Product ID: SQMIG35E2016
Global Cardiovascular Devices Market Size, Share, Growth Analysis, By Device(Diagnostic, Monitoring Devices), By Application(Coronary Artery Disease, Cardiac Arrhythmia), By End user(Hospitals, Specialty Clinics) - Industry Forecast 2024-2031
Report ID:
SQMIG35E2016 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
91 |
Figures:
76
Global Cardiovascular Devices Market Dynamics
Cardiovascular Devices Market Driver
- Rise in the Prevalence of Cardiovascular Diseases to Boost the Global Market
- Regarding cost and use of medical services, heart disease is becoming more and more common in patients. One of the main factors driving the market expansion is the increase in the incidence of chronic cardiovascular disorders such heart failure and coronary artery disease (CAD). Coronary or cardiac stents are among the most important cardiovascular devices. These devices aid in the treatment of cardiac illnesses that pose a serious risk to life, including heart attacks, coronary heart disease, atrial fibrillation, and the widening of clogged arteries. The global need for cutting-edge heart devices is increased by the prevalence of cardiac illnesses. According to estimates from the Centers for Disease Control and Prevention (CDC), cardiovascular diseases remain the main cause of death in the U.S. region in 2019, accounting for an estimated 1 in 4 fatalities annually. The World Health Organization estimates that cardiac disorders are responsible for 17.9 million annual fatalities. Additionally, the rapid increase in new device approvals by regulatory bodies also contributes significantly to the market's expansion. The market during the projected period will likely be influenced by a number of public policy measures designed to increase the availability of cardiovascular devices to a wide population in developing regions.
Cardiovascular Devices Market Restraint
- Increasing Barriers in R&D Activities to Restrict Market Growth
- A robust R&D environment is a limitation in the development of novel and technologically improved cardiovascular devices. Due to the inefficient procedures inside the reimbursement models, a number of significant firms are concentrating on their ability to invest in futuristic R&D programmes related to cardiac devices. For instance, manufacturers may be less tempted to create new goods or even to introduce sophisticated cardiac devices with high prices in places where price limitations on life-saving stents are advocated. Rigid regulatory rules are one of the factors restricting the industry, in addition to obstacles in R&D programmes in this market. Without following regulatory requirements, the leading companies' innovative products cannot be released in the market for commercial usage, costing manufacturers a sizable amount of money. As an illustration, the US FDA reported that Abbott recalled its NC Traveler RX Coronary Dilatation Catheters because the balloons were failing to deflate as they should. Such restrictions could slow the cardiovascular devices market expansion.
Global Cardiovascular Devices Market Report Snapshots
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