Heart of the device market2 December 2011
GlobalData's new report, 'Cardiovascular Devices - Emerging Countries (China, India, Brazil) Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017' provides key data, information and analysis on the cardiovascular devices market in emerging countries.
GlobalData's report provides market landscape, competitive landscape and market trends information on the cardiovascular devices market in emerging countries. The report provides comprehensive information on the main trends affecting the market, and key analytical content on the market's dynamics. The report also reviews the competitive landscape and technology offerings, and was built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.
Cardiovascular devices are used to treat diseases related to the heart and the circulatory system. It also includes devices used to record the electrophysiological impulses of the heart to analyse and diagnose any abnormality related to cardiac function. The cardiovascular devices market includes interventional cardiology devices, peripheral vascular devices, cardiac rhythm management (CRM) devices, external defibrillators, electrophysiology devices, cardiac surgery devices, cardiac prosthetic devices, prosthetic heart valves, cardiac assist devices and devices used to monitor cardiac events.
Cardiovascular disease (CVD) refers to a class of diseases that involve the heart or blood vessels. The most important behavioural risk factors of heart disease and stroke are unhealthy diets, physical inactivity and tobacco use. According to the World Health Organization (WHO), 17.1 million individuals die of CVD each year globally, making it the leading cause of death. It also estimates that 80% of CVD death takes place in low and middle-income countries.
Good growth forecast
The cardiovascular devices market in emerging countries, which includes China, Brazil and India, was worth $2.1 billion in 2010 and is expected to reach $2.8 billion in 2017, growing at a compound annual growth rate (CAGR) of 4%. The cardiovascular devices market in these countries is expected to be driven by an increase in CVD incidence, the availability of new technologies, increased focus from major multinational companies on these geographies and a rise in levels of affordability. Lifestyle changes and associated risk factors. It has been projected that the incidence of CVD will increase by 73% in China by 2030. Various lifestyle-related diseases such as diabetes and obesity have put a large number of people at risk of developing CVD. Changing dietary habits and work-related stress in urban living conditions have been key factors in bringing about lifestyle changes and lifestyle-related diseases.
There has been a rise in the size of the smoking population and in the prevalence of medical conditions such as diabetes, hypertension, hyperlipidemia and obesity in emerging countries. According to the World Health Organization (WHO), the percentage of smokers above the age of 18 years in China is 59% in men and 4% in women. Likewise, 35% of men and 3% of women above the age of 18 in India are smokers, while in Brazil 29% of men and 18% of women smoke. The rise in the incidence of these factors is expected to drive the cardiovascular device markets in these countries.
China forges ahead
China is the largest cardiovascular devices market among the emerging countries, with a contribution of 53% in 2010. In 2010, the cardiovascular devices market in China was valued at $1.1 billion and is expected to reach $1.4 billion by 2017. Brazil was the second-largest cardiovascular devices market among the emerging countries valued at $510.8m in 2010 and is expected to reach $796.8 million by 2017. The cardiovascular devices market in India was worth $493.8 million in 2010 and is estimated to reach $626.5 million by 2017. The Chinese cardiovascular devices market is characterised by the presence of major domestic players with strong financial capabilities for R&D. This helps the development of cheap domestic products designed for local patient needs.
Interventional cardiology high
In 2010, interventional cardiology devices accounted for 47% of the total revenue generated within the cardiovascular devices market in emerging countries. Increasing prevalence of coronary heart disease (CHD) coupled with the acceptance of minimally invasive procedures has led the growth of the interventional cardiology devices market.
In 2010, cardiac rhythm management (CRM) devices and peripheral vascular devices accounted for 25% of the revenue generated, while 'others', such as cardiovascular surgery devices, cardiovascular monitoring and diagnostic devices, electrophysiology devices, prosthetic heart valves, external defibrillators, cardiac assist devices and cardiovascular prosthetic devices accounted for a 28% share.
Medtronic and Boston Scientific lead the market
In 2010, Medtronic Inc., with a share of 13%, was the leader in the cardiovascular devices market in emerging countries, followed by Boston Scientific Corporation with an 11% share. Other key players in the market are Terumo Corporation (6%), Abbott Laboratories (5%), Lepu Medical Technology (Beijing) Co. (5%) and MicroPort Scientific Corporation (5%). A strong product portfolio catering to various categories within the cardiovascular devices market has helped Medtronic and Boston Scientific gain a competitive advantage.
This article was first published in our sister publication Medical Device Developments.