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Cardiovascular Devices Market to Reach $86.27 bn by 2028; Increasing Demand for Stents and Other Devices with Remote Monitoring will Foster Growth

August 30, 2021 | Healthcare

The global cardiovascular devices market size is anticipated to reach USD 86.27 billion by the end of 2028, attributable to the increasing cases of heart disorders all around the world. This information is presented by Fortune Business Insights in a report titled, “Cardiovascular Devices Market Size, Share & COVID-19 Impact Analysis, By Device Type (Diagnostic and Monitoring Devices {Electrocardiogram, Remote Cardiac Monitoring, and Others}, and Therapeutic and Surgical Devices {Ventricular Assist Devices (VAD), CRM Devices, Catheters, Stents, Heart Valves, and Others}), By Application (Coronary Artery Diseases, Cardiac Arrhythmia, Heart Failure, and Others), By End-User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2021-2028.” According to this report, the market size was USD 50.87 billion in 2020 and is expected to exhibit a CAGR of 6.9% between 2021 and 2028.


The pandemic has had a detrimental influence on this industry because of the global reduction in diagnostic procedures owing to the COVID-19 pandemic's conserved resources. Regular check-ups and diagnoses have been postponed since the onset of the epidemic. Many key players have witnessed a decline in sales due to the cancellation of procedures. Prominent companies like Medtronic and Boston Scientific Corporation reported high sales declines in their annual revenues of FY 2020.  However, the adoption of innovative strategies to elevate sales will augur well for the market.


FDA Approval for HeartStart FR3 and HeartStart FRx by Philips to Intensify Market


The Center for Devices and Radiological Health (CDRH) of the United States Food and Drug Administration (FDA) has granted premarket approval (PMA) to Royal Philips' HeartStart FR3 and HeartStart FRx automated external defibrillators (AEDs), as well as their supporting accessories, such as batteries and pads. The HeartStart FR3 is a professional-grade AED with enhanced capabilities that can assist medical workers and first responders in treating cardiac arrest. The HeartStart FRx is a public-access AED with straightforward, step-by-step audio instructions, including CPR coaching, for emergency usage in workplaces, schools, and other public locations, as well as medical professional use. The launch of The HeartStart FRx can spur lucrative opportunities for the market in the future.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/cardiovascular-devices-market-102418


Government-supported Reimbursement Policies to Bode Well for the Market


There are a couple of reasons responsible for cardiovascular devices market growth. These include the rise in the geriatric population, accompanied by their vulnerability to various cardiac disorders. Besides this, increasing awareness about heart disease treatment options in emerging and under-developed nations are also expected to aid in the expansion of the market. Additionally, the rise in demand for therapeutic devices such as stents, coupled with the increasing popularity of remote monitoring devices, is also augmenting growth.


However, a reduction in investment in R & D by cardiovascular device manufacturers may pose a major threat to the overall market. Nevertheless, government initiatives in the form of reimbursement policies and overall cost reduction of cardiovascular therapeutic devices are anticipated to create lucrative growth opportunities for the market in the forecast period.


Competitive Landscape


Medtronic to Hold a Significant Share Stoked by Its Possession of Unique Portfolio


At present, companies such as Abbott, Medtronic, and Boston Scientific Corporation hold the top position in the market. This is owing to the presence of a strong portfolio, including heart valves, catheters, advanced stents, and others. Other well-known, established companies in the cardiovascular industry include LivaNova, Plc., which has an extensive portfolio in therapeutic areas such as heart failure, heart valves, and cardiopulmonary disorders. In addition, the presence of some regional players in high-growth nations like Japan is projected to increase these businesses' market presence throughout the projection period. Terumo Cardiovascular Systems Corporation is an example of a Japanese cardiovascular devices firm.


Key Development:



  • July 2021: Angel Medical Systems, Inc. completed the first commercial implantation of their flagship product, “The Guardian” device, in the U.S. region.


List of Major Players Operating in the Cardiovascular Devices Market include:



  • B. Braun Melsungen AG (Melsungen, Germany)

  • Medtronic (Dublin, Ireland)

  • Abbott (Abbott Park, U.S.)

  • Boston Scientific Corporation (Marlborough, U.S.)

  • Edwards Lifesciences Corporation (Irvine, U.S.)

  • Johnson & Johnson Services, Inc. (New Brunswick, U.S.)

  • GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.)

  • LivaNova PLC (London, U.K.)

  • Siemens Healthcare GmbH (Erlangen, Germany)

  • Terumo Cardiovascular Systems Corporation (Tokyo, Japan)

  • Other Prominent Players


Further Report Findings



  • North America emerged dominant in the market, with Europe following closely. In 2020, the region generated a revenue of USD 26.35 billion due to the strong presence of major manufacturers of cardiovascular devices in the U.S.

  • Based on segmentation by end-users, the hospital segment is holding the dominant market share due to the growing need for trained medical professionals of critical cardiovascular devices insertion such as stents.


The Global Market is segmented into:












































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



By Device Type



  • Diagnostic and Monitoring Devices

    • Electrocardiogram (ECG)

    • Remote Cardiac Monitoring

    • Others



  • Therapeutic and Surgical Devices

    • Ventricular Assist Devices (VAD)

    • Cardiac Rhythm Management (CRM) Devices

    • Catheter

    • Stents

    • Heart Valves

    • Others





By Application



  • Coronary Artery Disease (CAD)

  • Cardiac Arrhythmia

  • Heart Failure

  • Others



By End User



  • Hospitals

  • Specialty Clinics

  • Others



 



By Geography



  • North America (By Device Type, By Application, By End User, and By Country)


    • By U.S. (By Application)

    • By Canada (By Application)


  • Europe (By Device Type, By Application, By End User, and By Country)


    • The U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Scandinavia (By Application)

    • Rest of Europe (By Application)


  • Asia Pacific (By Device Type, By Application, By End User, and By Country)


    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)


  • Latin America (By Device Type, By Application, By End User, and By Country)


    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)


  • Middle East & Africa (By Device Type, By Application, By End User, and By Country)


    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)



Cardiovascular Devices Market
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  • 2020
  • 2017-2019
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