The Italy cardiovascular devices market size is anticipated to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to value-based healthcare and rising awareness among individual to track and manage own health.
According to the World Health Organization (WHO), 17.9 million people died from cardiovascular disease (CVD) in 2016, accounting for 31% of all victims worldwide. Heart attacks and strokes account for 85 percent of these fatalities.
In Italy lifespan is linked to diet where unhealthy life style such as smoking, high BMI, alcohol consumption, and a lack of physical exercise contribute to the population's illness.
Italy’s growing elderly population has resulted into increasing number of patients diagnosed with cardiovascular problems.
According to the Italian institute of statistics (ISTAT), heart surgery costs around USD 650 million per year, or around 1% of overall hospital spending. The most important component of the budget for all medications is drugs, used to treat cardio vascular diseases (CVD) which account for more than USD 5 billion.
To make treatments affordable the public healthcare system of Italy is anticipated to establish value and quality-based pricing models, as well as trying to seek data and analytics for cost-effectiveness treatments. This leads to decreasing demand for traditional items and becoming an opportunity for firms with highly innovative products at low cost.
In Italy medical device firms are providing services and solutions as add-ons to their products which are ascending the retail demand of the product in the market. Moreover, innovative products that improve patient care or provide cost-effective outcomes are in high demand.
Market Trends, Drivers, Restraints, and Opportunities
- Development in new generation devices such as portable and small ECGs are gaining popularity particularly in the home healthcare market.
- Rising incidence of cardiovascular illnesses (CVD), the demand for long-term ECG monitoring devices is increasing.
- Development of wireless ECG, clinicians which can monitor and diagnose patients remotely, is fueling the market during the forecast period.
- ECGs are becoming more popular in the region because of their portable and small designs. Furthermore, devices such as monitors enable data archiving and others resulting in a significant increase in the penetration of these devices in point-of-care and in-home healthcare.
- Increased awareness among population is projected to boost the Italian cardiovascular devices market.
- Rising obesity and diabetes among the urban population leading to heart related issue is the major factor driving the market.
- Early preventive treatment, is gaining popularity such as remote monitoring and early detection of at-risk individuals are fueling the market.
Scope of Italy Cardiovascular Devices Market Report
The report on Italy cardiovascular devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cardiovascular Devices Market - Italy Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Device Types (Therapeutic & Surgical Devices and Diagnostic & Monitoring Devices)
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Country Scope
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Italy
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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GE Healthcare; Boston Scientific Corporation; Abbott Laboratories; Medtronic; and Biotronik
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Italy Cardiovascular Devices Market Segment Insights
The diagnostic & monitoring devices segment is estimated to account for a major market share
Based on device types, Italy cardiovascular devices market is bifurcated into therapeutic & surgical devices and diagnostic & monitoring devices. The diagnostic & monitoring devices segment is expected to represent a key share of the market due to rising demand for in vitro testing devices and development of chip or web based cardiac monitoring devices. However therapeutic & surgical devices segment is anticipated to expand at a rapid pace during the forecast period owing to rising incidence of cardiovascular disorders.
Segments
Device Types
- Therapeutic & Surgical Devices
- Diagnostic & Monitoring Devices
Country
Key Players
Competitive Landscape
Key players competing in the Italy cardiovascular devices market include GE Healthcare; Boston Scientific Corporation; Abbott Laboratories; Medtronic; and Biotronik.
The cardiovascular devices market in Italy is somewhat competitive, with numerous local producers competing against multinational firms. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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