Global cardiovascular devices
market is anticipated to reach USD 121 billion by 2024, according to a new
report by Grand View Research, Inc. Increasing geriatric population, sedentary
life style coupled with unhealthy dietary habits is spurring the prevalence of
cardiovascular diseases. Constant rise in the patients suffering from
cardiovascular diseases and is expected to drive market growth during the
forecast period.
Governments are trying to limit
hospital readmissions to reduce the prevalence of hospital acquired infections
(HAIs) by imposing penalties on hospitals. As a result, adoption of home
healthcare, remote patient monitoring, and long term care services is rapidly
increasing. Thus, demand for cardiovascular devices is increasing from
hospitals, patients based in home settings, and long term care centers.
In addition, favorable
government policies such as reimbursement coverage are fueling adoption of
these devices. Thus, increasing target patient population, rising acceptance of
home healthcare, and favorable government policies are some of the major
factors driving the growth of the global cardiovascular devices market.
On the other hand, high device
cost and stringent regulatory approval procedure are some of the prime factors
challenging the growth of the market. In addition, lack of skilled
professionals to perform surgical procedures using advanced devices is impeding
the adoption of new devices.
In depth research report on Cardiovascular Devices Market
Further key findings from the study suggest:
·
Availability of minimally
invasive surgical devices coupled with high surgical cost is resulting in
higher revenue share of surgical devices. As a result, surgical devices segment
dominated the overall market in 2015.
·
Diagnostics and monitoring
device segment is anticipated to grow at the fastest growth rate of 8.4% during
the forecast period. Government initiatives to promote early diagnosis of the
diseases, increasing adoption of home healthcare services and long term care
centers is primarily affecting the growth of diagnostic and monitoring segment
positively.
·
North America dominated with
market share of 42.3% of the global market in 2015. Presence of large pool of
target population, reimbursement coverage and high adoption rate for advanced
treatments are some of the factors driving the growth of the cardiovascular
devices market in North America.
·
Furthermore, favorable
government policies and presence of well-defined regulatory framework are some
of the factors augmenting the market growth in North America.
·
Asia Pacific is anticipated to
register significant growth during the forecast period. Growth of the region
would primarily attribute to anticipated rise in geriatric population prone to
cardiac diseases and booming medical tourism in Asia Pacific.
·
Moreover, presence of rapidly
developing countries such as India and China are expected to render positive
growth to the Asia Pacific market. Government initiatives to improve healthcare
infrastructure, increasing healthcare expenditure and increasing demand for
advanced healthcare facilities are some of the factors anticipated to push the
market in India and China towards swift growth.
·
Major players contributing to
the global market include, Medtronic plc, Becton Dickinson and Company,
Cardinal Health, Inc., Boston Scientific Corporation, B. Braun Melsungen AG and
Abbott Laboratories, Inc., Cook Medical, Inc., Terumo Cardiovascular Systems
Corporationand St. Jude Medical, Inc.
·
Competition among the key
players would depend upon several factors included but not limited to
manufacturing capacity, strong distribution network, pricing strategy and product
innovation
Grand View Research has
segmented the cardiovascular devices market on the basis of product and region:
Cardiovascular Devices Market, by Product, 2013 - 2024
(USD Billion)
·
Diagnostic and monitoring
devices
·
ECG
·
Holter monitors
·
Event monitors
·
Cardiovascular diagnostic
catheters
·
Implantable loop recorders
·
Echocardiogram
·
PET scan
·
MRI
·
Cardiac CT
·
Myocardial Perfusion Scans
·
Doppler fetal monitor
·
Others
·
Surgical devices
·
Pacemakers
·
Stents
·
Catheters and accessories
·
Guidewires
·
Cannulae
·
Electrosurgical procedures
·
Valves
·
Occlusion devices
·
Others
Cardiovascular Devices, by Region, 2013 - 2024 (USD
Billion)
·
North America
·
U.S. Cardiovascular Devices
Market, by Product
·
Canada Cardiovascular Devices
Market, by Product
·
Europe
·
Germany Cardiovascular Devices
Market, by Product
·
U.K. Cardiovascular
DevicesMarket, by Product
·
Asia Pacific
·
China Cardiovascular Devices
Market, by Product
·
India Cardiovascular Devices Market,
by Product
·
Latin America
·
Brazil Cardiovascular Devices
Market, By Product
·
Mexico Cardiovascular Devices
Market, By Product
·
MEA
·
South Africa Cardiovascular
Devices Market, By Product
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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