The global “cardiovascular devices market size” is prognosticated to reach USD 82.20 billion by 2026 on account of the increasing cases of cardiovascular diseases such as coronary artery disease, heart failure, congenital heart disease, heart attack, cardiomyopathy, and others. The increasing geriatric population and their vulnerability towards various chronic diseases, especially of the heart diseases is a major factor propelling the cardiovascular devices market growth.
This information is published in a recent report by Fortune Business insights™ titled, “Cardiovascular Devices Market Size, Share and Global Trend By Device Type (Diagnostic and Monitoring Devices, and Therapeutic and Surgical Devices), By Application (Coronary Artery Disease (CAD), Cardiac Arrhythmia, Heart Failure, and Others), By End User (Hospitals, Specialty Clinics, and Others), and Geography Forecast till 2026.” According to the report, the market size was USD 49.90 billion in 2018 and is projected to rise at a CAGR of 6.4% between 2019 and 2026.
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Key Players Operating in The Cardiovascular Devices Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Terumo Cardiovascular Systems Corporation
- Siemens Healthcare GmbH
- Braun Melsungen AG
- Johnson & Johnson Services, Inc.
- Cordis (Cardinal Health)
- LivaNova PLC
- GENERAL ELECTRIC COMPANY (GE Healthcare)
- Edwards Lifesciences Corporation
- Boston Scientific Corporation
Rising Prevalence of Cardiovascular Diseases to Boost Market
The most important factor driving the market is the increasing prevalence of cardiovascular diseases. This, coupled with and the advent of technological therapeutics for its the diagnosis of heart diseases, is creating lucrative growth opportunities. . Besides this, the increasing awareness and support initiatives taken by regional governments are expected to propel the cardiovascular devices market growth. Additionally, major investments are made to cater to the rising demand for cardiovascular surgical devices, and this will help the market gain momentum in the forecast period.
However, the market may be negatively impacted by the inability of vendors to invest in research and development of cardiovascular systems following its inefficiency with reimbursement models. Nevertheless, the advent of advanced safety and remote monitoring in the latest devices is likely to create lucrative growth opportunities for the market in the long run.
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Presence of Major Vendors Strengthening North America Market Shares
Geographically, the global cardiovascular devices market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is holding the lion’sthe major cardiovascular devices market share, followed by Europe. This is on account of the presence of major manufacturers in Canada and the U.S. On the other side, the market in Asia Pacific is likely to earn significant cardiovascular device market revenue on account of the rise in prevalence of cardiovascular diseases and the regulatory scenario of the market. To cite an example, the government of India confirmed a reduction in stent prices as compared to the international market such as the U.S. This is likely to continue in the coming years. Such steps taken by the regional governments will help Asia Pacific market witness steady growth in the forthcoming years.
Cardiovascular Devices Market Segmentation:
By Device Type
- Diagnostic and Monitoring Devices
- Electrocardiogram (ECG)
- Remote Cardiac Monitoring
- Therapeutic and Surgical Devices
- Ventricular Assist Devices (VAD)
- Cardiac Rhythm Management (CRM) Devices
- Heart Valves
- Coronary Artery Disease (CAD)
- Cardiac Arrhythmia
- Heart Failure
By End User
- Specialty Clinics
- North America (the U.S. and Canada)
- Europe (UK, Germany, France, Scandinavia and the Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico and the Rest of Latin America)
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Reasons to Purchase this Report:
- Comprehensive analysis of the Cardiovascular Devices Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Cardiovascular Devices Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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