As per Precedence Research, the cardiovascular devices market size is projected to be worth around US$ 81.51 billion by 2028 growing at a CAGR of 6.4% over the forecast period 2021 to 2030.
As per Precedence Research, the cardiovascular devices market size is projected to be worth around US$ 81.51 billion by 2028 growing at a CAGR of 6.4% over the forecast period 2021 to 2030.
Cardiovascular device has become a crucial innovation across the globe. Such device tracks the irregular heartbeats in individuals who experience heart failure or other heart related issue. In addition, monitoring of patients has been improved a lot with the introduction of cardiovascular device such as implantable cardioverter defibrillator (ICD), pacemakers, cardiac loop recorders and biventricular pacemakers. Advancement in devices contributes towards the facilitation in treatment of numerous heart patients across the globe. Large number of patients can be monitored by limited doctors and nurses at a particular time which is one of the factors creating huge demand in the cardiovascular devices market.
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Moreover, using cardiovascular device helps in detecting serve diseases earlier hence patients in such cases are diagnosed without risking their life. Detection at early stage also reduces the complication likely to happen in later stage in the disease. Pacemaker is widely preferred in this market because it comes in smaller size as well as it is convenient to insert in patient’s body. Durability of cardiovascular device is a dominated reason of growth in this market.
Furthermore, according to World Health Organisation (WHO) over 17.9 million people have death due to cardiovascular disease. Awareness among people across the globe are also likely to increase and they are inclining towards various cardiovascular devices. However, there are certain challenges which could restraint the market such as infections as well as swelling while inserting the device in the patient’s body. Hence, such unavoidable factors might leds to another complicated condition that can risks the health of the patients. Manufacturing of cardiovascular devices take huge investment as well as time which creates another challenge in the growth of cardiovascular market. Another factor which cannot be neglected is complex process while developing the cardiovascular device.
Report Highlights-
The cardiovascular device is bifurcated into four parts including application, device type, end user as well as region. Considering device type, the cardiovascular devices is further divided into two parts such as therapeutical & surgical device as well as diagnostic & monitoring device. In addition, Therapeutical & surgical device share the largest revenue in the market due to reduction in unnecessary risk to heart patients. Moreover, therapeutical & surgical device includes ventricular assist device (VAD), catheters, heart valves, cardiac rhythm management (CRM) device as well as others.
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Based on application, the cardiovascular devices are divided into heart failures, cardiac arrhythmia, coronary artery disease (CAD) as well as others. Coronary artery disease (CAD) is expected to generate highest share in the market due to increase in number of patients having cholesterol level as well as blood pressure across the globe. Consumption of alcohol as well as smoking also leds to coronary artery disease and such factors dominates the shares as compare to the other segment in the market.
Based on end user, the cardiovascular devices are divided intospecialty clinics, hospitals as well as others. Hospital’s segment is estimated to share largest revenue in forecast year due to ease of facilitation of medical procedures. In addition, availability of trained staff, proper monitoring of patients, technologically advanced device to perform complex treatment as well as skilled professional in hospital segment contribute towards the growth of the market.
Based on the region the report is categorized into North America, Europe, Asia-Pacific and Other region of the world. Regional dominance on the market is due to North America which contributing highest share in the market owing to well medical infrastructure across the region and well-developed countries like U.S. Also, the advancement of medical technology is well established in the North American region. Moreover, Asia-Pacific region is likely to have significant demand in this market due to rising awareness among in developing countries.
Future of the market-
Key players such as Abbott, Johnson & Johnson inc, Medtronic and Boston scientific corporation in this market are likely to develop more innovative device to grab the consumers in the market. Moreover, monitoring of heart patients through home by doctors without visiting the patients would create the demand in the market. Installation as well as integration of modern and advanced technologies in devices will create profitable opportunities in the forecast period.
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Development in the market place-
December 14, 2021 Royal Phillips which is known for its health technology across the globe acquired Vesper Medical that markets its medical technology in North America region to expand its product portfolio such as therapeutic as well as diagnostics devices.
Segments Covered in the Report
By Device Type
- Diagnostic & Monitoring
- Therapeutic & Surgical Devices
By Application
- Cardiac Arrhythmia
- Coronary Artery Disease
- Heart Failure
- Others
By Geography
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
- Rest of the World
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