Cardiovascular disorders have been the most important cause of mortality globally, and this has fuelled the technological developments in the market for cardiovascular devices. These disorders a...
Cardiovascular disorders have been the most important cause of mortality globally, and this has fuelled the technological developments in the market for cardiovascular devices. These disorders are more common in the developed countries, although they are rapidly growing in developing economies too. Rising incidences of tobacco smoking (leading to coronary heart disease or cerebrovascular disease), increased levels of LDL cholesterol, hypertension, diabetes, and obesity, have led to high demand for cardiovascular devices used in treating these conditions. The cardiovascular devices sector, therefore, represents one of the largest and fast growing markets in the medical devices industry, in terms of revenues as well as developments. Major market segments include Cardiac Rhythm Management Devices, Interventional Cardiac Devices, Cardiac Monitoring and Diagnostic Devices, Peripheral Vascular Devices, Electrophysiology Devices, Cardiovascular Prosthetic Devices, and Cardiopulmonary Surgical Equipments and Devices (Oxygenator, Heart-Lung Machines, Beating Heart Surgery Systems, Mechanical Heart Valve, Tissue Heart Valve, and Ventricular Assist Devices). Oxygenators alone form one of the biggest sub segments of this market.
The market has been experiencing continued growth in terms of usage and sale, mainly due to the growing patient populations, early disease diagnosis, and early initiation of drug therapy. Owing to the advancements in technology, enhanced therapies and solutions have been introduced into the market, which utilize hi-tech devices that enable more efficient diagnosis and treatment of diseases. Also, due to stiff competition, manufacturers are being forced to introduce newer devices with improved delivery, design, and conformance. As new technologies evolve, there will be significant changes in the market shares for many of the product segments. Innovation is, therefore, a key factor contributing greatly to the growth of this market. Some prominent discoveries in this area include tissue valves, drug eluting coronary stents, and use of biocompatible and bio-absorbable materials in implants.
Increased occurrence of diseases, congenital defects, and the generalized degradation of cardiological functions has been on a rise globally, authenticating the need for continued growth of the cardiovascular surgery and devices market. Ageing populations, increasing obesity, poor nutrition, and other heart health stress factors are largely contributing to this growth. The US represents the largest regional market for cardiovascular devices globally, while Europe follows in the second place. Emerging economies like India, China, Brazil, and Russia are expected to record growth due to the increased incidence of disorders in these regions which in turn has led to increased demand for devices and surgical equipments. Key players in this highly concentrated market include Medtronic Inc., Boston Scientific Corporation, Terumo Corporation, Cordis Corporation, St. Jude Medical Inc., Abbott Laboratories, Philips Healthcare Ltd., Sorin Group, JW Medical Systems Ltd., and C.R. Bard Inc., amongst others.