Growing urbanization and industrialization around the world has increased the number of road accidents considerably. As per the Association for Safe International Road Travel (ASIRT) statistics, every year, nearly 1.3 million people die due to road accidents and around 20-30 million individuals get injured or disabled. These daunting numbers have evoked the adoption of trauma fixation procedures which is anticipated to propel Cardiovascular Devices market growth over the forthcoming years. Factors like growing geriatric population who are vulnerable to hip fractures coupled with rising prevalence of degenerative bone diseases like osteoporosis and arthritis are also likely to support the adoption of bone fixation devices further.
According to Global Market Insights Inc., Cardiovascular Devices market size is estimated to surpass USD 3 Billion by 2021, given the prominence of below mentioned trends:
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Novel product development initiatives by industry players
Considering the increasing product demand, major players operating in Cardiovascular Devices industry are focusing on new product development to effectively serve growing consumer demand. For instance, in 2021, Orthofix Medical Inc. a renowned medical device company focusing on spine and extremities, announced the launch of its intramedullary lengthening system FITBONE® in European and the U.S. markets. According to the company, this product has been designed for limb lengthening and correction of deformity in femur and tibia bones. Such initiatives are expected to open new growth opportunities for the industry in the years to come.
Browse key industry insights spread across 327 pages with 612 market data tables & 28 figures & charts from the report, “Cardiovascular Devices Market Size By Device Type (Cardiac Ablation Devices {Radiofrequency Ablators, Electric Ablators, Cryoablation Devices, Ultrasound Devices}, Left Atrial Appendage (LAA) Closure Devices {Endocardial LAA Closure Devices, Epicardial LAA Closure Devices}, Endoscopic Vessel Harvesting (EVH) Devices {EVH Systems, Endoscopes, Accessories}), By End-use (Hospitals, Ambulatory Surgical Centers, Cardiac Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cardiovascular-devices-market
Burgeoning demand for internal fixators
Rising popularity of internal fixating devices is credited to their superior features including flexibility, durability, stability, better bone fixation and cost-effectiveness. These fixators offer necessary support to the bones and help in rapid recovery from medical conditions. They also help in reducing the duration of hospital stays by enhancing the bone healing process. Taking the advantages offered by these devices into consideration, internal fixators segment is expected to grow substantially over coming years. In 2021, the segment had secured a significant market share by recording a valuation of around USD 3 billion.
Heightened adoption of stainless steel for internal fixation implants
Stainless steel is one of the most widely used biomaterials for internal fixation implants owing to its excellent features like resistance to corrosion and cost-effectiveness as compared to other biomaterials. Countries with lower income largely prefer the usage of stainless steel primarily due to its cost-effectiveness, tensile properties and biocompatibility which is augmenting the growth of stainless-steel segment. Reportedly, in 2018, the segment had accounted for the largest market share of 54%.
Rising incidences of disorders related to upper extremities
Significant rise in the incidences of sports-related injuries and other orthopedic disorders is propelling the demand for Cardiovascular Devices for upper extremities. In addition, increase in baby boom generation across the world who are prone to injuries is driving the product demand further, positively influencing the business space. According to the report, upper extremities segment across Cardiovascular Devices market is expected to register a robust CAGR of 16.7% through 2027.
Mounting preference for hospitals among patients
Enhanced infrastructure for providing improved and advanced trauma fixation procedures in hospitals has increased the preference for these healthcare settings among patients. In addition, availability of cost-effective treatments at several government hospitals across developing countries is increasing the inclination for patients further. Apart from these factors, increasing cases of sports related injuries and rise in number of road accidents are impelling the demand for Cardiovascular Devices in hospitals. This is driving the growth of hospital segment across Cardiovascular Devices industry. For the records, in 2021, the segment had recorded a notable valuation of USD 3 billion.
Increasing prevalence of bone related diseases in the U.S.
Increasing pervasiveness of numerous medical conditions in the U.S. such as osteoporosis and other bone related disorders is fostering the adoption of Cardiovascular Devices in the country. According to a report by the National Osteoporosis Foundation, in 2014, around 6.9 million residents in the U.S. suffered from osteoporosis and over 43.4 million people had low bone mass. These factors have increased the adoption of Cardiovascular Devices in the country. According to the report, Cardiovascular Devices market in the U.S. had secured a sizeable share in 2021 by registering an appreciable valuation of around 3 billion.
Growing healthcare expenditure in India
India provides lucrative growth opportunities for trauma fixation industry on account of growing awareness among the population about health and internal Cardiovascular Devices, increasing healthcare expenditure and higher proclivity for minimally invasive procedures. Besides, rising elderly population in the country who are susceptible to various disorders is also a prominent factor fueling the product demand. Considering the elevating product demand in the country, Cardiovascular Devices market in India is estimated to observe a substantial CAGR of 16.7% through 2027.
Notable participants in the Cardiovascular Devices Market include: Few of the notable companies operating in the market are Notable key companies operating in the market are Abbott Laboratories (St. Jude Medical), Biosense Webster (Johnson & Johnson), Boston Scientific Corporation, Medtronic plc and Terumo Medical Corporation among others. These market leaders are undertaking several growth strategies such as collaboration, partnership, merger and acquisitions to gain competitive edge and broaden their industry presence. These industry participants implemented various strategies such as mergers and acquisitions, collaborations, new product launch, etc. in order to capture high revenue share.
Chapter 1 Methodology
1.1 Market definitions
1.2 Base estimates and working
1.2.1 North America
1.2.2 Europe
1.2.3 Asia Pacific
1.2.4 LATAM
1.2.5 MEA
1.3 Forecast calculations
1.4 Data validation
1.5 Data sources
1.5.1 Secondary
1.5.1.1 Paid sources
1.5.1.2 Unpaid sources
1.5.2 Primary
Chapter 2 Executive Summary
2.1 Cardiovascular devices industry 3600 synopsis, 2016 – 2027 (USD Million)
2.1.1 Business trends
2.1.2 Device type trends
2.1.3 End-use trends
2.1.4 Regional trends
Chapter 3 Cardiovascular Devices Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing number of patients suffering from cardiovascular diseases
3.3.1.2 Growing geriatric population contributing to global cardiovascular disease burden
3.3.1.3 Increasing government initiatives
3.3.1.4 Technological advancements in cardiovascular devices
3.3.1.5 Rising demand for minimally invasive procedures
3.3.2 Industry pitfalls and challenges
3.3.2.1 High risk associated with cardiac procedures
3.3.2.2 Stringent regulatory scenario
3.4 Growth potential analysis
3.4.1 By device type
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Market size by approach, 2016 – 2027 (USD Million)
3.6.1 Cardiac ablation devices market
3.6.1.1 North America
3.6.1.2 Europe
3.6.1.3 Asia Pacific
3.6.1.4 Latin America
3.6.1.5 MEA
3.6.2 Left atrial appendage devices market
3.6.2.1 North America
3.6.2.2 Europe
3.6.2.3 Asia Pacific
3.6.2.4 Latin America
3.6.2.5 MEA
3.7 Regulatory landscape
3.7.1 U.S.
3.7.2 Europe
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.9.1 Company matrix analysis
3.10 PESTEL analysis
About Global Market Insights
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