Cardiopulmonary products restore the
functions of the heart and lungs. The global cardiopulmonary products
market is primarily driven by the increasing geriatric population and
the rising prevalence of cardiovascular diseases. According to the
Centers for Disease Control and Prevention (CDC), coronary heart disease
accounts for 370,000 deaths in the U.S. each year. Lifestyle habits
such as smoking, rising incidence of obesity, and dietary irregularities
are responsible for the growth in prevalence of cardiovascular disease
globally. Moreover, there has been an unprecedented growth in the global
geriatric population.
The global cardiopulmonary products
market comprises large and mid-size vendors. Key players in this market
include Medtronic Plc, Smiths Medical, MAQUET Holding B.V. & Co. KG,
Terumo Corporation, LivaNova PLC, MEDIVATORS Inc., Braile Biomédica,
Palex Medical SA, and others. These players participate in various
cardiac conferences which offer them exposure and provide a platform to
understand the market and showcase their products at the international
level. Companies are also focused on expanding their presence in
developing and underdeveloped countries through collaboration with
various suppliers.
- In November 2016, Schiller AG introduced 2nd generation of its most successful ECG device, AT-1 G2. The device incorporates new interpretation algorithm and enables easy patient data entry.
- In September 2016, the company introduced the PHYSIOGARD Touch 7, a monitor for emergency services (out of hospital), designed to withstand the most demanding environments. The device possesses four leads as standard capabilities, which are SpO2, temperature, ECG, and non-invasive blood pressure.
- In 2016, Abbott announced the acquisition of St Jude medical, thereby strengthening its position in the cardiovascular market.In October 2017, Abbott received FDA approval of the world’s first and only smartphone compatible ICM Confirm Rx for identifying cardiac arrhythmia in the U.S. In May 2018, Abbott received its first CE clearance across 10 countries in Europe for first use of Confirm Rx with myMerlin app.
Medtronic is a prime medical technology,
services, and solutions company. Its product portfolio caters to the
cardiovascular, diabetes, cardiac rhythm, ENT, digestive &
gastrointestinal, neurological, orthopedic, and other segments. The
company’s strength lies in developing technologies with an aim to
mitigate pain, improve health, and extend the quality of life of
patients. The company is an industry leader that offers value-based
health care services in order to drive growth globally. Medtronic
operates in 160 countries through 370 locations worldwide. It offers its
innovative solutions to hospitals, clinics, third-party health care
providers, distributors, and government health care organization and
group purchasing organizations.
Smiths Medical
Founded in 1940, Smiths Medical, a
subsidiary of the Smiths Group plc, is headquartered in the U.S. unlike
its parent company, which is based in U.K. Smiths Medical is involved in
the manufacturing and marketing of world class medical devices,
equipment and consumables. The company offers its products for
hospitals, home care, and emergency as well as specific environments.
Its products are utilized during surgery, intensive care, critical care,
and post-operative care in a series of infusion therapies.
According to the World Health
Organization (WHO), people above the age of 65 years form the fastest
growing population segment globally. The percentage of the world’s
population above 60 years of age is projected to double from 11% to 22%
between 2000 and 2050. The global geriatric population is expected to
grow at the fastest rate in developed countries such as the U.K., U.S.,
Brazil, Japan and China, South Korea and Thailand are expected to have a
large geriatric population in a short span of time in the near future.
This demographic shift toward geriatric population would result in a
higher burden of cardiopulmonary diseases.
Rise in Healthcare Expenditure in Emerging Countries will drive the Cardiopulmonary Products Market
Cardiovascular disease is among the top
five causes of death in Asia and is characterized by large unmet needs
that provide ample growth opportunities for the players in the region.
Expanding health care infrastructure, rising disposable income, and
large obese and geriatric populations are some of the factors that are
expected to play a key role in making Asia Pacific the most attractive
market for manufacturers operating in the region. China and India are
the major markets in Asia Pacific that offer large opportunities for the
cardiopulmonary products market. The cardiopulmonary products market
in Asia Pacific is projected to expand at the highest CAGR compared to
other regions. Economic development in India, China, Brazil, Mexico, and
other countries in Asia and Latin America has increased the disposable
income of people, thereby enhancing their purchasing power. Factors such
as development of health care infrastructure, expanding number of
private and public hospitals, and increasing government initiatives to
improve access to health care would contribute to the growth of the
cardiopulmonary products market in these regions. China’s health care
expenditure was USD 357 million in 2011 and is expected to reach USD
1,000 million by 2020.
According to the WHO, around 80% of the
total number of cardiovascular deaths take place in developing countries
every year. Moreover, according to the National Informatics Center
(NIC), cardiovascular diseases remain highly under-diagnosed and is a
less treated condition in countries such as India. Hence, the unmet
medical needs of the population in emerging economies is projected to
contribute to the growth of the global cardiopulmonary products market.
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