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.
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Cardiovascular
Devices Market Report Highlights
- 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
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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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals, materials,
healthcare and energy.
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