Cardiac Medical Device Market Overview
Over the years, medical technology has improved in various segments of patient care, and health diagnosis and treatments have also improved. As per the Centres of Disease Control and Prevention (CDC), the mortality rate of heart attacks has decreased from approximately 345.2 per 100,000 in 1980 to 186 per 100,000 in 2000. One of the major value creators for medical device companies has been the technological advancements. Cardiac medical devices have seen a drastic change over the years as a result of the technological advancements. Cardiac medical devices are used to diagnose and treat heart anomalies. According to the America Heart Association (2015), approximately 86 million people suffered from cardiac diseases in the U.S. The cardiac medical device market is expected to flourish globally as there is a shift in the healthcare industry towards value-based healthcare.
Cardiac Diseases: Global Outlook
Cardiac diseases are the number one cause of deaths globally. More people die from diseases and ailments related to the heart, than any other disease or ailments. Cardiac diseases can be classified into the following:- coronary heart disease (disease of blood vessels supplying the heart muscles), cerebrovascular disease (disease of the blood vessels supplying the brain), peripheral arterial disease (disease of the blood vessels supplying the arms and legs), rheumatic heart disease (damage to the heart muscle and heart valves from rheumatic fever), congenital heart disease (malformations of heart structure existing at birth), deep vein thrombosis and pulmonary embolism (blood clots in the veins which can dislodge and move to the heart and lungs). The most common causes of cardiac-related ailments are unhealthy diet, physical inactivity, tobacco use, alcohol abuse and old age.
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Drivers and Restrains of the Global Cardiac Medical Device Market
A large number of people die annually from cardiac diseases compared to any other medical condition. It is the number one cause of deaths globally. The growing prevalence of cardiac, disorders, ailments, diseases, unhealthy lifestyle and the growing geriatric population worldwide are factors fueling the growth of the global cardiac medical device market. Hospitals are promoting home healthcare systems and remote patient monitoring systems due to various governmental regulations and patient requirements, which is expected to trigger the growth of the cardiac medical device market.
However, high maintenance cost and stringent regulatory product approval procedures are some of the factors hindering the growth of cardiac medical device market.
Regional Outlook
North America dominates in the global cardiac medical device market due to rising awareness and high adoption of advanced cardiac surgical treatments. Moreover, the adoption of home healthcare devices as a result of government regulations have forced the hospitals for readmissions, which is expected to propel the demand for cardiac diagnostic and monitoring devices. Japan and China are the fast-growing regions in the global cardiac medical device market after North America. China is estimated to have the largest geriatric population. This increases the prevalence of cardiac disease in the region, hence, having a positive impact on the growth of Cardiac Medical Device market. Asia Pacific is expected to be one of the fast-growing markets due to major steps being taken in the healthcare sector by various governments.
Key Players
- Examples of some of the key players in the cardiac medical device market are
- Medtronic
- Jude Medical
- Abbott
- Johnson & Johnson
- Boston Scientific Corporation
- Biotronik
- Terumo Cardiovascular Systems Corporation
- Liva Nova
- CR Bard
- Cardinal Health Inc
- Becton Dickson Company
- Cook Medical.
The global cardiac medical devices market is highly fragmented and competitive with various local competitors competing with international organizations. The international players are adopting various strategies and to expand their customer base and to maintain market presence.
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Research Methodology
FMI utilizes a triangulation methodology that is primarily based on experimental techniques such as patient-level data, number of procedures and capital equipment install base to obtain precise market estimations and insights on various medical devices and medical technology. Bottom-up approach is always used to obtain insightful data for the specific country/regions. The country-specific data is again analyzed to derive data at a global level. This methodology ensures high quality and accuracy of information.
Report Highlights:
- Shifting industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size, recent industry trends
- Key competition landscape, market structure, regulatory scenario
- Epidemiology outlook for cardiac diseases
- Economical spending, regional healthcare outlook, consumer healthcare expenditure
- Strategies for key players and product offerings, channel strategies, regional foot print, channel footprint
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance in terms of value and volume
Key Data Points Covered in Report
The report covers exhaustive analysis on:
- Cardiac Medical Device Market by Type, Product, End user and Region
- Regional level market analysis of North America, Latin America, Europe, Asia Pacific Excluding Japan, Japan, Middle East & Africa by Type, Product, End Use segments and Country
- Cardiac Medical Device Market Dynamics & Opportunity Assessment
- Historical Actual Market Size, 2013 – 2017
- Cardiac Medical Device Market Size & Forecast 2018-2028
Competition & Companies involved
Market Segmentation
The global market for cardiac medical devices can be segmented into the following:-
By Type
- Cardiac Rhythm Management Devices
- Interventional Cardiac Medical Devices
- Cardiac Monitoring and Diagnostic Devices
- Peripheral Vascular Devices
- Electrophysiology
- Cardiac Prosthetic Devices
By Product
- ECG
- Catheters
- Defibrillators
- Holter Monitors
- Event Monitors
- Implantable Loop Recorders
- Echocardiogram
- Cardiac CT
- Doppler Fetal Monitors
- Pacemakers
- Stents
- Others
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By End User
- Hospitals
- Clinics
- Diagnostic Centers
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan & China
- China
- Japan
- Middle East & Africa