Advanced cardiovascular life support is also referred as advanced cardiac life support is a set of clinical interventions for the emergency treatment of stroke and other life-threatening medical emergencies. According to WHO, more than 35% of the total global population were suffering from major or minor cardiovascular complication in 2015 and is the number 1 cause of death globally. Advanced cardiovascular life support is provided by well qualified health care personnel. The market growth of advanced cardiovascular life support is driven by the increasing number of cardiovascular diseases, coronary diseases and increasing demand for the emergency services. Other factors that propel the growth of market are continuous up gradation and modification of products, rising diabetic and obese population and excessive use of tobacco and alcohol. However, limited number of trained personnel has restrained of the growth of market.
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CPR Medical Devices, Inc. (Canada), Cardiac Science Corporation (US), General Electric Company (US), Koninklijke Philips N.V. (Netherlands), Michigan Instruments (US), Physio-Control, Inc. (US), St. Jude Medical, Inc. (US), Asahi Kasei Corporation (Japan) and others are some of the major players in the Global Advanced Cardiovascular Life Support Market.
Further The prevalence of cardiovascular diseases across the globe is continuously increasing owing to rising geriatric population, increasing diabetic population, and changing the lifestyle of the people. Changing environmental and cultural & personal factors are contributing to the rise of cardiovascular diseases throughout the globe. Many local and international players are present in the market which are continuously increasing their product portfolio. During last decade, in developing regions like Asia Pacific, the demand for the cardiovascular devices is rising owing to increasing diabetic and geriatric population. As many manufacturers are present in the market which can create a balance between supply and demand.
Pricing is one of the most important factors for a product to withstand in the market. The importance is not given to what customer’s likes, but rather what they are ready to pay, which, in turn, generate maximum profit or revenue or market share of the overall industry. Currently, major companies are dropping down the cost of their cardiovascular devices across the globe, especially, developing region like Asia Pacific, where individuals or users cannot afford the high cost of the products. On the other hand, the small and medium-size companies are focusing to grab local market with its low cost, which forces the major companies to reduce the price of their products. However, due to increasing prevalence of the cardiovascular diseases government in developing countries are supporting the manufacturer for the development of the new and advanced devices.
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Global Advanced Cardiovascular Life Support Market – Regional Analysis
Healthcare expenditure across the globe is continuously increasing. From the last decades, healthcare expenditure in regions like the Americas and Europe has increased. According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending is likely to increase 5.8% reaching USD 3.2 trillion. In 2016, the healthcare spending in North America has been increased. Canadian healthcare specifically was stressed by an advancing demographic move. According to the International Monetary Fund (IMF), The U.S. economy grew in 2016 by 1.6% in 2016. In 2017, due to changes in the regulatory policies, the R&D investment is affected a lot. In 2016, R&D spending of US was 527.5 billion. The increase of insurance coverage because of health care reform (Affordable Care Act, 2010) in the U. S. additionally prompted an expansion in health care spending. Furthermore, in 2016, healthcare organizations found liberation from a special tax on medical devices (Medical Device Excise Tax Act, 2013).
Healthcare spending has expanded slightly in U.K and Germany. Western Europe continues to see a need to save money on healthcare because of a slight drop in financial growth and obstinate economic pressure. According to the Organization for Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014, France recorded the second highest level of current healthcare expenditure of EUR 237 billion, followed by the United Kingdom (EUR 223 billion). Additionally, due to strong government support the investment in research & development in Europe has also increased. According to the report published in the R&D magazine, Europe holds 20.8% of the global R&D spending share.
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Healthcare spending in Asia expanded in 2016 due to an extension of state healthcare programs and the increasing affluence of the population. India, in specific, saw an expansion in spending due to a government resolution to enhance healthcare devices. Moreover, in the Middle East & Africa, the healthcare expenditure was also increased. This was primarily, because of growing population and development in the healthcare sector. The Middle East region is a developed region and also majorly contribute to the market. According to the Health and Education Department, it is expected that Africa’s macroeconomic climate over the next decade will expand the health care gap, as higher incomes will create new demand for the Advanced Cardiovascular Life Support market.
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