Global cardiovascular
devices market is anticipated to reach USD 121 billion by 2024,
according to a new report by Grand View Research, Inc. Increasing geriatric
population, sedentary life style coupled with unhealthy dietary habits is
spurring the prevalence of cardiovascular diseases. Constant rise in the
patients suffering from cardiovascular diseases and is expected to drive market
growth during the forecast period.
Governments are trying to limit hospital readmissions
to reduce the prevalence of hospital acquired infections (HAIs) by imposing
penalties on hospitals. As a result, adoption of home healthcare, remote
patient monitoring, and long term care services is rapidly increasing. Thus,
demand for cardiovascular devices is increasing from hospitals, patients based
in home settings, and long term care centers.
In addition, favorable government policies such as
reimbursement coverage are fueling adoption of these devices. Thus, increasing
target patient population, rising acceptance of home healthcare, and favorable
government policies are some of the major factors driving the growth of the
global cardiovascular devices market.
On the other hand, high device cost and stringent
regulatory approval procedure are some of the prime factors challenging the
growth of the market. In addition, lack of skilled professionals to perform
surgical procedures using advanced devices is impeding the adoption of new
devices.
Browse full research report on Cardiovascular Devices Market: https://www.grandviewresearch.com/industry-analysis/cardiovascular-devices-market
Further
key findings from the study suggest:
- Availability of minimally invasive surgical devices coupled with
high surgical cost is resulting in higher revenue share of surgical
devices. As a result, surgical devices segment dominated the overall
market in 2015.
- Diagnostics and monitoring device segment is anticipated to grow at
the fastest growth rate of 8.4% during the forecast period. Government
initiatives to promote early diagnosis of the diseases, increasing
adoption of home healthcare services and long term care centers is
primarily affecting the growth of diagnostic and monitoring segment
positively.
- North America dominated with market share of 42.3% of the global
market in 2015. Presence of large pool of target population, reimbursement
coverage and high adoption rate for advanced treatments are some of the
factors driving the growth of the cardiovascular devices market in North
America.
- Furthermore, favorable government policies and presence of
well-defined regulatory framework are some of the factors augmenting the
market growth in North America.
- Asia Pacific is anticipated to register significant growth during
the forecast period. Growth of the region would primarily attribute to
anticipated rise in geriatric population prone to cardiac diseases and
booming medical tourism in Asia Pacific.
- Moreover, presence of rapidly developing countries such as India
and China are expected to render positive growth to the Asia Pacific
market. Government initiatives to improve healthcare infrastructure,
increasing healthcare expenditure and increasing demand for advanced
healthcare facilities are some of the factors anticipated to push the
market in India and China towards swift growth.
- Major players contributing to the global market include, Medtronic
plc, Becton Dickinson and Company, Cardinal Health, Inc., Boston
Scientific Corporation, B. Braun Melsungen AG and Abbott Laboratories,
Inc., Cook Medical, Inc., Terumo Cardiovascular Systems Corporationand St.
Jude Medical, Inc.
- Competition among the key players would depend upon several factors
included but not limited to manufacturing capacity, strong distribution
network, pricing strategy and product innovation
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/medical-devices
Grand
View Research has segmented the cardiovascular devices market on the basis of
product and region:
Cardiovascular
Devices Market, by Product, 2013 - 2024 (USD Billion)
- Diagnostic
and monitoring devices
- ECG
- Holter
monitors
- Event
monitors
- Cardiovascular
diagnostic catheters
- Implantable
loop recorders
- Echocardiogram
- PET scan
- MRI
- Cardiac CT
- Myocardial
Perfusion Scans
- Doppler
fetal monitor
- Others
- Surgical
devices
- Pacemakers
- Stents
- Catheters
and accessories
- Guidewires
- Cannulae
- Electrosurgical
procedures
- Valves
- Occlusion
devices
- Others
Cardiovascular
Devices, by Region, 2013 - 2024 (USD Billion)
- North America
- U.S.
Cardiovascular Devices Market, by Product
- Canada
Cardiovascular Devices Market, by Product
- Europe
- Germany
Cardiovascular Devices Market, by Product
- U.K.
Cardiovascular DevicesMarket, by Product
- Asia Pacific
- China
Cardiovascular Devices Market, by Product
- India
Cardiovascular Devices Market, by Product
- Latin America
- Brazil
Cardiovascular Devices Market, By Product
- Mexico
Cardiovascular Devices Market, By Product
- MEA
- South Africa
Cardiovascular Devices Market, By Product
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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