The cardiovascular devices market was valued at US$ 40,849.5 million in 2018 and it is projected to reach US$ 71,114.1 million in 2027; it is expected to grow at a CAGR of 6.5% from 2019 to 2027.
The cardiovascular devices market was valued at US$ 40,849.5 million in 2018 and it is projected to reach US$ 71,114.1 million in 2027; it is expected to grow at a CAGR of 6.5% from 2019 to 2027.
Cardiovascular devices are the medical devices designed for monitoring, preventing, diagnosing, and treating diseases associated to cardiovascular system or heart related diseases. The various cardiovascular devices available in the market include electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and many more. These devices aid in regular heart functioning in patients with heart abnormalities. The growth of the global cardiovascular devices market is attributed to the significantly increasing prevalence of cardiovascular diseases, rising developments for cardiovascular devices and increasing elderly population. However, rigorous regulations for approval and high cost of products and procedures are the major factor hindering the market growth.
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Cardiovascular devices market Segmentation:
- In terms of device, the global cardiovascular devices market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor and other devices. In 2018, the event monitor segment held largest share of the market. However, the electrocardiography (ECG) segment is estimated to register the highest CAGR during the forecast period.
- In terms of application, the global cardiovascular devices market is segmented into coronary heart disease, sudden cardiac arrest, stroke, rheumatic heart disease and cerebrovascular heart disease. In 2018, the coronary heart disease segment held largest share of the market. However, the stroke segment is expected to register the highest CAGR during the forecast period.
- In terms of end user, the global cardiovascular devices market is segmented into hospitals, ambulatory surgery centers and cardiac centers. The hospitals segment held the largest share of the market in 2018, and the same segment is estimated to grow at the fastest rate during the forecast period.
- The major players operating in the cardiovascular devices market include, Medtronic, Boston Scientific Corporation, Abbott, Biosense Webster, Inc (Johnson and Johnson), General Electric Company, Koninklijke Philips N.V, Siemens AG, BD, B. Braun Melsungen AG and Edwards Lifesciences Corporation. The market is has provided inorganic growth strategies to these companies by various market consolidations. For instance, in January, 2019 Edward Lifesciences Corporation announced completion of CAS Medical Systems, Inc. The acquisition, has enhanced the critical care portfolio of the company.
Significantly Increasing Prevalence of Cardiovascular Diseases to Drive Global Cardiovascular Devices Market Growth
Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality across the world. The CVDs are the disorders of the heart and blood vessels and include cerebrovascular disease, coronary heart disease, rheumatic heart disease and other conditions. Some of the major lifestyle factors which leads to the cardiovascular disease and difficulties are use of tobacco, unhealthy diet, and physical inactivity increases the risk of heart attacks and strokes. Whereas, the other risk factors for the cardiovascular diseases are high blood pressure, diabetes, increased level of cholesterol levels. CVDs are among the top ten leading causes of death across the world, it affects more people as compared to any other disease. According to the World Health Organization, cardiovascular diseases are number one cause of the death across the world.
As per WHO data published in 2017, states that, in 2016, approximately 17.9 million people died from CVDs, which was 31.0% of all the global deaths. Among these approximately 85% were due to heart attack and stroke. Heart attacks and strokes are mainly caused due to fatty deposits that block the blood vessels that prevents blood from flowing to the heart or brain. Strokes are also caused due to bleeding from a blood vessel in the brain or from blood clots. Heart attacks and strokes are caused due to increased consumption of tobacco use, unhealthy diet and obesity, physical inactivity and rising alcohol consumption, hypertension, and diabetes.
According to the European Cardiovascular Disease Statistics 2017, in Europe, every year cardiovascular disease (CVD) causes 3.9 million deaths and more than 1.8 million deaths in the European Union (EU). The CVD accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. CVD is the major reason of the death in men and women in all countries. Furthermore, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the U.S. which is around half of the US adult population, suffers from cardiovascular disease.
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