Publication Month: Apr 2022 | Report Code: TIPHE100000826 | No. of Pages: 217 | Category: Medical Device | Status: Published
|Market Size Value in||US$ 48,106.47 million in 2021|
|Market Size Value by||US$ 76,526.68 million in 2028|
|Growth rate||CAGR of 6.9% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||217|
|No. of Tables||85|
|No. of Charts & Figures||84|
|Historical data available||Yes|
|Segments covered||Device; Application, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality across the world. According to the European Cardiovascular Disease Statistics 2017, CVD causes 3.9 million deaths in Europe and more than 1.8 million deaths in the European Union (EU) every year. The disease accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. The European Society of Cardiology reported that patients suffering from atrial fibrillation are at a five-times greater risk of getting a stroke, and 20–30% of total stroke cases in Europe are caused due to atrial fibrillation. As per a study conducted by the European Society of Cardiology in 2016, in the EU, ~7.6 million people aged 65 and above had atrial fibrillation, and the number is estimated to increase by 89% to reach ~14.4 million by 2060. As per the report "Beyond The Burden: The Impact of Atrial Fibrillation in the Asia Pacific" by Biosense Webster, published in 2019, more than 16 million people in Asia Pacific suffer from atrial fibrillation, and the number is expected to reach ~72 million by 2050.
Based on device, the global cardiovascular device market is segmented into an electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. In 2021, the event monitor segment held the largest share of the market. However, the electrocardiography (ECG) segment of the cardiovascular devices market is expected to grow at a highest CAGR of 8.0% from 2021 to 2028.
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Based on the application, the cardiovascular devices market is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. In 2021, the coronary heart disease segment held the largest share of the market. However, the stroke segment is expected to grow at the fastest rate during the coming years, owing to rising aneurysms among patients.
Based on end user, the cardiovascular devices market is segmented into hospitals, cardiac centers, and ambulatory centers. In 2021, the hospitals segment held the largest share of the market. Furthermore, the hospitals segment is expected to grow at the fastest rate during the coming years due to its advantages.
Product launches and collaborations are highly adopted strategies by the global cardiovascular device market players. A few of the recent key market developments are listed below:
The COVID-19 pandemic forced many companies in the global cardiovascular devices market to discontinue business operations for short term to follow new government regulations to control the spread of COVID-19. This directly impacted the revenue flow of the global market. Furthermore, the manufacturing of industrial products stopped, owing to the lack of raw materials and workforce during the lockdown period. Moreover, no new consignments were received by companies that operate in this sector. Hence, the COVID-19 outbreak affected the market growth due to the lockdown measures in the countries and the delay in manufacturing and production of raw materials, process materials, and intermediate products used in pharmaceutical & biotechnological companies. The market is anticipated to witness a slow recovery during the forecast period.
The global cardiovascular devices market is segmented into device, application, and end user. Based on device, the market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and other devices. Based on application, it is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. Based on end user, the market is segmented into hospitals, cardiac centers, and ambulatory centers. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.