According to The Insight Partners market research study titled Cardiovascular Devices Market to 2027 – Global Analysis and Forecasts by Device, Application, End User and Geography. The global cardiovascular devices market is expected to reach US$ 71.1 Bn in 2027 from US$ 40.8 Bn in 2018. The market is estimated to grow with a CAGR of 6.5% from 2019-2027. The report highlights the trends prevalent in the global cardiovascular devices market and the factors driving the market along with those that act as challenges to its growth.
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.
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Global cardiovascular devices market was segmented by device, application and end user. The device segments was classified as electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. Based on the application it is divided into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease and others. And on the basis of the end user the market is classified as hospitals, ambulatory surgery centers, and cardiac centers.
The market for cardiovascular devices is expected to grow significantly due to factors significantly increasing prevalence of cardiovascular diseases, rising developments for cardiovascular devices, and increasing elderly population. However, the factors such as rigorous regulations for approval and high cost of products and procedures are likely to act as restraining factors for the cardiovascular devices market.
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. Thus, owing to the factors the market is likely to grow during the forecast period.
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South America (SAM)
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