Cardiovascular devices has gained a huge attention during last decade owing to the increasing prevalence of different cardiovascular diseases. During the last few years, healthcare IT has gained a significant importance as the adoption of the software solutions and computer aided diagnosis has increased the efficacy of the treatment. Increasing prevalence of cardiovascular diseases, adoption of advanced techniques in diagnosis, and increasing government support have driven the growth of the market. According to the World Health Organization, 422 million of the people across the globe are suffering from the diabetes. Diabetes is the major reason for cardiovascular diseases. Increasing prevalence of diabetes, rapidly developing technology, and increasing geriatric population across the globe has fuelled the growth of the market. However, strict regulations are to be followed by the manufacturer for the development of the devices. Strict regulatory rules and high cost of some of the devices may slow the growth of the market over the assessment period.
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Regional analysis
The Americas accounted for the major share of the market owing to the presence of a huge population of patients suffering from cardiovascular diseases, high healthcare expenditure, well-developed technology, and the presence of the leading players. Furthermore, rising government support for the development of the advanced devices and well-developed healthcare sector has boosted the growth of the cardiovascular application market in the Americas.
Europe accounted for the second largest market for the cardiovascular application, which is followed by Asia Pacific. Increasing prevalence of the cardiovascular diseases, diabetes, and huge healthcare spending are the major driving factors that have boosted the market growth. Additionally, the healthcare expenditure in this region is also rising. People and healthcare organizations in this region are able to afford the high cost of the cardiovascular devices, which is driving the growth of the market. Furthermore, increasing government support and funding for the development and improving treatment have fuelled the growth of the market.
Asia Pacific is the fastest growing cardiovascular application market. Increasing need for better devices, rapidly improving technology, and the presence of huge patient pool is driving the growth of the market in this region. The Middle East & Africa holds the least share of the market owing to the presence of poor and slow developing countries, especially, in the African region. The major driving factors for the growth of the Middle East & African cardiovascular application market are increasing aging population and increasing number of diabetic and cardiovascular patients.
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Segmentation
The global cardiovascular application market has been segmented on the basis of devices and end users. On the basis of the devices, the global cardiovascular application market is segmented into the cardiac pacemaker, defibrillators, monitors, and others. The cardiac monitors are further segmented into resting ECG, ECG monitors, holter monitors, implantable loop recorder, and others. The cardiac pacemaker are further segmented into implantable cardiac pacemaker, and external cardiac pacemaker. Implantable cardiac pacemaker are sub segmented into single-chamber pacemakers, dual-chamber pacemakers, and biventricular pacemakers. The cardiac defibrillator is further categorized into implantable cardioverter defibrillator, and external defibrillator.
On the basis of the end users, the market is segmented into cardiac care centers, ambulatory centers & home care, academic institutes, and others.
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