Westford,USA, Nov. 01, 2022 (GLOBE NEWSWIRE) -- SkyQuest’s analysis of the Global cardiovascular devices market shows that it is a highly competitive and dynamic market. There are a number of large companies with well-established products such as Abbott and Medtronic and market positions, but there is also a significant number of small and medium-sized enterprises (SMEs) that are innovating and carving out niche positions. Cardiovascular devices are used to diagnose, treat, and prevent conditions that affect the heart and blood vessels. These devices include everything from pacemakers to coronary stents.
The global cardiovascular devices market is driven by an aging population and rising incidence of chronic diseases such as obesity and diabetes. This growth is expected to continue in the coming years. Globally, more than 38% of the global population is overweight or suffering from obesity. This prevalence is significantly high in developed regions like North America and Europe. On the other hand, cardiovascular disease is the leading cause of death around the world and is responsible for at least 32% of the global deaths per annum, which translates to around 18 million death per year.
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Cardiovascular Market is Highly Competitive and Strictly Regulated
Global cardiovascular devices market is highly regulated, with strict safety and efficacy standards that must be met before products can be commercialized. This provides a barrier to entry for new entrants, but also creates opportunities for established companies with strong research & development (R&D) capabilities.
There is intense competition among companies in the cardiovascular devices industry, both in terms of product development and marketing. Companies are constantly striving to create new and better products that will appeal to physicians and patients alike. They are also investing heavily in marketing initiatives to generate awareness and demand for their products.
SkyQuest's analysis of the cardiovascular devices market provides insights into the latest trends and developments in this rapidly changing sector. Our team of analysts tracks key indicators such as innovation, regulation, and reimbursement to help clients stay ahead of the curve. We also offer comprehensive market data and analysis on specific product categories, allowing clients to make informed decisions about where to focus their resources. With SkyQuest's help, companies can navigate the challenges of the cardiovascular devices market and seize opportunities for growth.
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Medtronic, Boston Scientific, Abbott Laboratories, Johnson & Johnson, and Philips Healthcare are Top 5 Players in Global Cardiovascular Devices Market
The report notes that the cardiovascular devices market is highly competitive, with many companies vying for a share of the pie. The top three players in this space are Medtronic, Boston Scientific, and Johnson & Johnson. Each of these companies has a strong portfolio of products and a large customer base.
However, the report also highlights some areas where these companies could improve their performance. For example, Medtronic and Boston Scientific are both lagging behind Johnson & Johnson in terms of research and development spending. This is an area where they will need to invest more resources if they want to stay ahead of the competition.
The US is the largest cardiovascular devices market with a share of more than 36%. The major players in this market are Medtronic, Boston Scientific, Abbott Laboratories, Johnson & Johnson, and Terumo Corporation. These companies together hold around 60% of the US market share. The European market is the second-largest with a share of 27%. The leading players in this region are B Braun Melsungen AG, Edwards Lifesciences Corporation, Medtronic plc., and Cardinal Health Inc.
As one of the world’s largest medical technology companies, Medtronic is uniquely positioned to offer complete cardiovascular care solutions from wounds to heart failure. SkyQuest’s analysis shows that this focus on complete cardiovascular care has been a key driver of Medtronic’s success in the cardiovascular devices market. In particular, our analysis shows that Medtronic’s focus on innovation has helped it to gain and maintain a leading position in the market. In addition, the company has continued to innovate in its core businesses of pacemakers and defibrillators, as well as in new areas such as cardiac resynchronization therapy (CRT).
Our analysis also shows that Medtronic’s strong focus on customer needs has helped it to build strong relationships with both physicians and patients. This has allowed Medtronic to better understand the needs of its customers and develop products that meet those needs. The company has a strong product portfolio and a wide geographical reach in the global cardiovascular devices market. However, it is found that the company faces several challenges.
Firstly, Medtronic is reliant on its core businesses of pacemakers and defibrillators. These businesses are growing slowly, and other companies are gaining share in these markets. Secondly, the company is facing increased competition from low-cost manufacturers in developing countries. Thirdly, Medtronic is facing headwinds from reimbursement cuts and delays in the US. This is likely to impact sales of its higher-margin products such as implantable cardioverter defibrillators (ICDs).
Despite these challenges, SkyQuest believes that Medtronic is well-positioned to maintain its position as a one of the world leaders in cardiovascular devices market. The company has a strong product portfolio, brand equity, and financial resources. In addition, it is investing heavily in R&D to develop new products and improve existing ones.
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Coronary Stents to Generate Revenue of Over $11.5 Billion by 2028
Coronary stents in the global cardiovascular devices market is expected to generate revenue of over $11.5 billion by 2028, according to a new report by research firm SkyQuest. The study, which was conducted using data from more than 1,000 hospitals across 30 countries, found that the majority of stents currently used are drug-eluting stents (DES). However, the use of DES is expected to decline in the coming years as newer and more effective stents come onto the market.
The report predicts that bioresorbable vascular scaffolds (BVS) will become the dominant type of stent by 2028, with a market share of almost 60%. BVS are made from materials that slowly dissolve inside the body, leaving behind no permanent implant. This makes them ideal for treating patients who are at risk of developing blood clots or who have had a previous stent failure.
The SkyQuest study found that the use of BVS is growing rapidly, with a CAGR of 8.4% between 2021 and 2028. This growth is being driven by an increasing number of clinical trials demonstrating the safety and efficacy of these devices.
Top Players in Global Cardiovascular Devices Market
- B. Braun Melsungen AG (Melsungen, Germany)
- Medtronic (Dublin, Ireland)
- Abbott (Abbott Park, U.S.)
- Boston Scientific Corporation (Marlborough, U.S.)
- Edwards Lifesciences Corporation (Irvine, U.S.)
- Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
- GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.)
- LivaNova PLC (London, U.K.)
- Siemens Healthcare GmbH (Erlangen, Germany)
- Terumo Cardiovascular Systems Corporation (Tokyo, Japan)
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