The new cardiac devices market size is estimated to reach USD 79.50 Billion by 2028, registering a CAGR of 6.8% during the forecast period, according to a new report by Reports and Data. Major factors driving market revenue growth rising global burden of various coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac deaths. Stroke, hypertensive heart disease, rheumatic heart failure, heart arrhythmia, and congenital heart disease are among the most common cardiovascular ailments. A new cardiac device is an instrument designed to aid in the prevention, treatment, and relief of cardiovascular disease. It can be a gadget for disease monitoring and diagnostics as well as surgical intervention in disease therapy.

The market for these medical devices is fueled by the high prevalence of cardiovascular disease caused by bad lifestyle choices such as smoking, alcohol consumption, and hypertension, as well as a big senior population. Advances in science and technology have resulted in the development of minimally invasive treatment procedures for the condition, as well as increased public knowledge of treatment options. The growth curve has been moulded by appropriate medical reforms, as well as the appropriate cost-effective therapies helped by coverage and reimbursements. The market has also been boosted by strategic acquisitions and mergers, as well as primary product introductions.

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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth

Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.

Some Key Highlights From the Report:

  • Product type segments include diagnostic and monitoring devices and surgical devices. Among these, the diagnostic and monitoring devices segment accounted for largest revenue share in 2020 due to compact design, ease of operation and data storage capabilities of these devices.  
  • On the basis of application, the market report is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease and others. Among these, the coronary heart disease segment is expected to register a significantly rapid revenue CAGR during the forecast period.  
  • On the basis of end-use, the market report is segmented into hospitals, cardiac diagnostic centres, ambulatory surgical centres. The cardiac diagnostic centres segment is expected to register largest revenue share over the forecast period due to availability of advanced healthcare services and treatments, equipment, and surgical devices and tools. They are also more economical than hospitals.  
  • Asia Pacific new cardiac devices market is expected to register fastest revenue growth rate over the forecast period due to large-scale adoption of advanced cardiovascular equipment, solutions, software, as well as need for new cardiac devices implementation with rising cases of cardiovascular diseases in countries in the region.  
  • Revenue from Europe new cardiac devices market is projected to account for a significantly larger revenue share over the forecast period. This can be attributed to rapid technological advancements in new cardiac devicess, rising incidence of coronary diseases, and increasing geriatric population in countries in the region.  

Top Players in the Global new cardiac devicess Market:

Terumo Corporation, Stryker Corporation, Abbott Laboratories, General Electric Company, Boston Scientific Corporation, Edwards Lifesciences Corporation, and W.L. Gore & Associates, Getinge Group and  Becton Dickinson and Company.

The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.  

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new cardiac devicess Market Segmentation:

Product Type Outlook (Revenue, USD Billion; 2020 – 2028)

  • Diagnostic and monitoring devices
  • Surgical Devices

Application Outlook (Revenue, USD Billion; 2020 – 2028)

  • Coronary Heart Disease
  • Sudden Cardiac Arrest
  • Stroke
  • Cerebrovascular Heart Disease
  • Others

End-Use Outlook (Revenue, USD Billion; 2020 – 2028)

  • Hospitals
  • Cardiac Diagnostic Centres
  • Ambulatory Surgical Centres

Global new cardiac devicess Market Report: Regional Segmentation

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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