Cardiovascular Devices Market 2021 | Growth drivers and geographic analysis to 2027
Cardiovascular devices market size will experience high growth during the forecast period owing to the rising demand for minimally invasive procedures.
Delaware , United States – July 23, 2021 /MarketersMedia/ —
Increasing pervasiveness of cardiological disorders across the globe on account of rising adoption of unhealthy lifestyle and dietary habits has significantly increased the demand for cardiovascular procedures and devices. In addition, growing elderly population worldwide who are susceptible to coronary heart diseases, strokes and sudden heart attack is another prominent factor impelling the demand for cardiovascular medical devices. Considering the elevating product demand, cardiovascular devices market is estimated to witness a commendable growth over the coming years. Besides, better outcomes, higher success rates and patient satisfaction associated with the application of advanced cardiovascular instruments is significantly contributing towards the market growth.
According to Global Market Insights Inc., cardiovascular devices market size is projected to surpass USD 10 billion by 2027, on the grounds of the below mentioned trends:
Technological advancements in cardiovascular devices
Along with huge patient population, technological advancements and new product development in cardiovascular devices is providing lucrative growth prospects for the cardiovascular devices market. For offering higher efficiency and effective treatment to patients, several industry players are focusing on developing advanced products in order to drive customer preference towards minimally invasive cardiovascular procedures. For instance, in 2020, Boston Scientific Corporation announced that its next-generation left atrial appendage closure device- WATCHMAN FLX received the U.S. FDA approval. According to the company this device has been designed for reducing the risk of stroke in the patients with non-valvular atrial fibrillation.
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Strategic initiatives by prominent industry players
Several industry players operating in cardiovascular devices market are implementing various strategies such as product development and partnerships to strengthen their market presence. Citing an instance, in 2019, Abbott announced that its TactiCath sensor-enabled ablation catheter received FDA approval. This approval apparently helped the company increase its customer base in the U.S. and strengthened its geographical footprint. Further, in 2020, the company announced the launch of two new offerings, i.e., implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator (CRT-D) devices for treating abnormal heart rhythms and heart failure.
Growing popularity of Endoscopic vessel harvesting (EVH) systems
Higher preference for endoscopic vessel (EVH) systems is majorly attributed to the rising demand for minimum invasive approach for coronary artery bypass grafting (CABG) procedure. As per the Centers for Disease Control and Prevention report, over 18.2 million adults in the U.S. suffered from coronary artery disease leading to around 360,000 deaths in 2017. Besides, technological advancements in EVH systems has led to their increased adoption during CABG. On account of higher demand, endoscopic vessel harvesting systems segment recorded a substantial valuation of over USD 400 million in 2020 and is expected to grow exponentially over the coming years.
Rising demand across ambulatory surgical centers
Ambulatory surgical centers (ASCs) are reporting higher number of cardiovascular procedures from past few years owing to the supportive reimbursement scenario in these healthcare settings for the surgical procedures. For instance, in 2018, the Centers for Medicare & Medicaid Services approved addition of 17 more procedures related to cardiac catheterization to its list of Medicare-covered ASC procedures for 2019. Apart from this, lower duration of stay, convenient environment, availability of highly efficient facilities and lower cost are some of the factors due to which ASCs have higher patient preference. Considering these factors, ambulatory surgical centers (ASCs) segment is expected to observe a robust CAGR of 16.7% through 2027.
Increasing healthcare infrastructure development in Germany
Increasing economic growth in Germany has encouraged infrastructure development activities in healthcare sector. This has further increased the adoption of high-end technologies and advanced devices across healthcare facilities. Besides, rising incidences of cardiovascular devices coupled with growing geriatric population in the country is fueling the product demand further. Leading market players in the country are also continuously focusing on product development, which is playing a crucial role in strengthening the business space of cardiovascular devices market in Germany. According to the report, Germany industry is estimated to witness a significant CAGR of 16.9% through 2027.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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