Cardiovascular devices refer to various medical instruments that are employed for diagnosing and treating heart diseases and related health problems. They are designed to aid in disease monitoring and surgical interventions. Some commonly used cardiovascular devices include stents, heart valves, grafts, catheters, electrocardiogram (ECG), remote cardiac monitoring, and cardiac assist devices. Cardiovascular devices find extensive applications across the healthcare sector as they assist in managing life-threatening conditions effectively, minimizing patient discomfort, and enhancing the quality of life. Nowadays, manufacturers are focusing on developing advanced implantable cardiovascular devices, which is escalating their demand across the globe.
The global cardiovascular devices market reached a value of US$ 51.34 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 77.92 Billion by 2027 exhibiting a CAGR of 6.70% during 2022-2027. The widespread prevalence of cardiovascular diseases (CVDs) on account of sedentary lifestyles, and unhealthy dietary patterns and habits, such as smoking and alcohol consumption, represents the primary factor driving the market growth. Besides this, the growing geriatric population is another major growth-inducing factor as they are more susceptible to chronic heart ailments. Additionally, there has been a significant increase in the adoption of home healthcare devices. Along with this, the rising need for compact cardiovascular devices that enable patient mobility and simultaneously provide real-time data is augmenting the product demand.
Furthermore, the leading players are focusing on research and development (R&D) activities to launch innovative product variants integrated with advanced technologies and features, thereby contributing to the market growth. Moreover, the rising awareness regarding the available cardiovascular devices among the masses and the shifting preferences toward minimally invasive (MI) procedures are accelerating the product adoption rates. Other factors, including the launch of wireless ECG, growing demand for continuous and home-based monitoring, and technological advancements, are also creating a positive market outlook.
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