05-15-2019 05:51 PM CET - Health & Medicine

Cardiovascular Devices Market Overview, Segment Analysis, Growth Opportunities and Forecast to 2024

Press release from: Market Prognosis

The cardiovascular devices market is expected to register a CAGR of 6.3% during the forecast period (2019 - 2024). The increasing incidence of cardiovascular diseases and the growing geriatric population are the most significant factors driving the growth of the cardiovascular devices market.

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According to the American College of Cardiology, cardiovascular disease (CVD) accounted for 800,000 deaths in the United States in 2017 alone. Among Americans, an average of one person dies from cardiovascular disease, every 40 seconds. Coronary heart disease (CHD) accounts for the majority of CVD deaths, followed by stroke and heart failure. According to the European Heart Network, every year, cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). Furthermore, other factors, such as the rapid technological advances, increasing awareness of the population, and high preference for minimally invasive procedures are also supplementing the market growth.

Scope of the Report
The cardiovascular devices market is segmented on the basis of device type and geography. On the basis of device type, the market is segmented into diagnostic and monitoring devices and therapeutic and surgical devices segments. Diagnostic and monitoring devices is further segmented into electrocardiogram (ECG), remote cardiac monitoring, and other diagnostic and monitoring devices. Similarly, therapeutic and surgical devices segment is subdivided into cardiac assist devices, cardiac rhythm management device, catheter, grafts, heart valves, stents, and other therapeutic and surgical devices.

Competitive Landscape
The cardiovascular devices market is consolidated and is highly competitive. The major players have established themselves in specific segments of the market. For example, Medtronic is a leader in cardiac rhythm management. Furthermore, the companies are competing in the emerging regions with global players as well as with established local players. In countries, such as China and Japan, local players control a significant share of the market.

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Key Market Trends
Cardiac Rhythm Management is Registering Significant Growth and ECG Dominated the Diagnostic And Monitoring Segment.
Increasing cardiovascular diseases, such as arrhythmias, stroke, and high blood pressure, are increasing the demand for cardiac rhythm management devices, including pacemakers and implantable defibrillators, globally. On the diagnostic and monitoring front, a new generation of portable and compact ECG is driving its greater adoption, especially in the home healthcare segment. Furthermore, the rising awareness and demand for minimally invasive surgeries are driving the demand for coronary stents.

The United States to Dominate the Market in Terms of Revenue
The United States dominates the cardiovascular devices market, owing to the high prevalence of cardiovascular disease, the high adoption rate of minimally invasive procedures, the presence of reimbursements, rising geriatric population, and the high demand for continuous and home-based monitoring.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
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This release was published on openPR.
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