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The cardiovascular medical devices market share is expected to increase by USD 24.51 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.92%.
This cardiovascular medical devices market research report will help companies evaluate their business approaches. Furthermore, this report extensively covers cardiovascular medical devices market segmentation by product (diagnostic and monitoring systems and surgical devices) and geography (North America, Europe, Asia, and ROW). The cardiovascular medical devices market report also offers information on several market vendors, including Abbott Laboratories, BIOTRONIK SE, and Co. KG, Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Edwards Lifesciences Corp., General Electric Co., Medtronic Plc, Siemens AG, and W. L. Gore & Associates Inc. among others.
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The rising incidence of cardiac diseases and growth of insurance providers is notably driving the cardiovascular medical devices market growth, although factors such as the high cost of cardiovascular procedures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cardiovascular medical devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cardiovascular Medical Devices Market Driver
The rising incidence of cardiac diseases and the growth of insurance providers are some of the key drivers for supporting cardiovascular medical devices' market growth. The incidence of heart diseases is increasing in developed as well as developing countries. The prevalence of heart valve diseases is also rising due to the increased life expectancy in the elderly population. It is one of the most serious and common valve diseases and is likely to increase with advancing age. Thus, the growing prevalence of heart valve diseases such as CHD, aortic stenosis, and mitral heart valve diseases is likely to increase the demand for heart disease treatment devices, including cardiovascular medical devices. Such an increase in heart valve diseases will drive market growth during the forecast period.
Key Cardiovascular Medical Devices Market Trend
Business strategies to emerge in the market is another factor contributing to the cardiovascular medical devices market growth. For instance, Stryker reprocesses single-use medical devices such as cardiovascular diagnostic catheters through its department named Stryker Sustainability Solutions. Though reprocessed single-use cardiovascular medical devices can raise questions on their medical safety, the products are processed and sterilized in such a way, which decreases the chances of infection. Reprocessing of single-use cardiovascular medical devices can help to reduce the cost burden on hospitals, which also helps to reduce the cardiovascular procedure cost. Both patients and end-users (hospitals and clinics) can benefit from it. Thus, such business strategies may drive market growth during the forecast period.
Key Cardiovascular Medical Devices Market Challenge
The high cost of cardiovascular procedures is hindering the cardiovascular medical devices market growth. To insert the balloon catheter along with the stent, the cardiologist widens the arteries. An embolic protection device is used to close the artery after the procedure is done. The estimated cost associated with stenting ranges between $12,000 and $38,000, which includes the cost of products and procedures. In such cases, the estimated cost of the stents will be around $2,000-$4,000. These devices do not have a proper reimbursement, restricting people from undergoing stenting, as they need to pay from out-of-pocket for the overall expenses. Hence, the high cost of devices leads people to opt for alternatives such as therapeutic drugs for treating embolism which is limiting the cardiovascular medical devices market growth.
This cardiovascular medical devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the cardiovascular medical devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cardiovascular medical devices market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cardiovascular medical devices market encompasses successful business strategies deployed by the key vendors. The cardiovascular medical devices market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cardiovascular medical devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cardiovascular medical devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the healthcare equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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38% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for cardiovascular medical devices market in North America. Market growth in this region will be faster than the growth of the market in ROW.
The increasing number of interventional cardiovascular cases to monitor and reduce CVDs will facilitate the cardiovascular medical devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
the pandemic also led to an increase in the use of e-commerce channels, which, in turn, led to a rise in the demand for cardiovascular medical devices through online channels. Thus, the market in North America witnessed a mixed impact in 2020 and Q1 2021 to some extent. Like many other pharmaceutical products, cardiovascular medical devices were made available to the public through both online and offline channels. Owing to these factors, the regional market will register growth during the forecast period.
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The cardiovascular medical devices market share growth by the diagnostic and monitoring systems segment will be significant during the forecast period. The significant increase in the number of cardiac ablation cases will drive the market growth through this segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cardiovascular medical devices market size and actionable market insights on post COVID-19 impact on each segment.
Cardiovascular Medical Devices Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.92% |
Market growth 2022-2026 |
$ 24.51 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.99 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, Canada, Germany, China, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abbott Laboratories, BIOTRONIK SE and Co. KG, Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Edwards Lifesciences Corp., General Electric Co., Medtronic Plc, Siemens AG, and W. L. Gore & Associates Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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