The global cardiovascular devices market size is anticipated to reach USD 86.36 billion by 2030, registering a CAGR of 8.3%, 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.
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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 2022
Diagnostics and monitoring device segment is anticipated to grow at the fastest growth rate of 7.6% 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 35.0% of the global market in 2022. 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 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
Grand View Research has segmented the global cardiovascular devices market report based on product, and region:
Cardiovascular Devices Product Outlook (Revenue, USD Million, 2018 - 2030)
Diagnostic & Monitoring Devices
ECG
Implantable Cardiac Monitors
Holter Monitors
Mobile Cardiac Telemetry
MRI
Cardiovascular Ultrasound
2D
3D/4D
Doppler
Cardiac Diagnostic Catheters
PET Scanner
Surgical Devices
Cardiac Resynchronization Therapy (CRT)
Implantable Cardioverter Defibrillators (ICDs)
Pacemakers
Coronary Stents
Catheters
Guidewires
Cannula
Valves
Occlusion Devices
Cardiovascular Devices Regional Outlook (Revenue in USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Sweden
Norway
Denmark
Asia Pacific
Japan
China
India
Australia
Thailand
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East and Africa
Saudi Arabia
South Africa
UAE
Kuwait
List of Key Players in the Cardiovascular Devices Market
Abbott
GE HealthCare
Edwards Lifesciences Corporation
W. L. Gore & Associates, Inc.
Siemens Healthcare GmbH
BIOTRONIK SE & Co. KG
Canon Medical Systems Asia Pte. Ltd.
B. Braun SE
LivaNova PLC
Cardinal Health
Medtronic
Boston Scientific Corporation
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