Cardiovascular applications include devices and equipment used in diagnosing, monitoring, and treatment of cardiovascular diseases. The increasing number of patients diagnosed with cardiovascular diseases is a definite growth enabler of these devices. The global cardiovascular application market report by Market Research Future (MRFR) highlights several trends and opportunities for end-users for the period of 2018 to 2023 (forecast period).
The global cardiovascular application market Growth size can touch a value of USD 36,730.5 million by 2023. It can display a CAGR of 7.24% over the forecast period. Rising prevalence of cardiovascular diseases, the large vulnerable geriatric populace, and reimbursement policies are major drivers of the market. According to the World Health Organization (WHO), close to 17.7 million patients have died from cardiovascular diseases (CVDs). This can culminate in a spike in the demand for cardiovascular devices. Rise in cases of obesity can also act as a precursor to CVDs and spur market demand.
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Government efforts to reduce hospital acquired infections (HAIs) is expected to fuel market demand exponentially. It can result in the demand for diagnostic and monitoring devices. Adoption of remote patient monitoring and home healthcare are likely to spike the demand in home care centers and home settings. Rapid urbanization has led to the migration of various patients to cities, whose sedentary lifestyle has contributed to CVDs. Diagnostic devices and monitoring devices can make up for maximum sales of the cardiovascular application market owing to the need for devices for rapid diagnosis of diseases at an early stage.
However, strict regulations pertaining to their approval can impede market growth.
The global cardiovascular application market has been segmented into device, end user, and region. By device, the market has been segmented into cardiac monitors, cardiac pacemakers, and cardiac defibrillators. Cardiac monitors accounted for a market value of USD 6131.7 million in 2018.
Based on end user, the market has been divided into hospitals, cardiac care centers, ambulatory centers & home care, and academic centers.
The global cardiovascular application market covers the regions of the Europe, Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas accounted for a major market share owing to high healthcare spending, large number of cases of CVDs, and well-developed technology. The strong economic growth of the U.S. and Canada as well as the breakthroughs in medical devices can fuel the regional cardiovascular devices market. Adoption of home healthcare devices and rise of telemedicine are drivers of the market.
Europe accounted for the second-largest market share owing to a well-developed economy, healthcare budget, and increasing number of cases of obesity and diabetes. According to the World Health Organization (WHO), CVDs accounted for 46 times the mortality rates of citizens in comparison to tuberculosis, malaria, and AIDS. Digital platform which encourage home monitoring of patients with CVDs can bode well for the market.
APAC can exhibit the fastest growth rate during the forecast period owing to a large patient pool, improving technology, and need for advanced diagnostic devices. The geriatric population as well as allocation of funds in the corpus of healthcare budget of countries is factors which can influence the market. Rise in medical tourism as well as affordable surgeries and procedures conducted at affordable rates can drive the demand for these devices. Initiatives to modernize healthcare infrastructure and demand for advanced healthcare facilities are other drivers of the market.
Koninklijke Philips NV, GENERAL ELECTRIC, Boston Scientific Corporation, Abbott, Stryker, Terumo Corporation, and Medtronic are major players of the global cardiovascular application market. Acquisitions, novel product launches, and innovational breakthroughs are strategies being implemented by players to gain the edge in the market.
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