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IN THE NEWSOctober 2020: GE Healthcare, announced that they have received U.S. Food and Drug Administration (FDA) 510k approval for its new AI-Powered Cardiovascular Ultrasound System.
December 2020: Koninklijke Philips N.V., announced that they have strategically acquired BioTelemetry, Inc. at USD 72 per share. This acquisition will help Koninklijke Philips N.V. to become a global leader in patient care management for cardiovascular disease.
The global cardiovascular devices market is expected to register a CAGR of ~6.8% during the forecast period, i.e., 2022-2030. The growth of the market can be attributed to the increasing prevalence of cardiovascular diseases in countries, such as, the United States, China, India, Russia, and others. High risks of cardiovascular diseases, due to behavioural factors, including tobacco, alcohol, and unhealthy diet consumption, raised blood pressure, overweight and obesity are also major factors estimated to boost the market growth. China which has the highest number of heart disease deaths which is a potential risk factor. According to World Health Organization (WHO), each year, approximately 17.9 million deaths occur due to cardiovascular diseases, and cardiovascular disease are the leading cause of death globally. Such increasing prevalence and mortality rate of cardiovascular diseases has increased the demand for technologically advanced devices in the market. This has facilitated the growth of cardiovascular surgical procedures globally. Additionally, the favourable regulations by the government supported by rising investments by the private agencies in healthcare sector is further anticipated to drive the growth of the market in the region.
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The market is segmented on the basis of products into diagnostic & monitoring devices, and therapeutic & surgical devices, out of which, the diagnostic & monitoring devices segment is expected to garner maximum share in the market during the forecast period on account of increasing demand for portable and compact devices to monitor health vital signs easily. The growing demand for devices that can monitor heart health, backed by growing health awareness among people is estimated to boost the market growth.
Based on indications, the heart attack segment is estimated to hold the largest share in the market over the forecast period on the back of the increasing prevalence and mortality rate due to heart attacks. According to the World Health Organisation, about 85% of cardiovascular disease related deaths have occurred due to strokes and heart attacks.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia-Pacific region is expected to witness significant growth over the forecast period, on account of the growing burden of the aging population and the high mortality rate due to cardiovascular diseases in the region. Additionally, the rising adoption of technologically advanced in Asian countries has led to a rise in the demand for cardiovascular devices. Improving healthcare sector backed by economic development is further estimated to boost the market growth.
Furthermore, in 2030, the market in North America is expected to grab the largest revenue share, attributing to the increasing investment by the major players present in the region. Additionally, the robust healthcare infrastructure in the United States is another major factor that drives the market growth.
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The global cardiovascular devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global cardiovascular devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of coronary heart diseases and increasing advancements in technology are the key factors driving market growth.
The market is anticipated to attain a ~6.8% CAGR over the forecast period, i.e., 2022-2030.
Strict regulatory landscape and lack of skilled professionals are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing incidence of coronary heart diseases and rising geriatric population.
The major players dominating the cardiovascular devices market are GE Healthcare, Abbott Laboratories, Medtronic Plc, Johnson & Johnson, Edwards Lifesciences, Boston Scientific Corporation, Siemens AG, and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, indications, end-user, and region.
With respect to products, the cardiac monitoring device segment is anticipated to hold the largest market share owing to the growing incidence of cardiovascular diseases globally, which has boosted the demand for patient monitoring devices.
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