Cardiovascular
applications include devices and equipment used in diagnosing, monitoring, and
treatment of cardiovascular diseases. The increasing number of patients
diagnosed with cardiovascular diseases is a definite growth enabler of these
devices. The global cardiovascular application market report by Market Research
Future (MRFR) highlights several trends and opportunities for end-users for the
period of 2018 to 2023 (forecast period).
Market
Scope
The
global cardiovascular
application market size can touch a value of USD 36,730.5 million by 2023.
It can display a CAGR of 7.24% over the forecast period. Rising prevalence of
cardiovascular diseases, the large vulnerable geriatric populace, and
reimbursement policies are major drivers of the market. According to the World
Health Organization (WHO), close to 17.7 million patients have died from
cardiovascular diseases (CVDs). This can culminate in a spike in the demand for
cardiovascular devices. Rise in cases of obesity can also act as a precursor to
CVDs and spur market demand.
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Government
efforts to reduce hospital acquired infections (HAIs) is expected to fuel
market demand exponentially. It can result in the demand for diagnostic and
monitoring devices. Adoption of remote patient monitoring and home healthcare
are likely to spike the demand in home care centers and home settings. Rapid
urbanization has led to the migration of various patients to cities, whose
sedentary lifestyle has contributed to CVDs. Diagnostic devices and monitoring
devices can make up for maximum sales of the cardiovascular application market
owing to the need for devices for rapid diagnosis of diseases at an early
stage.
However,
strict regulations pertaining to their approval can impede market growth.
Segmentation
The
global cardiovascular application market has been segmented into device, end
user, and region. By device, the market has been segmented into cardiac
monitors, cardiac pacemakers, and cardiac defibrillators. Cardiac monitors
accounted for a market value of USD 6131.7 million in 2018.
Based
on end user, the market has been divided into hospitals, cardiac care centers,
ambulatory centers & home care, and academic centers.
Regional
Analysis
The
global cardiovascular application market covers the regions of the Europe, Americas,
Asia Pacific (APAC), and the Middle East & Africa (MEA).
The
Americas accounted for a major market share owing to high healthcare spending,
large number of cases of CVDs, and well-developed technology. The strong
economic growth of the U.S. and Canada as well as the breakthroughs in medical
devices can fuel the regional cardiovascular devices market. Adoption of home
healthcare devices and rise of telemedicine are drivers of the market.
Europe
accounted for the second-largest market share owing to a well-developed
economy, healthcare budget, and increasing number of cases of obesity and
diabetes. According to the World Health Organization (WHO), CVDs accounted for
46 times the mortality rates of citizens in comparison to tuberculosis,
malaria, and AIDS. Digital platform which encourage home monitoring of patients
with CVDs can bode well for the market.
APAC
can exhibit the fastest growth rate during the forecast period owing to a large
patient pool, improving technology, and need for advanced diagnostic devices. The
geriatric population as well as allocation of funds in the corpus of healthcare
budget of countries is factors which can influence the market. Rise in medical
tourism as well as affordable surgeries and procedures conducted at affordable
rates can drive the demand for these devices. Initiatives to modernize
healthcare infrastructure and demand for advanced healthcare facilities are
other drivers of the market.
Competitive
Outlook
Koninklijke
Philips NV, GENERAL ELECTRIC, Boston Scientific Corporation, Abbott, Stryker,
Terumo Corporation, and Medtronic are major players of the global
cardiovascular application market. Acquisitions, novel product launches, and
innovational breakthroughs are strategies being implemented by players to gain
the edge in the market.
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