Global Cardiovascular Application Market Research Report - Forecast to 2023
During the last few years, there is a significant increase in the demand for cardiovascular devices. According to the World Health Organization (WHO), in 2015, over 17.7 million people died from cardiovascular diseases, representing 31% of all global deaths. According to the findings from the WHO, in 2015, 82% of the total deaths occurred were in the low- and middle-income countries. Additionally, according to the Centers for Disease Control and Prevention (2015), over 630,000 Americans die from heart disease each year, which accounts for 1 in every 4 deaths.
Notably, favorable reimbursement is the key factor driving the cardiovascular application market. Favorable reimbursement policies will minimize the financial burden and will significantly drive the growth of the market. The policies suggested by different private insurance companies, cover more than 75% of the cost of the devices and treatment. For instance, under the Medicare plan in the U.S., if the average cost of the single chamber devices is approximately USD 10,000, then USD 7,500 is reimbursed.
Other push factors such as, increasing geriatric population, and rising prevalence of cardiovascular diseases are also propelling the growth of the market. According to the World Population Ageing Report, in 2017, globally there are an estimated 962 million people aged 60 or over, which is 13% of the total global population.
However, the strict regulatory guidelines may hamper the growth of the market. The federal Food and Drug Administration (FDA) regulates all commercial pharmaceutical manufacturing. Cardiovascular devices manufacturers should follow the rules stated by FDA and has to compliance with policies and procedures related to the manufacturing of these devices.
The global cardiovascular application market is expected to reach USD 36730.5 million by 2023 at a CAGR of 7.24% during the forecast period.
On the basis of device, market is segmented into the cardiac monitors, cardiac pacemaker, cardiac defibrillators, and others. The cardiac monitors segment is further classified as Resting ECG, ECG Monitors, Holter Monitors, and Implantable loop Recorder. The cardiac pacemaker segment is further classified as implantable cardiac pacemaker, and external cardiac pacemaker. The cardiac defibrillators segment is further classified as implantable cardioverter defibrillator, and external defibrillator. The cardiac defibrillators segment accounted for the largest market share of 41.3% during the forecast period.
On the basis of end user, market is segmented into hospitals & clinics, cardiac care centers, ambulatory centers & home care, academic institutes, and others. The hospitals & clinics market is expected to grow at a CAGR of 7.43% from 2017 to 2023.
On the basis of regions, the market is segmented into Americas, Europe, Asia-Pacific and the Middle East & Africa. Americas captured a largest market share of around 39.6% in 2016 globally.
Abbott, General Electric Company, Medtronic, Boston Scientific Corporation, KONINKLIJKE PHILIPS N.V., Terumo, Stryker Corporation, Edwards Lifesciences, Allergan Inc., Smith & Nephew plc , CR Bard Inc., Sonova Holdings, and Dragerwerk AG & Co. KGa.
• To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global cardiovascular application market
• To provide insights about factors influencing and affecting the market growth
• To provide historical and forecast revenue of the market segments and sub-segments with respect to countries
• To provide historical and forecast revenue of the market segments based on product, type, end user, and regions for the global cardiovascular application market.
• To provide strategic profiling of key players in the market, and comprehensively analysing their market share, core competencies, and drawing a competitive landscape for the market
• To provide economic factors that influences the global cardiovascular application market
• To provide detailed analysis of the value chain and supply chain of the global cardiovascular application market
• Cardiovascular device manufacturers
• Cardiovascular device Suppliers
• Cardiovascular device Distributors
• Medical Device companies
• Research and Development (R&D) Companies
• Medical Research Laboratories
• Academic Medical Institutes and Universities
• Americas accounted for the largest market share in the global cardiovascular device market, USD 8215.3 million in 2016 and expected to reach by USD 14006.6 million by 2023 at a fastest CAGR of 6.75%
• Cardiac Pacemaker is the fastest growing segment with a CAGR of and 7.63% in the global cardiovascular application market, by device
• Ambulatory centres & home care segment is growing at a CAGR of 7.71% in the global cardiovascular application market, by product
The reports also covers regional analysis
Rest of Europe
• Asia Pacific
Republic of Korea
Rest of Asia-Pacific
• Middle East & Africa