Global Cardiovascular Application Market is expected to register a
CAGR of 7.24% and is anticipated to reach USD 36,730.5 million by 2023.
Market Overview:
Rapid
advancement in technology is aiding the healthcare sector for the development
of high-tech medical devices that can be used to ensure proper functioning of
vital organs. Cardiovascular application includes the use of synthetic
materials and advanced medical devices to help control abnormal functioning of
the heart. Market Research Future (MRFR) has published a report stating that
the global cardiovascular application market is market to expand at a notable
CAGR of 7.24% during the forecast period of 2014-2023 and reach the valuation
of USD 36730.5 Mn by the end of 2023.
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Market Drivers and Restraints:
Increasing prevalence of
cardiovascular diseases caused due to changing lifestyle and rapid rise in
geriatric population are inducing high demand for advanced medical devices,
resulting in the significant expansion of the global cardiovascular application
market. The introduction of upgraded versions of pacemakers that can be
integrated with smartphones to keep a real-time check on the functioning of the
heart is impacting positively on the growth of the global cardiovascular
application market. However, lack of awareness regarding advanced medical
devices, high cost of treatment and medical devices and poor healthcare
facilities in the underdeveloped regions are likely to pose potential threat
for the growth of the global cardiovascular application market during the
forecast period.
Regional Analysis:
Geographically, the global
cardiovascular application market has been segmented into four major regions
such as the Americas, Europe, Asia Pacific and the Middle East and Africa. The
Americas account for a major market share in the global cardiovascular
application market owing to the rapid development of advanced medical devices
in the well-developed healthcare sector of this region and increasing
incidences suffering from cardiovascular disorders as a result of changing
lifestyle.
The cardiovascular application
market in the Europe region is expanding at a noteworthy growth rate due to
rise in prevalence of diabetes and cardiovascular diseases and high healthcare
expenditure by the population in this region. The Asia Pacific region is
projecting fastest growth in the global cardiovascular application market due
to the increasing government support for development of affordable treatments
and rise in adoption of advanced cardiovascular devices in the emerging
economies in this region. The cardiovascular application market is projecting
slow growth in the Middle East and Africa region due to the unavailability of proper
health care services in the underdeveloped areas of this region.
Industry Updates:
In September 2018, researchers
from Duke Clinical Research Institute have collaborated with Cerner, a
developer of healthcare solution for the creation of web-based risk calculator
application to assist doctors in calculating their patients' risk for
atherosclerotic cardiovascular disease (ASCVD).
In September 2018, St. Jude
Medical has launched a new diagnosis device named Confirm Loop Recorder. This
device is implanted in the body at an angle near the heart in order to monitor
abnormal heartbeats in patients with cardiovascular disorders.
In June 2018, a team of
cardiologist from Mediclinic Panorama, Cape town have successfully implanted a
latest pacemaker technology in an 84-year-old patient. This pacemaker, named
'His Bundle Pacing' (HBP), aids the patient in regaining synchronous
contraction of both ventricles like a normal heart, unlike traditional
pacemaker.
Market Segmentation:
The global cardiovascular application market share has been segmented on the basis of devices and end users.
Based on devices, the cardiovascular application market has been segmented into
cardiac pacemaker, cardiac defibrillators, cardiac monitors, and others. The
cardiac monitors segment is sub-segmented into resting ECG, ECG monitors,
holter monitors, implantable loop recorder, and others. The cardiac
defibrillator segment is sub-segmented into implantable cardioverter
defibrillator and external defibrillator. The cardiac pacemaker segment is
sub-segmented into implantable cardiac pacemaker and external cardiac
pacemaker. The implantable cardiac pacemaker sub-segment includes single-chamber
pacemakers, dual-chamber pacemakers, and biventricular pacemakers.
Based on end users, the
cardiovascular application market is segmented into cardiac care centers,
ambulatory centers & home care, academic institutes, and others.
Key Players:
Some of the prominent players
that are profiled by MRFR in the report on the global cardiovascular
application market are Abbott (the U.S.), General Electric Company (the U.S.),
Medtronic (Ireland), Boston Scientific Corporation (the U.S.), KONINKLIJKE PHILIPS
N.V. (The Netherlands), Terumo (Japan), Stryker Corporation (the U.S.), Edwards
Lifesciences (the U.S.), Allergan Inc. (the U.S.), Smith & Nephew plc (the
U.K), CR Bard Inc. (the U.S.), Sonova Holdings (Switzerland), and Dragerwerk AG
& Co. KGa (Germany)
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