The global cardiovascular devices market size is prognosticated to reachUSD 82.20 billion by 2026 on account of the increasing cases of cardiovascular diseases such as coronary artery disease, heart failure, congenital heart disease, heart attack, cardiomyopathy, and others. The increasing geriatric population and their vulnerability towards various chronic diseases, especially heart diseases is a major factor propelling the cardiovascular devices market growth. This information is published in a recent report by Fortune Business insights™ titled,“Cardiovascular Devices Market Size, Share and Global Trend By Device Type (Diagnostic and Monitoring Devices, and Therapeutic and Surgical Devices), By Application (Coronary Artery Disease (CAD), Cardiac Arrhythmia, Heart Failure, and Others), By End User (Hospitals, Specialty Clinics, and Others), and Geography Forecast till 2026.”According to the report, the market size was USD 49.90 billion in 2018 and is projected to rise at a CAGR of 6.4% between 2019 and 2026.
An Overview of the Impact of COVID-19 on this Market:
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Major Growth Drivers:
Rising Prevalence of Cardiovascular Diseases to Boost Market
The most important factor driving the market is the increasing prevalence of cardiovascular diseases. This, coupled with the advent of advanced technological diagnostics for the diagnosis of heart diseases, is creating lucrative growth opportunities. Besides this, the increasing awareness and initiatives taken by regional governments are expected to propel the cardiovascular devices market growth. Additionally, major investments are made to cater to the rising demand for cardiovascular surgical devices, and this will help the market gain momentum in the forecast period.
However, the market may be negatively impacted by the inability of vendors to invest in research and development of cardiovascular systems following its inefficiency with reimbursement models. Nevertheless, the advent of advanced safety and remote monitoring in the latest devices is likely to create lucrative growth opportunities for the market in the long run.
Regional Analysis
Presence of Major Vendors Strengthening North America Market Share
Geographically, the global cardiovascular devices market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is holding the major cardiovascular devices market share, followed by Europe. This is on account of the presence of major manufacturers in Canada and the U.S. On the other side, the market in Asia Pacific is likely to earn significant cardiovascular device market revenue on account of the rise in prevalence of cardiovascular diseases and the regulatory scenario of the market. To cite an example, the government of India confirmed a reduction in stent prices as compared to the international market such as the U.S. Such steps taken by the regional governments will help Asia Pacific market witness steady growth in the forthcoming years.
