Cardiovascular Application Market | Top Key Players are Stryker Corporation, Abbott, Medtronic, CR Bard Inc., Boston Scientific Corporation, Smith & Nephew plc, Sonova Holdings, General Electric Company, Koninklijke Philips N.V

Cardiovascular devices are used in the treatment, mitigation and diagnosis of cardiovascular disorders and diseases. The market for cardiovascular application is anticipated to generate a stable CAGR growth of 7.24% and is expected to reach USD 36730.5 million by during the forecast period of 2023.

The explosive growth of cardiovascular diseases and disorders is the critical driver of the market. According to the World Health Organization estimates, in 2015 alone over 17.7 million people representing 31% of all global deaths expired due to complications arising due to cardiovascular diseases. The World Health Organization further states that 82% of the total deaths occurred were in the low- and middle-income countries. Additionally the Centers for Disease Control and Prevention have stated that in 2015, over 630,000 Americans died from heart disease related issues, resulting in 1 in every 4 deaths.

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Other drivers of the market are favorable reimbursement policies, increasing prevalence of cardiovascular diseases and increasing healthcare expenditure are constraining the market. The growth in risk factors such as increasing geriatric and diabetes population, sedentary lifestyles, high intake of fat rich foods and others are indirectly driving the market. In the latest study conducted by World Health Organization approximately 422 million people suffered from diabetes in 2015. As per the National Diabetes Statistics Report suggested by Centres for Disease Control and Prevention, it is found that 9.4% of the U.S. population i.e. 30.3 million people had diabetes in 2015.

Key Players in the Global cardiovascular Application Market:

Stryker Corporation, Abbott, Medtronic, CR Bard Inc., Boston Scientific Corporation, Smith & Nephew plc, Sonova Holdings, General Electric Company, Koninklijke Philips N.V., Terumo, Edwards Lifesciences, Allergan Inc., and Dragerwerk AG & Co. KGa.

Restraints

However the growing stringency of FDA regulations and uncertainty of healthcare policies in the U.S are major constrains on the market. The poor per capita income of the underdeveloped economies of the world, and the poor healthcare expenditure are dragging the market.

Segments of Cardiovascular Application Market:

Devices – defibrillators (implantable cardioverter defibrillator, and external defibrillator), cardiac pacemaker, monitors (resting ECG, ECG monitors, Holter monitors, implantable loop recorder, others) and others. The cardiovascular application market by devices is dominated by the cardiac monitors.

Cardiac pacemaker - implantable cardiac pacemaker (single-chamber pacemakers, dual-chamber pacemakers, and biventricular pacemakers) and external cardiac pacemaker

End users - cardiac care centers, ambulatory centers & home care, academic institutes, and others

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Regional analysis of Cardiovascular Application Market:

The Americas dominated the market due to huge cardiovascular patient’s population, high healthcare expenditure, faster uptake of technology, and the presence of the leading players. The U.S. and the Canada dominate Americas market.

Europe accounted for the second largest market led by Germany, France and Russia. The deteriorating healthcare conditions in Russia followed by the rising consumption of alcohol are driving the Russian market.

Asia Pacific is expected to be the fastest growing cardiovascular application market driven by the growing patient’s pool, transition of the economic and social conditions and developing economies of China and India. However it has to be noted that the Asian countries are staple rice and fish eaters which acts as a natural constraint on the market. Thus japan despite possessing the characteristics of developed economies has some of the lowest rates for cardiovascular diseases.

The Middle East & Africa holds the least share of the market owing to the poor share of fat and sugar rich diets especially in the African region.

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