The cardiovascular devices market is expected to grow from US$ 48,106. 47 million in 2021 to US$ 76,526. 68 million in 2028; it is estimated to grow at a CAGR of 6. 9% from 2021 to 2028. The growth of the market is due to the increasing prevalence of cardiovascular diseases and the rising number of product launches & approvals.
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However, the high cost of products and procedures is expected to restrict the market growth during the forecast period. Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality globally. CVDs are disorders of the heart and blood vessels and lead to several medical conditions, such as cerebrovascular disease, coronary heart disease, and rheumatic heart disease. A few of the major lifestyle factors that lead to CVDs and difficulties are tobacco use, unhealthy diet, and physical inactivity, which increases the risk of heart attacks and strokes. .
The comparative company analysis evaluates and categorizes the cardiovascular devices market based on product portfolio (product satisfaction, product features, and availability), recent market developments (merger & acquisition, new product launch & enhancement, investment & funding, award, agreement, collaboration, & partnership, recognition, and expansion) and geographic presence that aids businesses in better decision making and understanding the competitive landscape. The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the global cardiovascular devices market, including Boston Scientific Corporation; Medtronic; GE Healthcare; Koninklijke Philips N.V.; Siemen Healthineers; Abbott; Johnson and Johnson Services, Inc.; B. Braun Melsungen; BD; and Edwards Lifesciences Corporation.
The key company initiating a distinct growth strategy will have a high potential to grow the global cardiovascular devices market.The above data signifies the recent development activities and the presence of robust companies in their respective field.
Competitive growth strategies in terms of markets help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects.It represents continuous merger and acquisition strategy, geographical expansion, research and development, and optimal or advantageous suitability for adopting new product launch strategies for further business expansion and growth during the forecast period.
This graph provides the depth and breadth of the vendor’s and one of the key understandings while developing the global cardiovascular devices market penetration strategies.
• Abbott announced its plan to acquire Cephea Valve Technologies, Inc. The acquisition is likely to strengthen Abbott’s structural heart portfolio.
• Boston Scientific launched the Resonate family of implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems featuring the HeartLogic Heart Failure Diagnostic. The new devices possess SmartCRT Technology and EnduraLife Battery Technology to improve patient management through personalized care.
Thus, start-ups are contributing significantly to the cardiovascular devices market growth.
Based on device, the global cardiovascular devices market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others.In 2021, the event monitor segment held the largest share of the market.
However, the electrocardiography (ECG) segment of the cardiovascular devices market is also expected to grow at the highest CAGR of 8.0% during 2021-2028. Based on application, the cardiovascular devices market is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. In 2021, the coronary heart disease segment held the largest share of the market. However, the stroke segment is expected to grow at the highest rate during the forecast period owing to rising aneurysms among patients. Based on end user, the cardiovascular devices market is segmented into hospitals, cardiac centers, and ambulatory centers. In 2021, the hospitals segment held the largest share of the market. Furthermore, the hospitals segment is also expected to grow at the highest rate during the coming years due to its advantages.
Various organic and inorganic strategies are adopted by companies operating in the cardiovascular devices market.The organic strategies mainly include product launches and product approvals.
Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships.These growth strategies have allowed the cardiovascular devices market players to expand their business, enhance their geographic presence, and contribute to the overall market growth.
Further, growth strategies such as acquisitions and partnerships helped strengthen their customer base and extend their product portfolios. A few of the significant developments by key players in the cardiovascular devices market are listed below.
In January 2021, Medtronic plc announced the launch of its MyCareLink Heartmobile app to support the world’s first and only portfolio of pacemakers that can communicate directly with patients’ smartphones and tablets.It is compatible with Medtronic BlueSync technology-enabled pacemakers.
The MyCareLink Heart mobile app is designed to securely and wirelessly send device data to the Medtronic CareLink network via smart technology, eliminating the need for a dedicated bedside monitor or other remote monitoring hardware.
In June 2021, Abbott announced the US launch of Jot Dx, the company’s latest insertable cardiac monitor (ICM). Jot Dx ICM is supported by SyncUP, a personalized service that delivers one-on-one training and education to help patients connect and stay connected to their ICM.
In September 2021, Abbott announced that it has planned to acquire Cephea Valve Technologies, Inc. The acquisition is likely to strengthen Abbott’s structural heart portfolio.
In January 2022, Medtronic announced that it would acquire cardiac mapping and ablation technology developer Affera. The company expects the transaction to close in the first half of 2023.
In February 2022, Abbott announced that the US Food and Drug Administration (FDA) had approved an expanded indication for the company’s CardioMEMS HF System to support the care of more people living with heart failure. The sensor provides an early warning system enabling doctors to protect against worsening heart failure.
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