Cardiovascular Devices market is projected to grow at a CAGR of 6.92% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Cardiovascular Devices 2023-2033. It includes profiles of Cardiovascular Devices and Forecasts Market Segment by Disease (Hypertension, Atrial Fibrillation, Chronic Ischemic Heart Diseases, Stroke, Heart Failure, Other Diseases), Market Segment by Type (Diagnostic and Monitoring Devices, Therapeutic and Surgical Devices), Market Segment by End-users (Hospitals, Diagnostic Laboratories, Home and Ambulatory Care, Research Laboratories), plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The cardiovascular devices market is estimated to be valued at US$59.57 billion in 2022 and is projected to grow at a CAGR of 6.92% during the forecast period 2023-2033.
Barriers in Research & Development Activities Likely to Challenge Market Growth
A robust R&D environment is a limitation in the development of novel and technologically improved cardiovascular devices. Due to the disorganized procedures in the reimbursement models, several companies are focussing on their ability to invest in futuristic R&D programmes linked to cardiac devices. For instance, manufacturers may be less tempted to create new products or even to introduce sophisticated cardiac devices with high prices in places where price limitations on life-saving stents are advocated. Rigid regulatory rules are one of the factors restricting the industry, in addition to obstacles in R&D programmes in this market. Such restrictions might slow the market’s expansion for cardiovascular devices.
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How has COVID-19 had a Significant Impact on the Cardiovascular Devices Market?
Cardiovascular devices market is worth more than US$59.0 bn in 2022, and from 2023 to 2033, it is projected to grow at a rate of around 6.92% CAGR. During the first phase of the pandemic, the COVID-19 occurrence had an influence on the industry with procedure delays and cancellations. The high burden of COVID-19-related hospital admissions and the risk of infection after surgical operations have had the most impacts on the number of surgeries. However, the increased risk of fibrillation among COVID-19 patients and the increase in patients with cardiac issues being admitted to urgent care centres along with the decline in coronavirus infection rates have boosted the need for the medication. Additionally, government and business partnerships to provide cardiac care in the face of a pandemic have kept the economy running. Because of the lowering incidence of COVID-19, the sector will continue to demonstrate considerable growth despite the modest impacts of the coronavirus outbreak.
How will this Report Benefit you?
Visiongain’s 272-page report provides 112 tables and 170 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the cardiovascular devices market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Cardiovascular Devices. Get financial analysis of the overall market and different segments including disease, type, and end-users, capture higher market share. We believe that there are strong opportunities in this fast-growing cardiovascular devices market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Favorable Government Actions That Support Cardiovascular Disease Research Will Promote Market Growth
With the widespread use of cutting-edge technology to address the growing disease burden, the market for cardiovascular devices is anticipated to see exponential expansion. In the upcoming years, it is expected that a number of variables, such as the prevalence of lifestyle problems, increased alcohol consumption, smoking, and reduced physical activity, as well as environmental changes, would increase the number of procedures. As a result, the need for cardiovascular devices will increase significantly. Along with a high disease frequency, encouraging government programmes and funding support research in the area and foster industrial expansion potential.
High Demand for Cardiovascular Devices with Advanced Features to Spur Industry Growth
Advanced cardiovascular diagnostic and treatment technologies are frequently needed for patients with advanced stages of heart disease. The rising demand for coronary stents and other medical equipment with greater safety features and growing public knowledge are to blame for this. Devices that do not produce adverse effects, such as infections, are in high demand among patients. Bare-metal stents are one such type of device. Additionally, there is a need for devices with sophisticated capabilities such remote cardiac monitoring features as a result of recent technology breakthroughs. Individuals are given a realistic and precise treatment plan because to these qualities, which also make it simple for them to use. The release of Remo, an AI-powered remote cardiac monitoring gadget, was announced by Remo Care Solutions in February 2021. Cardia is utilized as an event monitor & continuously assesses the patient’s vital signs. As a result, in the coming years, estimating the growing patient population by choosing cardiovascular equipment will increase.
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Where are the Market Opportunities?
Improvements in Hospital Infrastructure Projected to Boost the Market Value of Cardiovascular Devices
In 2023, the hospital segment is estimated to generate over US$35.0 billion. Hospital cardiac departments execute a wide range of operations, including interventional cardiac treatments, occlusion procedures, & open heart surgery among others. Advanced cardiac devices are being used at these institutions owing to rising healthcare expenditure across developing countries. Additionally, several hospitals in emerging nations are sponsoring the expansion of cardiac units. Thus, this segment will experience strong development in the upcoming years owing to the increased procedure volume and patients’ choice for facilities with modern amenities.
The major players operating in the cardiovascular devices market are Abbott, B. Braun SE, BD, BIOTRONIK SE & CO. KG, Boston Scientific Corporation, Canon Medical Systems Corporation, Cardinal Health, Cook Group, Edwards Lifesciences Corporation, GE Healthcare, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., LivaNova PLC, Medtronic plc, Siemens Healthcare GmbH, Terumo Corporation, and W. L. Gore & Associates, Inc. among other prominent players. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- In October 2022, W. L. Gore & Associates (Gore) announced the first implants of its investigational GORE® VIAFORT Vascular Stent as part of the recently initiated GORE VIAFORT Device Pivotal Clinical Study, (i.e., prospective, multicenter, non-randomized, single-arm study NCT05409976) for the treatment of inferior vena cava (IVC) occlusive disease with or without iliofemoral vein involvement.
- In September 2022, GE Healthcare, a leading global medical technology, diagnostics and digital solutions innovator launched its first ‘Made in India’, ‘AI-powered’ Cath lab – Optima IGS 320 to advance cardiac care in India.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Medical Imaging Market Report 2022-2032
- Medical Device Contract Manufacturing Market Report 2022-2032
- Ophthalmic Devices Market Report 2022-2032
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