Global Cardiovascular Devices Market to Rise at 6.4% CAGR and Reach USD 82.20 Billion by 2026; Rising Awareness and Increasing Demand for Cardiovascular Surgical Devices Will Promote Market Growth, says Fortune Business Insights™
Key Prominent Players Covered in the Cardiovascular Devices Market Research Report Are Terumo Cardiovascular Systems Corporation, Siemens Healthcare GmbH, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., Abbott, Medtronic, Cordis, LivaNova PLC, GENERAL ELECTRIC COMPANY, Edwards Lifesciences Corporation, Boston Scientific Corporation and other key market players.
Pune, Nov. 26, 2020 (GLOBE NEWSWIRE) -- According to the report, the cardiovascular devices market size was USD 49.90 billion in 2018 and is projected to rise at a CAGR of 6.4% between 2019 and 2026. The global market size is prognosticated to reach USD 82.20 billion by 2026 on account of the increasing cases of cardiovascular diseases such as coronary artery disease, heart failure, congenital heart disease, heart attack, cardiomyopathy, and others.
*KEY INDUSTRY DEVELOPMENTS:*
· October 2019 – BIOTRONIK announced the launch of the PK Papyrus Covered Coronary Stent in the United States, for usage in the emergency treatment of acute coronary perforations.
· May 2019 – Medtronic announced the launch of the Telescope Guide Extension Catheter, a newly designed catheter for the additional backup support and the access to distal lesions, which will enable the support of the complex coronary cases where the distal lesions were not accessible.
· October 2017 – Abbott announced the introduction of the next generation of the most widely used heart stent for people suffering from coronary artery disease in Europe called the XIENCE Sierra, which is the newest generation of drug-eluting XIENCE stent.
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*Rising Prevalence of Cardiovascular Diseases to Boost Market*
The most important factor driving the market is the increasing prevalence of cardiovascular diseases. This, coupled with the advent of advanced technological diagnostics for the diagnosis of heart diseases, is creating lucrative growth opportunities. Besides this, the increasing awareness and initiatives taken by regional governments are expected to propel the cardiovascular devices market growth. Additionally, major investments are made to cater to the rising demand for cardiovascular surgical devices, and this will help the market gain momentum in the forecast period.
However, the market may be negatively impacted by the inability of vendors to invest in research and development of cardiovascular systems following its inefficiency with reimbursement models. Nevertheless, the advent of advanced safety and remote monitoring in the latest devices is likely to create lucrative growth opportunities for the market in the long run.
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*Presence of Major Vendors Strengthening North America Market Share*
Geographically, the global cardiovascular devices market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is holding the major cardiovascular devices market share, followed by Europe.
This is on account of the presence of major manufacturers in Canada and the U.S. On the other side, the market in Asia Pacific is likely to earn significant cardiovascular device market revenue on account of the rise in prevalence of cardiovascular diseases and the regulatory scenario of the market.
*Major Companies Aiming to Expand Product Portfolio Will Intensify Market Competition*
As per the 2018 records, three companies are holding the maximum cardiovascular devices market share, namely Boston Scientific Corporation, Medtronic, and Abbott. High revenue generation from these companies is attributable to the strong product portfolio, including heart valves, advanced stents, and other cardiovascular products.
Cardiovascular devices market manufacturers are emphasizing on cardiopulmonary production, which will further help to earn high revenues, especially from previously untreatable patients.
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*List of Significant Cardiovascular Devices Companies are as follows:*
· Terumo Cardiovascular Systems Corporation
· Siemens Healthcare GmbH
· B. Braun Melsungen AG
· Johnson & Johnson Services, Inc.
· Cordis (Cardinal Health)
· LivaNova PLC
· GENERAL ELECTRIC COMPANY (GE Healthcare)
· Edwards Lifesciences Corporation
· Boston Scientific Corporation
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*Global Cardiovascular Devices Market Segmentations:*
*By Device Type*
• Diagnostic and Monitoring Devices
o Electrocardiogram (ECG)
o Remote Cardiac Monitoring
• Therapeutic and Surgical Devices
o Ventricular Assist Devices (VAD)
o Cardiac Rhythm Management (CRM) Devices
o Heart Valves
*By Application *
• Coronary Artery Disease (CAD)
• Cardiac Arrhythmia
• Heart Failure
*By End User *
• Specialty Clinics
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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*SECONDARY DATA SOURCES THAT WE REFER TO:*
· Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
· Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
· Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
· Industry journals and paid databases
*SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:*
· Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
· Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
· Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
· Number of procedures and average price of procedures
· Replacement rate and pricing of capital equipment
· Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
· Market & technological trends, new product developments, product pipeline.
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