Published On: January 2018
Cardiovascular Application Overview
Cardiovascular devices gained a considerable attention due to rapidly increasing number of patients suffering from this disease. Cardiovascular devices are the medical devices used for the diagnosis, monitoring and treatment of the number of cardiovascular diseases. To gain a major share in the market, many manufacturers are trying to introduce new and advanced types of cardiovascular devices.
The market for cardiovascular application has been on the rise over the past few years. Based on MRFR analysis, the global cardiovascular application market is growing at the healthy CAGR of around 7.24% and is expected to reach approximately USD 36,730.5 million by 2023 from USD 20,750.0 million in 2016. The growth and innovation in the cardiovascular application market, will continue to evolve in future.
What impact cardiovascular devices would create in the future of cardiovascular disease?
During last decade, there has been a drastic increasing in the patient population suffering from cardiovascular disease owing to adoption of sedentary lifestyle, rising diabetic and obese population and rising geriatric population. Due to which, a majority of the manufacturers are in the race of introducing advanced and new cardiovascular devices for the treatment of these diseases.
Introduction of cardiovascular devices has completely changed the diagnosis and treatment scenario, witnessing a number of advantages such as convenience. Rising geriatric population help in driving the growth of the market as geriatric population are more prone to cardiovascular diseases. Additionally, introduction of portable devices fuelled the demand for the devices. During last decade, the diabetic population witnessed a positive growth. Portable cardiovascular devices such as watches and others plays a vital role in the monitoring of diabetes and hypertension. Adoption of minimally invasive treatment in the said population is also increasing the demand for the cardiovascular devices. Thus, advanced cardiovascular devices is expected revolutionize the diagnosis and treatment scenario.
How is the market situation currently?
Currently, cardiovascular devices such as portable devices, wearable sensors, and watches are the most widely used ones. On the other hand, introduction of advanced devices will increase the demand for cardiovascular devices in coming future. Increasing competition has intensified the research & development activity and thus, has led to the introduction of innovation in cardiovascular devices. To sustain the increasing competition, the companies have advanced devices.
Companies like Abbott, General Electric Company, Medtronic, Boston Scientific Corporation, KONINKLIJKE PHILIPS N.V., Terumo, and Stryker Corporation are focusing on research & development to introduce better and advanced devices. For instance, in October 2017, Medtronic received FDA approval & U.S. launch of next generation pacemakers (Azure). Whereas, in August 2017, Abbott received USFDA approval for the first insertable cardiac monitor (ICM) the world’s first smartphone compatible ICM designed to help physicians remotely identify cardiac arrhythmias.
Due to rapidly increasing number of patients suffering from cardiovascular diseases, some companies are involved in the development of advanced devices for the treatment. Fractional flow reserve (FFR) and optical coherence tomography (OCT) by St. Jude Medical are the first systems to integrate the functional and anatomical modalities. This combined technology offers percutaneous coronary intervention (PCI) optimization which helps physicians determine whether therapeutic intervention is necessary or not. Additionally, to withstand the increasing competition the companies are trying to introduce innovative and advanced devices.
Factors limiting market growth?
In some developed countries like the U.S., strict regulatory rules have been notified to the manufacturers in order to prevent the incident of infection associated with medical devices. The only disadvantages of the some of the cardiovascular devices such as catheter is the risk of infection. In approximately 5% cases, the patients suffer from catheter-associated infection. The manufacturing of catheters fall under the FDA and CDSA, which is responsible for the medical devices to stick to strict compliances of safety and hygiene. The approval scenario for these devices must be adhere to the stipulated guidelines. In case of failure, strict actions are taken against the manufacturer. Strict regulatory rules for the manufacturing may slow the growth of the market.
What is future of the cardiovascular application market?
To overcome the limitation, manufacturers have introduces advanced type of devices such as antimicrobial coating catheters to minimize the risk of infection which will surely revolutionize the treatment scenario of the market. Introduction of wireless and portable devices has improve the quality and convenience of the people. Wearables, health kiosks, robotic systems, nanobots, flexible sensor technology, 3-D printing, and others will create a huge opportunity for the market development in future. However, novel cardiovascular devices are still in the pre-marketing and development stages. The future of the industry is exciting as several projects in the works. Many of these products will increase the level of the cardiovascular devices.