Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cardiovascular Devices market.
Trusted Business Insights presents an updated and Latest Study on Cardiovascular Devices Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cardiovascular Devices market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Cardiovascular Devices Market Size, Share and Industry Analysis, 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 Regional Forecast, 2020-2029(Includes COVID-18 Business Impact)
The global cardiovascular devices market size was USD 49.90 billion in 2018 and is projected to reach USD 82.20 billion by 2026, exhibiting a CAGR of 6.4% during the forecast period.
We have updated Cardiovascular Devices Market with respect to COVID-19 Impact.
Inquire before buying
Cardiovascular devices market growth is driven by a significant rise in the prevalence of chronic cardiovascular diseases. This has provided the impetus towards the higher adoption of technologically advanced cardiovascular devices for diagnostic and therapeutic purposes. Moreover, the significantly reduced pricing of critical cardiovascular therapeutic devices such as coronary stents is boosting the expansion of market, especially in emerging markets such as India. For instance, according to a study by the Harvard T.H. Chan School of Public Health (HSPH), a price reduction in coronary stents in the Indian state of Maharashtra led to a 43.0% increase in the number of individuals who underwent heart procedures.
Increasing Demand for Cardiovascular Devices with Advanced Features such as Better Safety and Remote
Monitoring t – Drive Growth
Patients with advanced stages of cardiovascular diseases often require technologically advanced therapeutic and diagnostic cardiovascular devices. Owing to the increasing awareness, there is a greater demand for stents and other devices with better safety features. This also includes cardiovascular devices which do not cause adverse reactions such as infections caused by various types of stents such as bare metal stents. Also, with recent technological advancements, individuals are demanding better cardiovascular devices with advanced features such as remote cardiac monitoring features. These features enable the individuals to be entitled to an effective and accurate treatment plan and also allows them the ease of usage. This is estimated to increase the number of patients opting for these devices in the coming years.
Emergence of Advanced Cardiovascular Devices to Augment Growth in the Market
Various key companies such as Medtronic and Abbott are engaged in the development of technologically efficient and advanced cardiovascular devices in the global market to gain a competitive edge. The companies are focusing more on emerging regions with high market potential by improving the accessibility of patients towards advanced and cost-effective cardiovascular devices. For instance, the Indian Government has fixed the prices of bare metal stents and drug eluting stents, which is a healthcare policy especially designed for providing cost-efficient medical facility to the cardiac population in the country.
Significant Rise in the Prevalence of Cardiovascular Diseases to Augment the Market
The overall burden of cardiovascular diseases is the highest in terms of cost and healthcare services. The rising prevalence of chronic cardiovascular diseases such as heart failure and coronary artery disease (CAD) is one of the key factors promoting the market growth. Coronary or cardiac stents are one of the most critical cardiovascular devices, as they help in the treatment of life-threatening cardiac conditions such as heart attack and the opening of narrowed arteries. Thus, rising prevalence of cardiac diseases is augmenting the need for advanced cardiovascular devices in the world. According to CDC estimates in 2019, cardiovascular disease is the leading cause of death in the United States, contributing to an estimate of 1 in 4 deaths every year.
Furthermore, the increasing approvals of new cardiovascular devices by regulatory authorities is also providing major impetus to the market growth. Initiatives taken by public authorities for enabling the availability of these devices to a large population base in the developing regions is likely to give tailwinds to the market in the forecast duration.
Improved Accessibility to Efficient Cardiovascular Devices to Drive Market
The prevalence of heart diseases has increased remarkably, which is propelling the demand for efficient cardiovascular devices. The availability of technologically advanced cardiovascular devices in the developed countries has increased the adoption of these devices. Moreover, initiatives taken to cater to the rising demand for these r devices in emerging economies has helped the market gain impetus. Besides this, investors are focusing on increasing the availability of low-cost cardiovascular devices in countries such as India, China, Mexico, and others. This is further expected to attract high cardiovascular devices market revenue in the coming years.
Increasing Barriers in R&D to Restrict Market Growth
One of the key measures involved in the development of innovative and technologically advanced cardiovascular devices is a robust R&D environment. Several device manufacturers are concerned over their ability to invest in the future R&D of cardiac devices due to the inefficient processes within the reimbursement models. For instance, in countries that advocate the policy of price caps on life-saving stents, manufacturers may have a lesser inclination towards the innovation of new products or even the introduction of advanced cardiac devices in these markets.
By Device Type Analysis
Therapeutic and Surgical Devices to Hold Dominant Share During the Forecast Period
Based on device type, the market is segmented into diagnostic and monitoring devices, and therapeutic and surgical devices. The therapeutic and surgical devices segment is expected to witness significant growth in the coming years owing to the rising number of local & regional players in the global market to cater to the rising demand for advanced cardiac devices for therapeutic purposes. The diagnostic and monitoring devices segment is anticipated to register a lower growth rate compared to the other segment, but still occupies a substantial share of the global market.
