Global Cardiovascular Application Market: Information by Device (Cardiac Monitors, Cardiac Pacemakers And Cardiac Defibrillators), End User (Hospitals, Cardiac Care Centers, Ambulatory Centers & Home Care and Academic Centers) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2023
As per Market Research Future (MRFR)’s assessment, the global cardiovascular applications market is set to strike a CAGR of 7.24% during the forecast period 2017 to 2023. Its valuation has been estimated to reach USD 36730.5 Mn mark towards the end of 2023. In the U.S., one out of every four deaths was caused due to heart ailment in 2015 according to the Centers for Disease Control & Prevention. Every corner of the world is largely affected by the burden of cardiovascular diseases. This, in turn, has opened new avenues of growth opportunities to capitalize on for the key players and researchers.
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A major proportion of global healthcare expenditure is attributed to the large-scale presence of heart diseases. The rise in these expenditures is directly proportional to the growth of the cardiovascular application market. In addition, the population of people over the age group of 50 years is the most vulnerable to CVDs. According to published statistics by the World Health Organization (WHO), the population of older adults is projected to get doubled between 2015 and 2050. It is anticipated to intensify the growth rate of the cardiovascular application market in the foreseeable future.
Rapid urbanization and modernization have led to a major increase in the working class population. The changing lifestyle and food habits have further contributed to the expansion of the prevalence of these diseases across the world. It has necessitated the development of drugs and treatments for early, more precise and highly effective diagnosis. This, in turn, is presumed to augment the global cardiovascular application market across the review period.
By devices, the global cardiovascular application market has been segmented into cardiac pacemaker, monitors, defibrillators, and others. The monitors segment has been further sub-segmented into resting ECG, holter monitors, ECG monitors, implantable loop recorder, and others. The cardiac pacemaker segment is sub-segmented into implantable cardiac pacemaker, and external cardiac pacemaker. The cardiac defibrillator is further sub-segmented into implantable cardioverter defibrillator, and external defibrillator.
By end users, the cardiovascular application market is segmented into cardiac care centers, academic institutes, ambulatory centers & home care, and others.
The global cardiovascular application market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas, owing to the presence of the U.S. and Canada, has witnessed the early adoption of tech-driven changes in the market. The region is also bestowed with a high population of patients suffering from CVDs or other ailments that cause CVDs. The strong economic growth rate of the region has been influencing the growth of the cardiovascular application market positively owing to high demand for diagnosis. It is expected to secure the pole position in the global market over the assessment period.
Europe trails Americas in terms of market size. The region signifies promising opportunities for the development of the cardiovascular application market. The support extended by its government for the development as well as the adoption of advanced cardiovascular devices is likely to motivate the expansion of the regional market.
Asia Pacific exhibits high demand for cardiovascular applications. The exponential population of aging people is poised to boost the growth trajectory of the market further. It is estimated to strike the highest CAGR through the projection period.
General Electric Company, Koninklijke Philips N.V, Abbott, and Medtronic are the prominent players operating in the cardiovascular application market. Other key players profiled in the report are Boston Scientific Corporation (U.S.), Terumo (Japan), Edwards Lifesciences (U.S.), Stryker Corporation (U.S.), Allergan Inc. (U.S.), CR Bard Inc. (U.S.), Sonova Holdings (Switzerland), Smith & Nephew plc (U.K), and Dragerwerk AG & Co. KGa (Germany)
In January 2019, Imec, Medtronic, Ghent University, and seven other partners of the Horizon 2020 CARDIS project have announced the development of a photonics-based medical device which is useful in the easy identification of cardiovascular diseases (CVD) by screening arterial stiffness.
In January 2019, Ireland-based Medtronic has announced the launch of the first mobile application which can communicate directly with smartphone-connected pacemakers.
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