Cardiovascular Devices Market (By Product Type: Diagnostic and Monitoring [ECG, Holter Monitors, Event Monitors, Implantable Loop Recorders, Echocardiogram, Pet Scan, MRI, Cardiac CT, Doppler Fetal Monitors], Surgical Devices [Pacemakers, Stents, Catheters and accessories, Guidewires, Cannulae, Electrosurgical Procedures, Valves, Occlusion Devices]; By Distribution Channel: Retail, Online) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
![Cardiovascular Devices Market (By Product Type: Diagnostic and Monitoring [ECG, Holter Monitors, Event Monitors, Implantable Loop Recorders, Echocardiogram, Pet Scan, MRI, Cardiac CT, Doppler Fetal Monitors], Surgical Devices [Pacemakers, Stents, Catheters and accessories, Guidewires, Cannulae, Electrosurgical Procedures, Valves, Occlusion Devices]; By Distribution Channel: Retail, Online) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027](assets/images/format-png.png "Cardiovascular Devices Market (By Product Type: Diagnostic and Monitoring [ECG, Holter Monitors, Event Monitors, Implantable Loop Recorders, Echocardiogram, Pet Scan, MRI, Cardiac CT, Doppler Fetal Monitors], Surgical Devices [Pacemakers, Stents, Catheters and accessories, Guidewires, Cannulae, Electrosurgical Procedures, Valves, Occlusion Devices]; By Distribution Channel: Retail, Online) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027")
The global cardiovascular devices market is anticipated to grow at a CAGR of around 6.8% during the forecasting period 2020 to 2027 and to reach around US$ 68.0 Bn by 2027.
Market Dynamics
Heart associated problems are increasing on global level due to changing lifestyle pattern and unhealthy food consumptions. Increase in mortality rate due to heart failure which is resulting in major players focus on introduction of various heart monitoring devices and consumers demand for cost-effective medical services which are some major factors expected to drive the growth of global cardiovascular devices market.
- In 2019, according to U.S. Department of Health & Human Services, About 647,000 Americans die from heart disease each year which is 1 in every 4 deaths.
Government of developed and developing countries is focused of providing advanced healthcare facilities to consumers, high spending on the development of present infrastructure, coupled with availability of favourable reimbursement policies are some factors expected to impact the growth of target market positively.
In addition, major player focus on business expansion through strategic merger and acquisitions in order to increase the customer base and enhance the product portfolio are among other factors expected to impact the target market growth. With the acquisition the players are focused on strengthening their position in the global market.
- In 2019, Boston Scientific Corporation acquired BTG plc that develops and commercializes products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as specialty pharmaceuticals.
However, factors such as high cost associated to medical devices and unavailability of advanced healthcare in developing countries in order to facilitate the advanced medical devices are expected to hamper the growth of global market. In addition, incidences of product failure are limiting the adoption of the advanced devices further challenging the growth of target market.
Technological advancements by major players and focus on developing AI based medical devices for easy health monitoring and surgeries are factors expected to create new opportunities over the fore period for players.
- In 2020, Medtronic plc acquired Digital Surgery a privately-held pioneer in surgical artificial intelligence (AI), data and analytics, and digital education and training. The acquisition of Digital Surgery will strengthen the Medtronic robotic assisted surgery platform and has applicability for the Medtronic broader portfolio.
In addition, high investment for R&D activities and introduction of new products are factor further expected to support the market revenue traction to a certain extent.
Cardiovascular Devices Market Segment Analysis, 2019
The global cardiovascular devices market is segmented into product type and distribution channel. The product type segment is bifurcated into diagnostic & monitoring and surgical device. Among the product type the surgical device segment is expected to account for significant revenue share.
Segment Analysis by Region
The market in North America is expected to account for major revenue share owing to high patient pool suffering from various cardiovascular diseases. In addition, business expansion activities by the major payers through partnerships and agreements are factors expected to further support the growth of the target market in this region.
Asia Pacific is expected to witness faster growth in the near future owing to developing government regulation relate to healthcare sector and high spending on development of present healthcare infrastructure. In addition, increasing partnerships and agreements between regional and international players is expected to further support the target market growth in this region.
Competitive Landscape
Presence of large number of players operating on regional and international level is increasing the competition. In addition, business development activities and new product offerings are factors further augmenting the market competition.
Report coverage
|
Market |
Global Cardiovascular Devices Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Product Type, Distribution Channel, and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Cardiovascular Devices Market (Sales Channel: OEM and Aftermarket; Vehicle Type: Passenger Cars and Commercial Vehicles) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, offers a detailed insights on the global cardiovascular devices market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global cardiovascular devices market, product type, distribution channel, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global cardiovascular devices market size and segment markets by product type, distribution channel, and geography along with the information on companies operating in the market. The cardiovascular devices market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Becton, Dickinson and Company Cardinal Health, Inc. B. Braun Melsungen AG, Abbott Laboratories, Inc., Cook Medical, Inc., Medtronic Boston Scientific Corporation, Terumo Cardiovascular Systems Corporation and St. Jude Medical, Inc.
Market Segmentation
Market By Product Type
Diagnostic and Monitoring
- ECG
- Holter Monitors
- Event Monitors
- Implantable Loop Recorders
- Echocardiogram
- Pet Scan
- MRI
- Cardiac CT
- Doppler Fetal Monitors
Surgical Devices
- Pacemakers
- Stents
- Catheters and accessories
- Guidewires
- Cannulae
- Electrosurgical Procedures
- Valves
- Occlusion Devices
Market By Distribution Channel
Retail
Online
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
Frequently Asked Questions
Which are the major factors expected to drive the growth of cardiovascular devices market?
Increase in mortality rate due to heart failure which is resulting in major players focus on introduction of various heart monitoring devices and consumers demand for cost-effective medical services which are some major factors expected to drive the growth of global cardiovascular devices market.
How much is the CAGR of cardiovascular devices market ?
The global cardiovascular devices market is expected to grow at a CAGR of around 6.8% during the forecasting period 2020 to 2027.
How much is the cardiovascular devices market worth?
The global cardiovascular devices market size is poised to reach around US$ 68.0 Bn by 2027.
Which product type segment is expected to account for significant revenue share in cardiovascular devices market?
By the product type the surgical device segment is expected to account for significant revenue share.
Why North America is expected to account for major revenue share in cardiovascular devices market?
The market in North America is expected to account for major revenue share owing to high patient pool suffering from various cardiovascular diseases.
Why Asia Pacific is expected to witness faster growth in cardiovascular devices market?
Asia Pacific is expected to witness faster growth in the near future owing to developing government regulation relate to healthcare sector and high spending on development of present healthcare infrastructure.
Which are the top key players of cardiovascular devices market?
The players profiled in the report Becton, Dickinson and Company Cardinal Health, Inc. B. Braun Melsungen AG, Abbott Laboratories, Inc., Cook Medical, Inc., Medtronic Boston Scientific Corporation, Terumo Cardiovascular Systems Corporation and St. Jude Medical, Inc.
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