The North America cardiovascular devices market is expected to reach US$ 27,058.9 Mn in 2027 from US$ 15,299.7 Mn in 2018
NEW YORK, Nov. 4, 2019 /PRNewswire/ --
The North America cardiovascular devices market is expected to reach US$ 27,058.9 Mn in 2027 from US$ 15,299.7 Mn in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027.
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The growth of the cardiovascular devices market is primarily attributed to the rising developments for cardiovascular devices and rising geriatric population.However, rigorous regulations for approval is likely to pose a negative impact on the market growth.
On the other hand, growing medical tourism in Mexico is likely to have a positive impact on the growth of the North America cardiovascular devices market in the coming years.
The cardiovascular devices market is majorly driven by the changes or the sifting in the trend of the technology that enables the players to develop innovative devices.The shift in the technology provides an aim for the market players to improve their product.
The innovative product assists in enhancing the better results for health and live better life.The market is consolidated with various market leaders that are conducting various developmental activities for the cardiovascular devices.
For instance, mobile cardiac telemetry (MCT) system is the innovative product that is assisting the cardiac patients to monitor their heart condition.The mobile cardiac telemetry is a small sensor and monitor that patients wear in their day to day life.
MCT transmits instant data as the cardiac events occur. This data is transferred for response and analysis and a report is delivered along with trends and graphs to the physician for treatment. This system is among the most efficient technique for heart monitoring, and analyze each heartbeat. It also create opportunity to initiate an immediate emergency response as needed, makes it one of the most attractive choices in today's market.
Moreover, the companies are receiving various approvals for the cardiovascular devices for instance, Medtronic, Abbott and W.L.
Gore & Associates has received approvals for products. Some of the recent approvals are mentioned below.
Table 1. Recent Approvals For Cardiovascular Devices in the Market
Month & Year Company Description
February, 2019 Medtronic Medtronic plc. received FDA approval for its Resolute Drug-Eluting Stent (DES) platform. It included Resolute Onyx(TM) and Resolute Integrity(TM) DES) for treating the patients with coronary artery disease and have de novo chronic total occlusion (CTO).
January, 2019 Abbott Abbott received FDA Approval for its Amplatzer Piccolo Occluder which is the world's first medical device that can be implanted in the infants using a minimally invasive procedure to treat patent ductus arteriosus, or PDA.
March, 2019 Abbott Abbott received FDA approval for its new, expanded indication to its leading MitraClip. The device is used to repair a leaky mitral valve without open-heart surgery.
August, 2018 W.L.
Gore & Associates W.L.
Gore & Associates, Inc. announced that it has received CE Mark approval, FDA approval, Japanese Ministry of Health, Labour, and Welfare approval for GORE Molding & Occlusion Balloon
In 2018, the event monitor segment held a largest market share of 24.51% of the cardiovascular devices market, by device. The event monitor segment is expected to dominate its market share in 2027 owing to the advantages offered such as easy monitoring and recording the cardiac rhythms of the patients. The ECG segment is anticipated to witness the fastest growth rate of 8.0% during the forecast period, 2019 to 2027 owing to the technological advancements in the medical devices that allows the diagnose the heart beat in less time also the development has enabled to produce small and handy ECG devices.
In 2018, the coronary heart disease held a largest market share of 41.9% of the cardiovascular devices market, by application. The coronary heart disease segment is expected to dominate its market share in 2027 owing to the rising prevalence of the disease. However, the stroke segment is anticipated to witness the fastest growth rate of 7.5% during the forecast period, 2019 to 2027.
In 2018, the hospitals held a largest market share of 61.9% of the cardiovascular devices market, by end user. This segment is also expected to dominate the market in 2027 owing to the need for the cardiovascular surgery treatments that has become the major factor for the growth of the cardiovascular devices market. Also the hospitals segment is expected to grow at the fastest growth rate of 6.9% during the forecast period, 2019 to 2027.
Some of the major primary and secondary sources for cardiovascular devices included in the report are, Cardiovascular Disease Prevention and Rehabilitation (CVDPR), Health Technologies Fund (HTF), Innovative Medicines Initiatives (IMI), Center for Medicare & Medicaid Services (CMS), Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), National Institute for Health and others.
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