Market Research Future (MRFR) has published on the “Global Cardiovascular Devices Market”
that contains information from 2018 to 2032. The Cardiovascular Devices market is estimated to register a CAGR of 6.60% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Cardiovascular Devices market— B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, and Terumo Cardiovascular Systems Corporation.
The global cardiovascular devices market is accounted to register a CAGR of 6.60% during the forecast period and is estimated to reach USD 89.1 Billion by 2032.
The industry that produces and distributes medical devices used in the management, diagnosis, and treatment of cardiovascular illnesses is included in the market for cardiovascular devices. The market for minimally invasive procedures is being pushed by the rising frequency of cardiovascular diseases, technological improvements, and consumer demand. It provides a variety of tools, like as stents, pacemakers, defibrillators, and catheters, to boost cardiac care and improve patient outcomes.
The global cardiovascular devices market has been segmented based type, application, and end user.
On the basis of type, the market is segmented into diagnostic & monitoring and therapeutic & surgical devices. Therapeutic & surgical devices segment dominated the global market in 2022.Other subcategories of the therapeutic & surgical devices category include pacemakers, stents, catheters and accessories, guidewires, cannulae, electrosurgical techniques, valves, and occlusion devices.
Based on application, the global cardiovascular devices market has been segmented into cardiac arrhythmia, coronary artery disease, heart failure, and others. Coronary artery disease segment dominated the global market in 2022. Sales of coronary stents have increased as the prevalence of coronary artery diseases has increased.
Based on end user, the global cardiovascular devices market has been segmented into hospitals, specialty clinics, and others. Hospitals segment dominated the global Cardiovascular Devices market in 2022. To treat the variety of ailments that hospitalized patients present with, several drugs and drug delivery techniques are used.
Explore In-depth Details: Cardiovascular Devices Market Research Report
The global Cardiovascular Devices market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cardiovascular Devices market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cardiovascular Devices market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cardiovascular Devices market comprises of Middle East, Africa, and Latin America.
The North America Cardiovascular Devices Market dominated this market in 2022 (45.80%). The prevalence of cutting-edge surgical techniques, rising consumer awareness of readily available goods, and the availability of a substantial target patient group all contribute to this explanation. Additionally, more people are preferring to use home healthcare equipment as a result of government penalties put on hospitals for patient readmissions, which greatly raises the need for cardiovascular diagnostic and monitoring systems. Additionally, the North American cardiovascular devices market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
Moreover, in 2022, Europe's market for cardiovascular devices held a sizable market share. The industry's growth has been greatly impacted by rising healthcare expenditures and more convenient access to healthcare services. The rising acceptance rate of modern medical technology by the populace has also increased the need for various cardiovascular devices.
Additionally, from 2023 to 2032, the Asia Pacific Cardiovascular Devices market is anticipated to grow significantly. China is estimated to have the largest number of elderly people and the highest rates of obesity due to sedentary lifestyles and poor eating practices. These factors are predicted to increase the prevalence of cardiac conditions in this country, which will help the Asia Pacific market grow. Also projected is a growth in demand for cardiovascular systems in countries like Japan, China, Malaysia, Thailand, and India due to the region's growing medical tourism industry.
Furthermore, the rest of the world's Cardiovascular Devices market is divided into the Middle East, Africa, and Latin America. The need for medical devices used in the diagnosis, treatment, and management of cardiovascular disorders is met by the Latin America Cardiovascular Devices Market. The market offers a wide range of products to improve patient outcomes and better cardiac care in Latin American countries due to the rising frequency of cardiovascular diseases and technological improvements.
Key Findings of the Study