Cardiovascular Devices Market Revenue Growth, Qualitative Analysis, Quantitative Analysis Till 2027 – mainlander.nz
the global cardiovascular equipment market should be 47.1 billion in 2021 and reach 72.28 billion in 2027, registering a CAGR of 7.40%, during the forecast period 2021-2027. Cardiovascular machines are the medical equipment used to diagnose and cure heart disease and other heart problems. This equipment plays an essential role in the prevention and treatment of cardiovascular disease. Among Americans, an average person dies from cardiovascular disease every 40 seconds. According to the American College of Cardiology, cardiovascular disease (CVD) was the cause of 8,000,000 deaths in the United States in 2017. Cardiovascular disease is the leading cause of death worldwide. The ever increasing global burden of heart disease related deaths will continue to drive a booming demand for cardiovascular devices in the global market during the forecast period. During the global COVID-19 pandemic, the global cardiovascular equipment market has been one of the most affected segments in the world. Some of the world’s leading manufacturers of cardiovascular devices, like Medtronic, have reported huge losses in their cardiology-related revenue through 2020 and are now recovering.
Key Dynamics Influencing the Cardiovascular Devices Market
The prevalence of chronic heart disease, the rapid increase in the rate of adoption of a sedentary lifestyle, especially due to the increased work of family cultivation, unhealthy routine habits that include hypertension, smoking, alcohol consumption, as well as a growing geriatric population and technological advancements, key determinants of market growth during the forecast period. On the diagnostic and monitoring front, a new generation of compact and portable EGC reinforces its high adoption, especially in the home care segment. Moreover, with the introduction of wireless ECG, the doctor can remotely diagnose and monitor the patient in time, which further accelerates the growth of the market. On the other hand, factors such as high device maintenance costs, lack of trained personnel, and strict regulatory procedures for product approval are restraining the growth of the global cardiovascular devices market in the coming years.
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Impact of COVID-19 on the Cardiovascular Equipment Market
The outbreak of the COVID-19 pandemic has negatively impacted the global cardiovascular industry in more ways than one. Production experienced a sudden and fairly lasting drop in the first months of national lockdowns caused by the pandemic. Sales also suffered a heavy setback, as a large number of active procedures were delayed as they fell into the non-urgent category during the critical period of COVID-19. On the other hand, the diagnosis of cardiovascular diseases has also taken a back seat due to the insufficient availability of resources dedicated to hospital cardiology departments. This is due to the reduction in the diagnosis of cardiovascular disease due to the health resources reserved for COVID-19 patients. At the onset of the pandemic, regular examinations and diagnoses were postponed, and people with cardiovascular symptoms are staying away from clinics and hospitals for fear of contracting COVID-19.
Scope of the report
The report presents the global Cardiovascular Devices market research based on device type and end user.
Based on device type, the cardiovascular equipment market is segmented into-
- Electrocardiography (ECG)
- Cardiac catheter
- Heart valve, pacemaker
- Event monitor
- Guide wire
Based on the end user, the cardiovascular equipment market is segmented into-
- Heart centers
- Surgery centers
Regional Outlook for Cardiovascular Equipment Market
The global cardiovascular equipment market is geographically segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa (MEA). North America is expected to dominate the global cardiovascular equipment market with the largest market share during the forecast period. The dominance of this region is mainly attributed to the growing awareness of commercially available products, the high adoption of advanced surgical treatments, the presence of a geriatric population and a sedentary lifestyle. Additionally, the increasing adoption of home care equipment as a result of government sanctions imposed on hospitals for patient readmission dramatically increases the demand for cardiovascular monitoring and diagnostic systems.
Asia-Pacific is expected to register a healthy CAGR growth rate in the cardiovascular equipment market during the forecast period. This growth is attributed to the increasing prevalence of heart disease. Various hospitals are investing to buy the latest equipment; The increasing R&D activities to develop highly advanced cardiovascular devices are major factors driving the market growth in the region. In addition, the increase in the medical tourism sector in the Asia-Pacific region is expected to boost the demand for cardiovascular systems, especially in India, China, Thailand, Japan and Malaysia.
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Competitive landscape analysis
Major manufacturers of cardiovascular devices in the global market include Abbott Laboratories, Medtronic PLC, Boston Scientific Corporation, Cardinal Health Inc., Edward Lifesciences, and Biosense Webster, Inc. (Johnson & Johnson). Other manufacturers of cardiovascular devices include Cook Medical, Sahajanand Medical Technologies, Siemens AG, BD, General Electronic Company, B. Braun Melsungen AG, Koninklijke Philips NV, St. Jude Medical, Inc. and Becton, Dickinson and Company.
- In February 2019, Cook Medical received US Food and Drug Administration (FDA) approval for its Zenith Endovascular Aortic Dissection System.
- In March 2018, Sahajanand Medical Technologies entered into a partnership with Cardinal Health to provide Cardinal Health access to the growing Indian cardiology market.
The Cardiovascular Devices market report provides an in-depth analysis of the macroeconomic factors along with the market attractiveness of each segment. The report will comprise an in-depth qualitative and quantitative assessment of the segmental / regional outlook with market players in the respective segment and region / country. The information concluded in the report includes contributions from industry participants and industry experts along the value chain.
Cardiovascular Equipment Market Report Covers Comprehensive Analysis on
- Market segmentation and regional analysis
- 10 year market size
- Price Analysis
- Supply and demand analysis
- Product lifecycle analysis
- Porter’s Five Forces and Value Chain Analysis
- Analysis of developed and emerging economies
- PEST analysis
- Factor analysis of the market and forecasts
- Market opportunities, risks and trends
- Conclusion and recommendation
- Regulatory landscape
- Patent analysis
- Competition landscape
- 15+ company profiles
Regional Analysis Of Cardiovascular Equipment Market Includes
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, rest of the MEA
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Target audience of the cardiovascular devices market
- Manufacture of cardiovascular equipment
- Cardiovascular device distributors and raw material suppliers
- Tier 1 component suppliers
- Cardiovascular equipment battery manufacturers
- Research institutions and universities
- Specialized publications and magazines
- Government authorities, associations and organizations
- Independent secondary market players
Main issues addressed
- What is the market size by various segmentation of Cardiovascular Devices by region and respective countries?
- What are customer buying behavior, key takeaways, and Porter’s 5 strengths in the cardiovascular equipment market?
- What are the key opportunities and trends for manufacturers involved in the cardiovascular device supply chain?
- What are the fundamental dynamics (drivers, constraints, opportunities and challenges) of the market?
- What and how are regulations, programs, patents and policies impacting market growth?
- What are the upcoming technological solutions influencing market trends? How will existing businesses adapt to new technological change?
- How will advanced technologies impact the cardiovascular devices market?
- How has COVID-19 impacted demand and sales of cardiovascular devices in the global market? Also, the expected number of decrease or increase in the market BPS and the period of recovery expected by the market.
- Detailed analysis of competitors and their latest launch, and what are the top startups introduced in the target market? In addition, detailed profiling of more than 25 leading and eminent companies in the market.
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