Cardiovascular Application Market is Projected to Grow USD 36730.5 Million By 2023

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 command a major share of the market owing to the huge patient population suffering from diseases like cardiovascular diseases & diabetes, increasing demand of the advanced devices, and strong government support. Additionally, availability of funds and rising geriatric population is expected to fuel the growth of the market. Europe accounts for the second largest market across the globe, which is followed by Asia Pacific. Strong government support, availability of funds for research, and high healthcare expenditure is driving the growth of the market. Asia Pacific is the fastest growing market owing to increasing need for better devices, rapidly improving technology, and the presence of huge patient pool. China, and India are the key contributors to the market. Additionally, increasing government support, and presence of huge opportunity have fuelled the growth of the market in Asia Pacific.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition in the African region. The Middle East holds the major share in the market in this region owing to a well-developed economy, whereas, African region is expecting a healthy growth due to the presence of huge opportunity in the market growth.

Key Players
Some of the major players in this market are Abbott (U.S.), General Electric Company (U.S.), Medtronic (Ireland), Boston Scientific Corporation (U.S.), KONINKLIJKE PHILIPS N.V. (The Netherlands), Terumo (Japan), Stryker Corporation (U.S.), Edwards Lifesciences (U.S.), Allergan Inc. (U.S.), Smith & Nephew plc (U.K), CR Bard Inc. (U.S.), Sonova Holdings (Switzerland), and Dragerwerk AG & Co. KGa (Germany)

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Key Findings:
• The global cardiovascular application market is growing at a growth rate of 7.24% during the forecast period 2017-2023. Increasing prevalence of the cardiovascular diseases, increasing geriatric population, and technological advances are some of the major factors responsible for market growth
• The market is categorized into number of different cardiovascular devices. The category of cardiac monitors holds the major share in the market.
• General Electric Company, Koninklijke Philips N.V, Abbott, and Medtronic are some of the prominent market players in the cardiovascular application market
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 subsegmented 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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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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