6.6%. The rise in the aging population is identified as a major catalyst for this growth, with cardiovascular implants playing a crucial role in managing and treating cardiovascular diseases prevalent in older individuals.
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Addressing the Aging Population
The cardiovascular implants market report underscores the importance of cardiovascular implants in addressing the healthcare needs of the aging population. With demographic shifts leading to a higher proportion of individuals aged 60 and older, the demand for effective cardiovascular solutions is on the rise. Cardiovascular implants not only contribute to improved quality of life and enhanced longevity but also lead to better overall health outcomes for older individuals.
For instance, according to the World Health Organization, globally, 1 in 6 individuals is expected to be 60 or older by 2030, and this number is projected to reach 2.1 billion by 2050, underscoring the significance of cardiovascular implants in addressing the healthcare needs of the aging population.
Key Players and Technological Innovations
Major companies driving innovation in the cardiovascular implants market include Abbott Laboratories, Medtronic PLC, Boston Scientific Corporation, and more. These companies are increasingly focusing on adopting advanced technologies such as artificial intelligence (AI) to enhance patient care and treatment precision.
For example, BIOTRONIK SE & Co. KG recently launched the BIOMONITOR IV implantable cardiac monitor (ICM), which combines SmartECG technology with artificial intelligence to improve detection accuracy. Similarly, Abbott Laboratories' acquisition of Cardiovascular Systems Inc. further strengthens its portfolio in treating vascular disease, reflecting the industry's commitment to innovation and advancement.
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Regional Insights and Market Segmentation
North America emerged as the largest region in the cardiovascular implants market in 2023, driven by technological advancements and favorable healthcare policies.
The cardiovascular implants market covered in this report is segmented –
1) By Product: Coronary Stent, Implantable Cardioverter Defibrillator (ICD), Heart Valve, Implanted Cardiac Pacemaker, Cardiac Resynchronization Therapy (CRT) Devices, Peripheral Stent
2) By Material: Metals and Alloys, Polymers, Biological Materials
3) By Application: Arrhythmias, Acute Myocardial Infarction, Myocardial Ischemia, Other Applications
4) By End-Users: Hospitals, Ambulatory Surgical Centers, Cardiac Centers
Cardiovascular Implants Global Market Report 2024 by The Business Research Company provides insights on the cardiovascular implants market size, cardiovascular implants market segments, cardiovascular implants market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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