Market Analysis - Journal of Cardiovascular Medicine and Therapeutics (2019) Volume 3, Issue 2
Market AnalysisSubbiah Ramasamy
Sr. Assistant Professor, Department of Cardiology, Madurai Kamaraj University, India, E-mail: [email protected]
According to a new report by Grand View Research, Inc, the global cardiology market size was valued at USD 116.9 billion in 2017 and is expected to grow at a CAGR of 7.4% over the determined forecast period 2017-2022. Increase in the generality of Congenital Heart Defects and the presence of technologically advanced cardiology and cardiovascular valves, grafts, and patches are among fundamental factors expected to drive development over the forecast period.
The global medical specialty market continues to ascertain fast innovation with new medication and devices getting into the market. According to cardiovascular market experts, diabetes is one of the major factors leading to the current cardiovascular disease epidemic. The growing prevalence of chronic diseases such as diabetes is the major factor leading to the growth of the heart failure market. Due to potential breakthrough of newly approved drugs entering the market, heart failure market size is expected to grow in the coming years.
We also forecast that an increase among the older population will have extensive implications on the public health systems in numerous countries, which is expected to drive the demand for point of care testing, especially for cardiovascular diagnostics.
Rate of Cardiovascular Diseases
As calculable, 17.7 million people died of cardiovascular diseases in 2015, representing 31% of all the global deaths.
Of these deaths, an estimated 7.4 million were due to coronary heart disease and 6.7 million were due to Heart stroke.
Out of the seventeen million premature deaths because of non-communicable diseases in 2015, 82% are in low- and middle-income countries, and 37% are caused by Cardiovascular Diseases.
Cardiovascular Surgery Devices Market
The global cardiovascular device industry is growing rapidly and exhibits signs that will continue to evolve and expand to reach $97 billion by 2017, up from nearly $85 billion in 2010 according to the study from BCC Research. The United States have the biggest market for cardiovascular surgery devices, contributing to 38% and accounting for $688 million of the global market in 2010. The cardiovascular surgery devices market in the US is forecast to decline at a CAGR of 1.6%, to reach the market value of $616.1million in 2017.
And in 2010 Medtronic was the most important player within the world vas surgery devices market with the market share of pure gold. This was followed by Sorin with 19%, Maquet with 15% and Terumo Corporation with 5% of the share.
According to the WHO report in May 2018, the mortality rate of the population in Asia and the Middle East region is due to the increase in cardiology diseases. With new drugs and devices entering the market, there is rapid growth in the global cardiology therapeutics market. Diabetes is one of the major factors leading to the current cardiovascular disease epidemic according to our cardiology market research expert. The growing number of chronic diseases such as diabetes, heart attack is the major section leading to the growth of the cardiology failure market. The cardiology market size is expected to grow in the coming years due to the potential breakthrough of newly authorized drugs entering the market.
Some of the Scientific advancements are also expected to drive the cardiology devices market in the fields of material sciences, interventional cardiology, and cryopreservation. The utility of expanded Polytetrafluoroethylene for cardiovascular patches, the introduction of transcatheter heart valves, and the process of minimally invasive technologies, such as transcatheter aortic valve implantation or transcatheter aortic valve replacement, are among few elements expected to raise the growth over the predicted period. In addition, modification in cryopreservation methods by key performers such as CryoLife is among major technological advancements in cardiology and CTVS therapies that are expected to positively influence the market.
North America is the topmost contributor to the global cardiology market with 6.8% of CAGR which is followed by Europe, Asia Pacific, Latin America, and Middle East Asia.
Southern-Europe region market for Cardiology management devices, Aortic Repair devices, transcatheter embolization and occlusion devices will grow through 2026 and is driven by some factors such as aging population, sedentary lifestyle and change in food habits, advance findings in the field cardiology as well as the rise in number of interventional cardiologists, and increasing demand for surgical techniques.
Scope and importance:
The goal of Cardiology and Cardiovascular diseases is to give a high-quality cure and treatment to the patients with a novel approach of the upcoming market such as cardiovascular medicines, devices, and diagnostics tool. Cardiology diseases establish an essential component of the surgical disease concern i.e., it has facilitated the cultivation of surgical skills, capacity, and mutual learning in low and middle-income countries. This continues to strengthen Cardiology growth through such a partnership, embracing safety, sustainability, and choice of care on behalf of our patients and their family unit.
Target Audience for this Report:
Product Outlook (Revenue, USD Million, 2014 - 2025)
Remote Cardiac Monitoring
Heart Valve Repair
Endovascular stent graft
Haemodialysis access graft
Peripheral vascular graft
Material Outlook (Revenue, USD Million, 2014 - 2025)
Application Outlook (Revenue, USD Million, 2014 - 2025)
Cardiac repair patches
Atrial septal defect
Defects of the endocardial cushion
Ventricular septal defect
Tetralogy of Fallot
Vascular Repair Patches
An anomalous connection of the pulmonary veins
Transportation of the great vessels
Reconstruction of the portal and superior mesenteric veins
Regional Outlook (Revenue, USD Million, 2014 - 2025)
The Middle East and Africa
Bard Peripheral Vascular
Terumo Cardiovascular Systems Corporation
W.L. Gore & Associates, Inc.,
Edwards Life sciences Corporation
Baxter and Amedius.
Globally: Top-Ranked Hospitals for Heart Diseases & Cardiology
Cleveland Clinic, Ohio
Mayo Clinic, Rochester
New York-Presbyterian University Hospital of Columbia and Cornell, New York
St Francis Hospital, Roslyn, New York
Mount Sinai Hospital, New York
Duke University Hospital, Durham
Brigham and Women's Hospital, Boston
Massachusetts General Hospital, Boston
Hospitals of the University of Pennsylvania-Penn Presbyterian, Philadelphia
Cedars-Sinai Medical Center, Los Angeles
Worldwide: Associations and Societies
American Heart Association (AHA)
Heart Failure Society of America
American Association of Heart Failure Nurses (AAHFN)
Association for European Pediatric Cardiology
European Society of Cardiology
Heart Valve Society of America (HVSA)
International Society for Heart Research (ISHR)
Working Group for Cardiac Magnetic Resonance Spanish Society of Cardiology
Society of Invasive Cardiovascular Professionals
Industries Globally for Cardiology Research
Care stream Health
Keystone Medical Technologies
University of Oxford
Imperial College London
University of Sydney
University of Basel
New York University (NYU)
December 11-12, 2020 Barcelona, Spain