Cardiovascular Medical Devices Market to record 6.99 % Y-O-Y Growth Rate in 2022|38% of Growth to Originate from North America |17000+ Technavio Reports

• Total Pages: 120
• Companies: 10+ – Including Abbott Laboratories, BIOTRONIK SE, and Co. KG, Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Edwards Lifesciences Corp., General Electric Co., Medtronic Plc, Siemens AG, and W. L. Gore & Associates Inc among others.
• Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
• Segments: Product (diagnostic and monitoring systems and surgical devices)
• Geographies: North America, Europe, Asia, and ROW

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According to the recent market study by Technavio, the Cardiovascular Medical Devices Market is expected to increase by USD 24.51 billion from 2021 to 2026, at an accelerated CAGR of 8.92%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets. North America will register the highest growth rate of 38% among the other regions. 

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Regional Market Outlook

The Cardiovascular Medical Devices Market share growth in North America will be significant during the forecast period. The US and Canada are the key markets for cardiovascular medical devices market in North America. Market growth in this region will be faster than the growth of the market in ROW. 

The increasing number of interventional cardiovascular cases to monitor and reduce CVDs is increasing the demand for cardiovascular medical devices in North America. In developed countries, such as the US and Canada, healthcare facilities are improving at a rapid pace, which increases the demand for cardiovascular medical devices. These medical facilities use technologically advanced cardiovascular medical devices to improve the quality of life, offer better patient healthcare, and minimize hospital stays. Owing to the advanced healthcare settings, such procedures can be performed in the outpatient settings of hospitals, ambulatory surgery centers (ASCs), and digital catheter labs. Also, the presence of reimbursement for cardiovascular interventional procedures and other procedures such as heart biopsy procedures (endomyocardial biopsy), coronary angiogram, and replacement of heart valves in a few countries increases the demand for cardiovascular medical devices.

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Vendor Insights-

The Cardiovascular Medical Devices Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.

• Canon Inc.- The company offers Advanced cardiac echo that allows working at the forefront of cardiovascular imaging and research.

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Latest Drivers & Trends Driving the Market-

• Cardiovascular Medical Devices Market Driver:
• Rising incidence of cardiac diseases & the growth of insurance providers:

The rising incidence of cardiac diseases and the growth of insurance providers are some of the key drivers for supporting cardiovascular medical devices' market growth. The incidence of heart diseases is increasing in developed as well as developing countries. The prevalence of heart valve diseases is also rising due to the increased life expectancy in the elderly population. It is one of the most serious and common valve diseases and is likely to increase with advancing age. Thus, the growing prevalence of heart valve diseases such as CHD, aortic stenosis, and mitral heart valve diseases is likely to increase the demand for heart disease treatment devices, including cardiovascular medical devices. Such an increase in heart valve diseases will drive market growth during the forecast period.

• Cardiovascular Medical Devices Market Trend:
• Business strategies:

Business strategies to emerge in the market is another factor contributing to the cardiovascular medical devices market growth. For instance, Stryker reprocesses single-use medical devices such as cardiovascular diagnostic catheters through its department named Stryker Sustainability Solutions. Though reprocessed single-use cardiovascular medical devices can raise questions on their medical safety, the products are processed and sterilized in such a way, which decreases the chances of infection. Reprocessing of single-use cardiovascular medical devices can help to reduce the cost burden on hospitals, which also helps to reduce the cardiovascular procedure cost. Both patients and end-users (hospitals and clinics) can benefit from it. Thus, such business strategies may drive market growth during the forecast period.

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