LOS ANGELES, May 21, 2020 /PRNewswire/ -- The global cardiovascular devices market size is expected to hit around US$ 68.0 Bn by 2027 with CAGR of 6.8% from 2020 to 2027.
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "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 market in North America is expected to account for major revenue share in the global market, due to high patient pool suffering from cardiovascular disease. In addition, high government spending on healthcare sector, growing demand from consumers for advanced medical devices, coupled with availability of developed infrastructure in order to support the adoption of these devices are some other factors expected to support the growth of the target market in this region.
Government is spending high on the development of healthcare sector with the focus on providing the consumers advanced healthcare services. Gradual increase in number of patients suffering from heart associated diseases along with high spending of household on health and wellness is resulting in demand for various health monitoring devices further supporting the growth of target market in this region.
Asia Pacific is expected to witness faster growth over the forecast period due to increasing government initiatives for the development of healthcare sector. In addition, major players inclination towards developing countries in order to track the untapped market in the emerging economies is expected to further support the growth of target market in this region.
In addition, rising healthcare standards in countries such as Malaysia, Singapore, etc., low cost of heart surgeries and availability of favorable reimbursement policies are some important factors expected to support the target market growth to a certain extent.
Moreover, high government initiatives for the development of present infrastructure, deployment of high speed internet, coupled with developing regulatory scenario are factors expected to impact the growth of target market in this region.
Changing lifestyle pattern, unhealthy consumption of food is regulating in increase in number of patients suffering from hearth associated diseases which is increasing demand for heart monitoring devices this is major factor expected to drive the growth of the global market.
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.
Heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States.
Rising geriatric population in developed and developing countries and rising prevalence of heart associated diseases this is increasing demand for various services such as MRI, ECG, Cardiac CT etc. which is another major factor impacting the growth of global market. Heart diseases are a major cause of death among old age people. Government is spending high in order to provide old age people with advanced healthcare facilities at low cost. Government is introducing various schemes for senior citizen that would help them in adoption of advanced service. Due to low income and high cost of long time hospitalization along with high cost associated to MRI, ECG, etc. is limiting the adoption for advanced services among old age person.
High government spending on development of present healthcare infrastructure, coupled with approach towards introduction of various insurance policies are factors expected to support the growth of target market.
However, factors such as high cost of devices, stringent government regulation related to product approval and unavailability of advanced infrastructure in order to facilitate the adoption of advanced devices are hampering the growth of target market. In addition, technological glitches and issues related to product failure are expected to challenge the growth of target market.
High investment by major players for product development and introduction of advanced cost-effective products from regional players are factors expected to create new opportunities for players over the forecast period. in addition, business merger and acquisition activities in order to increase the customer base and enhance the product portfolio are factor expected to support the revenue traction of the target market.
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.
Players operating in the global cardiovascular devices market are 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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