World cardiovascular devices market likely to grow up to USD 121 billion by 2024
Growing geriatric population, sedentary life style and unhealthy dietary habits may fuel the global cardiovascular devices market to reach USD 121 billion by 2024. Governments are trying to cut hospital readmissions to reduce the prevalence of hospital acquired infections (HAIs) by imposing penalties on hospitals. As a result, acceptance of home healthcare, remote patient monitoring and long-term services are rapidly increasing. Thus, demand for cardiovascular devices is increasing from hospitals, patients based in home settings and long-term care centers. Additionally, favorable government policies related to the reimbursement coverage are also driving the market growth. However, high device costs, lack of skilled professionals and strict regulatory approval procedures may restrict the growth. North America led the global market with a market share of 42.3% in 2015. Asia Pacific is expected to register the fastest growth over the forecast period. Major global players include Medtronic, Becton Dickinson and Company, Cardinal Health, Boston Scientific, B. Braun, Abbott Laboratories, Cook Medical, Terumo Cardiovascular Systems and St. Jude Medical.
(Image courtesy: DAIC)