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Global Cardiovascular Devices Market to Reach US$ 77.92 Billion by 2027, Impelled by Increasing Prevalence of Cardiovascular Diseases

Published on Nov 10, 2022

According to the latest report by IMARC Group, titled "Cardiovascular Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global cardiovascular devices market reached a value of US$ 51.34 Billion in 2021. Cardiovascular devices are widely used to diagnose and treat various heart diseases and related health problems. These devices track irregular heartbeats in individuals who experience heart failure or other heart-related issues. The monitoring of patients has been improved with the introduction of various cardiovascular devices, such as implantable cardioverter defibrillators (ICD), pacemakers, cardiac loop recorders, and biventricular pacemakers. These devices have seen a drastic change over the years as a result of continual technological advancements.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Cardiovascular Devices Market Trends:

The global market is majorly driven by the increasing number of patients suffering from cardiovascular diseases. In line with this, the rising geriatric population and growing government initiatives are significantly contributing to the market. Furthermore, the escalating demand for minimally invasive procedures is positively influencing the product demand. Apart from this, continuous technological developments towards product miniaturization and material biocompatibility of implantable and advanced navigation devices are providing an impetus to the market. Moreover, the launch of advanced ablation devices catering to the increasing procedural volume for atrial fibrillation is strengthening the market growth. Besides, heavy expenditure on the development of the overall healthcare infrastructure in emerging economies has resulted in the increased uptake of advanced cardiac devices. Additionally, several market players are focusing on product innovations, thus providing a boost to the market expansion. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 77.92 Billion by 2027, exhibiting a CAGR of 6.70% during 2022-2027. 

Market Summary:

  • Based on the device type, the market has been segmented into diagnostic and monitoring devices (electrocardiogram (ECG), remote cardiac monitoring, and others), and therapeutic and surgical devices (cardiac rhythm management (CRM) devices, catheter, stents, heart valves, and others).
  • Based on the application, the market has been bifurcated into coronary artery disease (CAD), cardiac arrhythmias, heart failure, and others.
  • Based on the end-user, the market has been categorized into hospitals, specialty clinics, and others.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Abbott Laboratories, B. Braun Melsungen AG, Biotronik, Boston Scientific Corporation, Canon Medical Systems Corporation, Cardinal Health Inc., Edwards Lifesciences Corporation, General Electric Company, LivaNova PLC, Medtronic PLC, Siemens Healthineers GmbH (Siemens AG) and Terumo Cardiovascular Systems Corporation (Terumo Corporation).
     

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