Integrated Cardiology Devices Market Research Report, By Types (Cardiology EMR Software, EHR, FFR, Optical Coherence Tomography, others), By Applications (Sudden Cardiac Arrest, Internal Monitoring, Cardiac Resynchronization Therapy, Cardiothoracic Surgery, others), By End User (Catheterization Laboratories, Hospitals, others) – Global Forecast till 2023
Market Synopsis of Global Integrated Cardiology Devices Market
The Global Integrated Cardiology Devices Market is expected to grow at a CAGR of 12.4% during forecasted period 2017-2023.
Integrated cardiology devices are equipment in which surgeons perform critical cardiac surgeries using multiple devices. Integrated cardiology devices are the future devices for human circulatory system. These modern devices are used for early diagnosis and better treatment of diseases. During last few years, sheer growth is observed in integrated cardiology devices due to increase in heart related problems. In recent times this is the most promising market. According to WHO 30% of the deaths caused globally is due to heart diseases and there were an estimated 17.5 million deaths from cardiovascular diseases worldwide in 2015 alone and the cost of readmissions for cardiovascular diseases is extremely high.
The major driving forces are increasing prevalence of cardiovascular diseases, growing adoption rates of minimally invasive surgeries and technological advances introduced in this field. Furthermore, the dominance of heart related diseases are increasing due to unhealthy lifestyle habits, for example lack of physical activities, high tobacco intake, and consumption of alcohol. Furthermore technological advancements such as miniaturization, increasing efficacy and efficiency of devices is a major driving factor. The integrated cardiology devices market also favors small innovative players with proprietary novel technologies and strong intellectual property rights. Thus a strong regulatory environment and innovation ecology is necessary which will result in greater investment and lead to a strong future market.
Lack of knowledge among people and expensive treatment are the factors which restrained the growth of the market. The lack of infrastructure and specialty hospitals in the developing and poor regions of the world is another hindering factor for the market.
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Medtronic (US), Boston Scientific Corporation (US), Jude Medical (US), Edwards Lifesciences Corporation (US), Abbott Laboratories (US), Johnson and Johnson (US), Getinge (Sweden), Terumo Corporation (Japan), Lepumedical (Bejing), Acrostak (Switzerland), Koninklijke Philips N.V. (Netherlands), Athenahealth, Inc. (U.S),others.
The global integrated cardiology devices market is segmented on the basis of types, applications and end users.
Based on types, the market is segmented as Cardiology EMR Software, EHR (Electronic health record), FFR (fractional flow reserve), Optical Coherence Tomography, others.
On the basis of application, they are segmented sudden cardiac arrest, internal monitoring, Cardiac resynchronization therapy, Cardiothoracic surgery, others. Cardiac Resynchronization Therapy (CRT) is an effective therapy in heart failure.
On the basis of end users, the market is segmented into catheterization laboratories, Hospitals and others.
The Americas accounts for a significant market share owing to high expenditure on the health care especially of the U.S. and Canada. Additionally, the greater number of cardiac surgeries procedures due to greater healthcare penetration in the U.S. and Canada drives the integrated cardiology devices market. The high concentration of the major hospitals in the developed countries of this region coupled with good reimbursement rates is adding fuel to the market growth. Moreover, the large share of cardiology devices and surgeries in the returns of hospitals favors the market. The large number of medical devices companies in the U.S. is also a cause for the faster development of integrated cardiology devices market in the US.
Europe is the second largest market in the world due to growing medical devices industry and healthcare penetration. The European market growth is led by countries such as Germany and France. Germany is expected to be the fastest growing market over the assessment period due to its large medical devices industry.
Asia Pacific region is expected to grow rapidly; China and India are likely to lead this market due to fast growing healthcare sector and large unmet needs over the forecast period. South East Asian countries such as China, India, and Malaysia are projected to contribute highly to the market growth. The growing penetration of healthcare industry in the Asia Pacific region is expected to drive the future integrated cardiology devices market in the region.
Gulf nations such as Saudi Arabia and the UAE are estimated to drive the Middle East & African market. Other Middle East nations to watch out for are Kuwait, Jordan, Egypt and Iran. The African region is expected to witness a poor growth owing to poor economic and political conditions, and poor healthcare development. Other regions are expected to be laggards due to poor social development and tribal identities such as sub Saharan Africa.
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