As per our research report, in 2022, the worldwide cardiovascular devices market was valued at USD 48.09 billion. This value is expected to expand at a CAGR of 7.24% during the projection period, reaching USD 68.20 billion by 2027.
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COVID-19 has had a toll on the cardiovascular devices market due to the worldwide postponement of elective cardiovascular procedures as hospital visits have fallen. Some surgeries are considered urgent because of the current COVID-19 outbreak, while others are postponed. For instance, the American College of Cardiology (ACC) and the Society for Cardiovascular Angiography and Interventions consider percutaneous coronary intervention (PCI) for an acute heart attack to be urgent (SCAI). On the other hand, PCI for stable ischemic heart disease could be postponed. Furthermore, revenues in the medical and imaging technology industry are declining due to fewer surgical procedures and delayed or postponed equipment acquisitions.
Increases in cardiovascular disorders such as coronary artery disease, heart failure, congenital heart disease, cardiac arrest, ventricular disease, arrhythmias, cardiomyopathy, and others are primarily driving the global cardiovascular devices market.
Cardiovascular disease (CVD) is one of the world’s top ten diseases, impacting more people than any other condition. Moreover, cardiovascular diseases are the leading cause of death in all countries. Furthermore, the aging population and their susceptibility to various chronic diseases, notably heart ailments, are key market drivers. According to WHO estimates released in 2018, roughly 18.2 million people died in 2017 from cardiovascular disorders, accounting for 32.1 percent of all deaths globally; heart attacks and strokes accounted for nearly 85 percent of these deaths.
According to 2018 European cardiovascular disease data, 4 million people die from cardiovascular disease in Europe each year, with over 1.9 million dying (EU). CVD is responsible for 40.0 percent of all deaths in the UK and 35.0 percent in the European Union. Cardiovascular disease is more common in men than in women. Furthermore, according to American Heart Association (AHA) figures from 2019, 122.7 million adults in the United States, or about half of the adult population, suffer from cardiovascular disease.
Smoking, an unhealthy diet, and physical inactivity are primary lifestyle factors that lead to cardiovascular disease and difficulties, increasing the chance of heart attack and stroke, which is predicted to boost the market’s growth rate. To satisfy the changing wants of customers worldwide, players in the cardiovascular devices market are implementing fresh expansion tactics. For example, new inventions, such as smart balloon catheter systems, are outfitted with electrical components, sensors, and mechanics that are gaining popularity across the globe. They’re being redesigned all the time to give ablation therapy, blood flow data, hematological data, and electrical stimulation all in one device.
The cardiovascular devices market, which includes the growing demand for better equipment, is directly influenced by research and development. Portable cardiac monitoring devices, transcatheter aortic valve replacement (TAVR) surgeries, and bioabsorbable stents are some of the most recent advancements. In the long run, the introduction of sophisticated care and remote patient monitoring in the most current equipment is projected to generate profitable growth potential. In addition, new technologies such as mRNA are projected to develop to improve goods and revolutionize the medical business in the future years. The market is expected to increase due to joint ventures and collaborations.
On the other hand, due to their lack of reimbursement policies and poor healthcare infrastructure, developing nations cannot invest in research and development in the field of cardiovascular illnesses and their management. Other challenges limiting the growth of the cardiovascular devices market include the high cost of equipment and maintenance, complex regulatory approval procedures, and expensive surgeries. Factors such as the availability of alternative treatment approaches and product failures and recalls are projected to impede the market’s growth throughout the forecast period.
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KEY MARKET INSIGHTS:
Based on the product, the diagnostic and monitoring devices segment accounted for the largest revenue share in 2020 due to the compact design, ease of operation, and data storage capabilities.
North America holds the most significant geographical share of the global cardiovascular devices market, with a promising CAGR anticipated for the forecast period. Because of the availability of a large target patient population and a high rate of acceptance for complicated medicines, the area is likely to maintain its dominance over the projection period. Furthermore, because of the high prevalence of cardiovascular diseases, the high adoption rate of minimally invasive procedures, the presence of reimbursements, the growing geriatric population, and the increased demand for continuous and home-based monitoring, the United States dominates the cardiovascular devices market.
According to the American Heart Association, over half of all Americans have a cardiovascular disease such as hypertension or coronary heart disease, according to data released in January 2019. Heart disease is the top cause of mortality in the United States, according to the Centres for Disease Control and Prevention’s (CDC) article “Heart Disease Facts,” which was updated in September 2020. According to the same source, 805,000 Americans die of heart attacks each year.
Moreover, a few of the country’s major market players are developing new products and technologies to compete with existing ones, while others are acquiring and cooperating with other industry leaders. For example, Abbott relaunched its LIFE-BTK clinical study in September 2020 to assess the safety and efficacy of its innovative Esprit BTK Everolimus-Eluting Resorbable Scaffold System. This is the first IDE trial in the United States to examine a bioresorbable stent for treating blocked arteries below the knees, also known as critical limb ischemia (CLI), in persons with severe peripheral arterial disease (PAD).
Furthermore, the market for cardiovascular devices in the North American area is supported by supportive awareness programs to raise disease awareness. Mexico, for example, joined the HEARTS program to promote primary healthcare for CVD in 2020. The effort, supported by the Pan American Health Organization/World Health Organization (PAHO/WHO), aims to promote hypertension prevention and control at the primary care level. These factors will likely result in a significant increase in the North American market during the forecasted period.
It is expected that China will continue to dominate the APAC cardiovascular devices market in 2022. The country’s market is advancing due to technological progress in the healthcare industry, increased research and development efforts, and the increased prevalence of cardiovascular illnesses.
India is expected to see growth in the cardiovascular device sector in the Asia Pacific. The prevalence of CVDs is significantly greater in India. As a result, government measures to expand the market are encouraging. Private specialty hospitals in key cities around the country, on the other hand, provide good CVD treatment. In addition, in India, private institutions such as Apollo and Fortis and government-run hospitals offer CVD therapy.
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SEGMENTS ANALYZED UNDER THIS REPORT:
- Diagnostic and Monitoring
- Holter Monitors
- Event Monitors
- Implantable Loop Recorders
- Pet Scan
- Cardiac CT
- Doppler Fetal Monitors
- Surgical Devices
- Catheters and accessories
- Electrosurgical Procedures
- Occlusion Devices
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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