February 17, 2021
As cited by the business intelligence report titled ‘Global Cardiovascular Devices Market Size study, by Product Type (Diagnostic and monitoring devices, Surgical Devices), by Application (Coronary Heart Disease, Sudden Cardiac Arrest, Stroke, Cerebrovascular Heart Disease, Others), by End-User (Hospital, Cardiac Diagnostic Centres, Ambulatory Surgical Centres) and Regional Forecasts 2020-2027’ available with Market Study Report LLC, global cardiovascular devices market accounted for USD 43 billion in 2019 and is projected to exhibit a robust CAGR of 7% during 2020-2027.
The report states that increasing prevalence of heart conditions such as cerebrovascular disease, rheumatic heart disease, and coronary heart disease, along with their elevated risk factor due growing consumption of harmful substances such as tobacco are augmenting global cardiovascular devices market size.
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For the record, cardiovascular diseases (CVDs) are ailments associated with blood vessels and the heart. These diseases are one of the major causes of escalating rates of morbidity and mortality across the globe.
Industry analysts claim that rising susceptibility of acquiring CVDs due to increasing adoption of sedentary lifestyles among the population, and growing prevalence of diabetes as well as cholesterol-related ailments are further enhancing global cardiovascular devices market outlook.
Additionally, technological advancements in the business sphere, and surging demand for minimally invasive surgical procedures are furthering global cardiovascular devices market expansion.
However, stringent government regulations pertaining to product approval and high costs associated with the maintenance and deployment of the devices are restraining the industry growth.
Speaking of the latest developments, the industry witnessed significant growth as the sudden emergence of the Covid-19 pandemic has accelerated the demand for cardiovascular devices and other essential medical equipment for curbing the spread of the virus as well as for providing optimal care to patients.
Based on product scope, global cardiovascular devices industry is fragmented into surgical devices, and diagnostic & monitoring devices. The end-user landscape of the market comprises of ambulatory surgical centers, cardiac diagnostic centers, and hospitals among others.
Regionally, North America accounts for majority of the overall cardiovascular market share, on account of rising adoption of advanced surgical procedures, high concentration of equipment manufacturers, and growing prevalence of cardiovascular diseases in the region.
Asia-Pacific market is also expected to amass significant gains and is touted to expand with a robust year-on-year growth rate over 2020-2027. Booming geriatric population, rising occurrences of cardiac arrest, and increasing adoption of sedentary lifestyles among the population are fostering the expansion of the regional market.
Well-established organizations influencing the global cardiovascular devices industry trends are Medtronic plc, Cardinal Health, Inc., Becton, Dickinson and Company, Boston Scientific Corp., Edwards Lifesciences, Abbott Laboratories, B. Braun Melsungen AG, Terumo Cardiovascular Systems Corporation, Cook Medical, Inc., and St. Jude Medical, Inc. among others.