Cardiology devices segment is anticipated to reach the highest market value during the projected period
The Cardiology Devices segment is likely to create absolute $ opportunity of a little more than US$ 15 Mn in 2018 over 2017. By the end of 2027, Cardiology Devices segment is projected to reach a market valuation close to US$ 700 Mn, expanding at a CAGR of 18.4% over the forecast period. The Cardiology Devices segment dominated the Asia Pacific reprocessed medical devices market in terms of revenue in 2016, and the trend is projected to grow throughout the forecast period. Cardiology Devices segment is anticipated to be the most attractive segment, recording an attractiveness index of 4.3 over the period of assessment.
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Alternative product deployment and external partnerships are encouraging manufacturers to increase production focus on cardiology devices
There has been an increasing healthcare spending by the governments of some of the developing countries such as Australia, India and China owing to a growing geriatric population and growing awareness among the population regarding health-related issues. However, despite increased healthcare spending in the Asia Pacific region, the growth rate is slow, which creates a requirement for healthcare facilities to focus on cost cutting in order to stay in tune with the universal healthcare system. Increasing healthcare spending in response to growing healthcare problems is the driving factor for the cardiology devices segment.
Most of the prestigious hospitals in Asia Pacific are focussing on reducing the cost of medical devices for better results with the smarter use of their resources. Many hospitals are using cardiology devices as a supply chain cost reduction strategy. This fuels the growth of the cardiology devices segment in the Asia Pacific reprocessed medical devices market. Stringent regulations by various local regulatory bodies provides assurance to hospitals and practitioners regarding the quality of cardiology devices. The need to maintain quality, safety, manufacturing standards and effectiveness as specified by regulatory bodies is estimated to invoke trust in healthcare facilities and practitioners. For instance, in Australia, SUDs are considered as new distinct medical devices. The reprocessing companies are responsible for all conformity assessments, safety, efficacy standards and all the legal liabilities of the remanufactured product.
Growing awareness regarding the use of reprocessed medical devices particularly cardiology devices and growing concerns regarding safety and efficacy is driving the growth of the cardiology devices segment. Due to regulatory hurdles regarding in-house reprocessing, hospitals are focussing on entering into agreements with companies for reprocessing of their medical devices. This is driving growth in the third party cardiology devices segment. Increasing awareness about cardiology devices helps save healthcare expenses each year. Reprocessed medical devices such as cardiology devices are sold at approximately half the price of a new product. Availability of cardiology devices at less prices is propelling the demand in the cardiology devices segment.
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Cardiology devices segment in India is anticipated to expand at an attractive CAGR of 23% over the period of forecast
The cardiology devices segment is estimated to account for more than 50% revenue share of the Australia reprocessed medical devices market by 2017 end and is predicted to gain more than 1000 BPS in its market share by 2027 over 2017. Cardiology devices segment is likely to create absolute $ opportunity of more than US$ 1 Mn in 2018 over 2017 in the country. By the end of 2027, cardiology devices segment is projected to reach more than US$ 70 Mn, expanding at a CAGR of 18% over the calculated period. In New Zealand, the cardiology devices segment is projected to reach close to US$ 16 Mn by the end of 2027, expanding at a CAGR of 16% over the forecast period. In China, revenue from the cardiology devices segment is anticipated to register a CAGR of 24.8% over 2017–2027, to reach more than US$ 180 Mn by 2027. The cardiology devices segment in the India reprocessed medical devices market is estimated to create absolute $ opportunity of close to US$ 2 Mn in 2018 over 2017.