By Application Analysis
Coronary Artery Disease (CAD) to Account for the Maximum Share
By application, the global market is categorized into coronary artery disease (CAD), cardiac arrhythmia, heart failure, and others. Coronary artery disease (CAD) generated the highest revenue in 2018 and is expected to emerge dominant throughout the forecast duration. This is primarily because a substantial number of the devices such as coronary stents are used for the treatment of coronary artery disease (CAD) that involves the narrowing of arteries and may lead to other cardiac conditions such as heart attacks. Cardiac arrhythmia is also anticipated to witness steady growth due to the increasing adoption of technologically advanced pacemakers for treating this condition. Heart failure cases will also witness positive growth due to the usage of devices such as ventricular assist devices (VAD) for treating the disease.
By End User Analysis
Hospitals to Retain their Leading Position in the Forecast Period
By application, the global market is categorized into hospitals, specialty clinics, and others. In terms of value, the hospitals segment accounted for the leading cardiovascular devices market share in 2018, attributed to the need for trained medical professionals for the installation of critical cardiovascular devices such as stents. In addition to this, hospitals also account for the minimization of adverse reactions in patients while conducting critical medical procedures such as installation of stents. Furthermore, specialty clinics are anticipated to be the fastest-growing segment during the forecast period with a relatively significant CAGR.
The market size in North America stood at USD 25.85 billion in 2018. The strategic presence of key manufacturers in the U.S. and the high prevalence of cardiovascular diseases in the U.S. and Canada are the key factors aiding the expansion of the market during the forecast period. Europe is expected to hold the second leading position in this market by registering a moderate growth in the coming years. As per our market research study, Asia Pacific will witness relatively significant growth in terms of cardiovascular devices market value. The increasing prevalence of chronic cardiovascular diseases and greater adoption of advanced devices is likely to augment the market during the forecast period. For instance, in India, in February 2018, the government confirmed that the price controls on the stents would continue especially on the drug eluting stents. These stents, are priced at a substantially lower rate compared to the international markets such as the United States. Such an established regulatory scenario for these devices is expected to boost the expansion of the market in Asia Pacific during the forecast period.
In Brazil, the rising prevalence of cardiovascular diseases, a country where non-communicable diseases (NCDs), including cardiovascular diseases, are the leading cause of death, is boosting the market. The Middle East & Africa is estimated to reflect slower-to-moderate growth during the forecast period, attributable to the delayed adoption of advanced cardiovascular devices. However, rapid developments in the region and growing awareness about the severity of cardiovascular diseases are the key factors estimated to boost market in the region during the forecast period.
KEY INDUSTRY PLAYERS
Medtronic Focuses on Introducing New Cardiovascular Devices to Obtain a Strategic Position in Global Market
Medtronic, Abbott, and Boston Scientific Corporation accounted for the maximum share in 2018, owing to the rising sales of cardiovascular devices globally. Medtronic dominates the global market due to its strong product sales owing to the company€™s strong product portfolio comprising of advanced stents, catheters, heart valves, and other cardiopulmonary products. For instance, in February 2018, Medtronic announced the launch of the first 2.0-mm drug-eluting stent in the United States, enabling the treatment of coronary artery disease in patients who were previously considered to be untreatable or hard to treat. Such launches are expected to increase the market revenue in the forthcoming years.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Boston Scientific Corporation
- Edwards Lifesciences Corporation
- Johnson & Johnson Services, Inc.
- GENERAL ELECTRIC COMPANY (GE Healthcare)
- B. Braun Melsungen AG
- LivaNova PLC
- Siemens Healthcare GmbH
- Cordis (Cardinal Health)
- Terumo Cardiovascular Systems Corporation
KEY INDUSTRY DEVELOPMENTS:
October 2019 €“ BIOTRONIK announced the launch of the PK Papyrus Covered Coronary Stent in the United States, for usage in the emergency treatment of acute coronary perforations.
May 2019 €“ Medtronic announced the launch of the Telescope Guide Extension Catheter, a newly designed catheter for the additional backup support and the access to distal lesions, which will enable the support of the complex coronary cases where the distal lesions were not accessible.
October 2017 €“ Abbott announced the introduction of the next generation of the most widely used heart stent for people suffering from coronary artery disease in Europe called the XIENCE Sierra, which is the newest generation of drug-eluting XIENCE stent.
The report offers qualitative and quantitative insights on cardiovascular devices and the detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the prevalence of key cardiovascular diseases, by key countries – 2018, technological advancements in these devices, new product launches, analysis of key cardiovascular devices deals, key industry developments, pipeline analysis, reimbursement scenario by key countries, and analysis of patient”s digital health adoption.
REPORT SCOPE AND 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 (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Quick Read Table of Contents of this Report @ Cardiovascular Devices Market Size, Share and Industry Analysis, 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 Regional Forecast, 2020-2029(Includes COVID-18 Business Impact)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580