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Global Cardiovascular Devices Market is estimated to witness growth at a CAGR of 7.7% during the forecast period of 2022 to 2030. The increasing ageing population, increasing number of patients suffering from cardiac diseases, rising patient awareness levels, technological advancement and increasing demand for minimally invasive medical procedures are the reasons that are boosting the growth of the market during the forecast years.
Global Cardiovascular Devices Market – Overview
The use of cardiovascular devices takes place in the diagnostic process, treatment and monitoring of cardiovascular system and diseases.
Cardiac Monitoring and Cardiac Rhythm Management, Cardiac Surgery, Electrophysiology and Ablation Devices, and Interventional Cardiology and Peripheral Vascular devices are the segmentation in devices for cardiovascular devices.
Owing to the ageing population around the world there has been a notable increase in death due to various diseases including that heart attacks which are major in number. Thus, the rapid growth in the ageing population combined with the rapid increase in diseases is driving the growth of the market for cardiovascular devices.
Technological advancements in the cardiology devices segment are one of the prime factors that have been playing a pivotal role in the growth of the market for the devices.
In order to detect symptomatic signs in patients with uncommon events, there has been a growing need for ambulatory ECG monitoring in both home care and clinical settings. Holter monitors being used for ECG monitoring limit patient mobility owing to the size of the instruments. Hence, there is a growing need for compact devices that do not restrict patient mobility while simultaneously providing data.
Electrocardiogram (ECG) devices, event monitors, implantable loop recorders (ILR), and cardiac output monitoring (COM) devices are the categories relating to the Cardiac Monitoring devices segment.
The increase in incidences of cardiovascular diseases, technological advancements resulting in the launch of products in the treatment of cardiovascular diseases, mobile cardiac telemetry segment, and the emergence of private institutional nursing and home care are driving the growth of Cardiac Monitoring and Cardiac Rhythm Management devices.
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Segmental Analysis of the Market
The demand for therapeutic and surgical devices segment is predicted to have considerable expansion in the forecast period owing to the growing number of local & regional competitors in the global market.
The increase in the usage of pacemakers with cutting-edge technology to treat Coronary artery disease is driving the growth of the market.
Asia Pacific region to witness growth at a the fastest pace
During the forecast period, it is estimated for the Asia Pacific region to witness the fastest growth in the market. The increasing adoption of cutting-edge gadgets and the rising prevalence of chronic cardiovascular illnesses are the factors that are driving the growth of the market during the forecast period. Europe is anticipated to hold the second-leading position in the market. The notable regions for the market include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the prominent companies operating in the market are
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