Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Medical Tech Outlook
THANK YOU FOR SUBSCRIBING
By
MedTech Outlook | Monday, December 04, 2023
Healthcare organizations find cardiovascular devices useful in managing life-threatening conditions.
FREMONT, CA: The Cardiovascular Devices Market is estimated to be worth USD 47.27 Billion in 2020 and reach USD 79.50 Billion by the end of the forecast period in 2028 with a CAGR of 6.8 percent.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Globally, cardiovascular disorders account for about 32 percent of deaths, according to the World Health Organization (WHO). Cardiovascular disorders are primarily caused by changing lifestyles and an aging population.
A major factor driving the growth of the cardiovascular devices market is the growing geriatric population's vulnerability to chronic diseases, especially heart disease.
Some of the major growth factors in the cardiovascular industry are:
Rising prevalence of cardiovascular diseases to boost market: Cardiovascular diseases are the major driving force behind the market. The development of technological therapeutics for diagnosing heart diseases, coupled with this trend, creates lucrative growth opportunities. Aside from this, regional governments will take initiatives to accelerate the growth of the cardiovascular device market. The market for cardiovascular surgical devices will gain momentum in the forecast period as major investments respond to the growing demand for these devices.
As a result of inefficient reimbursement models, vendors may be unable to invest in research and development of cardiovascular systems. In the long run, however, remote monitoring and advanced safety features will likely create lucrative growth opportunities for this market.
Presence of major vendors strengthening North America market share: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the major regions of the global market. The North American cardiovascular device market has the largest share, followed by Europe. This is because of the presence of major manufacturers in Canada and the U.S. Despite the rising prevalence of cardiovascular diseases and the regulatory environment of the market, the market in the Asia Pacific will earn significant cardiovascular device market revenue.
Competition landscape and key developments: Several companies are adopting organic growth strategies, such as launching new products and expanding existing ones, as well as inorganic growth strategies, such as forming partnerships and collaborating. The growth strategies have helped market players expand their business and expand geographically. A combination of acquisitions and partnerships helped increase the customer base and product portfolio.
More in News
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info
