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.
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.
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.
The global cardiovascular application market 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.
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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