Global Cardiovascular Devices Market Trends And Strategies Of Major Players In The Cardiovascular Devices Market 2020
15 Dec, 2020
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The global cardiovascular devices market is expected to decline from $53.6 billion in 2019 to $44 billion in 2020 at a compound annual growth rate (CAGR) of -18%. The decline is mainly because of the lockdown measures due to the COVID-19 outbreak. The decrease in the demand for cardiovascular devices due to decreased number of cardiac surgeries for reasons such as re-scheduling of surgeries, cancellations and no-show by patients, coupled with the restrictions by government and health authorities to shutdown factories manufacturing these devices to contain the spread of virus and keep the staff safe, contribute to this decline. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $69.3 billion in 2023.
The cardiovascular devices (or) equipment market consists of sales of cardiovascular devices and related services by entities (organizations, sole traders and partnerships) that produce cardiovascular devices used in diagnosing and treating cardiovascular diseases. This industry includes establishments that produce devices such as cardiovascular surgery devices, cardiac rhythm management (CRM) devices, interventional cardiology devices, peripheral vascular devices, electrophysiology devices and other devices used in cardiovascular surgeries, treating arrhythmia and other cardiovascular diseases.
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The global cardiovascular devices market is further segmented based on type, end-user, type of expenditure, product and geography.
By Type: Cardiovascular Surgery Devices And Equipment, Cardiac Rhythm Management (CRM) Devices And Equipment, Interventional Cardiology Devices And Equipment, Defibrillator Devices And Equipment, Peripheral Vascular Devices And Equipment, Prosthetic Heart Valve Devices And Equipment, Electrophysiology Devices And Equipment, Cardiac Assist Devices And Equipment.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
By Geography: The global cardiovascular devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American cardiovascular devices market accounts for the largest share of 37% in the global cardiovascular devices market 2019.
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Trends In The Cardiovascular Devices Market
Demand for minimally-invasive cardiac surgeries is increasing as they are less disruptive and traumatic for the human body, and result in less post-surgical recovery time and improved efficiency. These techniques may be suitable for certain procedures involving the heart valves and certain types of routine bypass surgeries.
Cardiovascular Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides cardiovascular devices market overviews, analyzes and forecasts market size and growth for the global cardiovascular devices market, cardiovascular devices market share, cardiovascular devices market players, cardiovascular devices market segments and geographies, cardiovascular devices market’s leading competitors’ revenues, profiles and market shares. The cardiovascular devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.