The surgical devices and diagnostic monitoring devices categories make up the global market for cardiovascular devices. The ECG, Holter monitors, event monitors, implantable loop recorders, echocardiograms, PET scans, MRI, cardiac CT, and doppler foetal monitors are further sub-segmented under the diagnostic and monitoring device category. During the projection period, it is expected that this market segment would develop at a moderate rate.
With the greatest revenue share in the diagnostic and monitoring device market in 2015, ECG dominated. Global popularity of ECG is rising as a result of their portable and compact designs. Additionally, event monitors make it possible to save data, which greatly increases the penetration of these systems into point-of-care and at-home healthcare applications.
Pacemakers, stents, catheters and accessories, guidewires, cannulae, electrosurgical procedures, valves, and occlusion devices are additional categories for the surgical devices market. Among other surgical devices, the stents sector held the biggest market share in 2015. The main factor behind stents' prevalence is patients' preference for them over bypass procedures. Stents are being used more often to treat coronary artery disease as a result of expanding demand for minimally invasive procedures.
The market for lobal cardiovascular devices is highly fragmented, with numerous local manufacturers in direct competition with foreign firms. Global firms are utilising tactics including mergers, acquisitions, and collaborations to increase their client base and product offerings, and therefore, their market share. For instance, in order to increase the scope of its atrial fibrillation product portfolio, Medtronic plc bought CardioInsight Technologies, Inc. in June 2015. Similar to this, in January 2015, Medtronic, Inc. purchased Covidien plc. With the acquisition of Covidien, Medtronic not only grew its customer base and geographic reach, but also the range of its product offerings.
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Global Cardiovascular Devices Market- Key trends
Growing pervasiveness of cardiovascular ailments is bolstering industry expansion
The surging prevalence of cardiovascular diseases across the globe is one of the primary factors fueling the development of this marketplace. This is powered by the unhealthy lifestyle of the masses such as excessive smoking, alcohol consumption, rising inclination towards junk food, and hectic work schedules. This in turn is augmenting the outlook of this marketplace.
Global Cardiovascular Devices Market- Segmental assessment
By Device Type
• Diagnostic and Monitoring Devices
• Therapeutic and Surgical Devices
The therapeutic and surgical devices segment is poised to amass notable gains over the stipulated timeline owing to the growing prevalence of cardiovascular ailments across the globe and rise number of related surgical procedures.
By Application
• Coronary Artery Disease (CAD)
• Cardiac Arrhythmia
• Heart Failure
• Others
The coronary artery disease segment is slated to generate significant returns by 2030 due to rising geriatric population base and growing adoption of unhealthy lifestyle habits among the masses.
By End-User
• Hospitals
• Specialty Clinics
• Others
The hospitals segment is expected to grow considerably over the estimated timeframe ascribing to the surging healthcare expenditure and presence of skilled medical professionals across hospitals.
Global Cardiovascular Devices Market- Competitive Intelligence
The prominent players characterizing the competitive terrain of this business sphere are B Braun Melsungen AG, Abbott, Johnson Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, and Terumo Cardiovascular Systems Corporation.
Notably, in December 2020, Philips announced the acquisition of BioTelemetry, Inc. to diversify offerings in the field.
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Major questions answered in this report:
What is the growth rate projection for Global Cardiovascular Devices Market over 2022-2030?
What are the expansion determinants for Global Cardiovascular Devices Market?
What are the major segments covered in the Global Cardiovascular Devices Market report?
What are the primary regions present in Global Cardiovascular Devices Market?
Which is the fastest growing region in the Global Cardiovascular Devices Market?
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