Selbyville, Delaware, According to the research report titled ‘Global Cardiovascular Devices Market Size study, by Product Type, by Application, by End-User and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global cardiovascular devices market was valued at USD 43 billion in 2019 and is expected to grow with a CAGR of 7% during 2020-2027.
Physical inactivity among huge proportion of population, tobacco consumption, and unhealthy eating habits are key causes of heart-related disorders. High cholesterol levels, increased blood pressure, and diabetes can also lead to heart failures. Growing incidences of cardiovascular diseases and patient preference for minimally invasive surgeries are driving the growth of global cardiovascular devices market.
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Cardiovascular diseases are related to the heart and blood vessels of human beings which include cerebrovascular disease, rheumatic heart disease, coronary heart disease and others. These ailments are the major reason for morbidity and mortality worldwide. Escalating demand for cardiovascular devices to treat and diagnose various heart diseases and related health conditions is augmenting the market outlook.
Increasing prevalence of COVID-19 has surged the demand for cardiovascular devices and other essential medical equipment to reduce the spread of infection and provide optimum care to the patients, thereby stimulating the market growth. However, strict regulations for product approval and high cost of maintenance & deployment of the devices are restraining cardiovascular device market growth.
Based on product type, global cardiovascular devices market is segmented into diagnostic & monitoring devices and surgical devices. With regards to application spectrum, the industry is bifurcated into sudden cardiac arrest, cerebrovascular heart disease, stroke, coronary heart disease, and others. With respect to the end-user scope, the market is divided into ambulatory surgical centers, cardiac diagnostic centers, and hospital.
Key players operating in global cardiovascular devices market size include B. Braun Melsungen AG, Becton, Dickinson and Company, Boston Scientific Corporation, Abbott Laboratories, St. Jude Medical, Edwards Lifesciences, Medtronic plc, Cook Medical Inc., Cardinal Health Inc., and Terumo Cardiovascular Systems Corporation.
Regionally, global cardiovascular devices market in North America is reckoned to garner substantial revenues during 2020-2027, mainly due to extensive adoption of sophisticated surgical treatments, growing cases of CVDs, and presence of many medical device manufacturers in the region.
Meanwhile, Asia-Pacific cardiovascular devices market size is projected to witness highest growth rate during 2020-2027, owing to sedentary lifestyle, unhealthy dietary habits, growing geriatric population, and rising incidences of cardiac arrest in the region.
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