Frost: Aging Baby Boomers Enlarge Potential Customer Base for Cardiac Device Markets
August 15, 2006 // Published as a news service by IHS
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Increasing demand for minimally invasive surgeries amongst a rapidly aging population is expected to spark further growth in the cardiovascular devices market.
According to Frost & Sullivan, the cost efficiencies offered by these less-invasive methods should be favorable for health care payers as well.
Recent analysis from Frost & Sullivan found that North American cardiovascular devices market earned revenues of $17.88B in 2005, with estimates to reach $40.46B in 2011.
By 2030, it's estimated that 20% of the U.S. population will be 65 years and older, up 12.5% from 2005.
Analysts said this sector poses a significant opportunity for the cardiovascular devices industry, as the occurrence of heart-related diseases is the highest in this age group.
"Demographics historically has, and will continue to be, one of the major factors that drive growth in the cardiovascular devices market," said Frost & Sullivan financial analyst Sheetal Rajani.
Analysts said minimally invasive surgeries are also gaining ground with cardiologists. These surgeries are associated with less trauma, shorter recovery time and less post-operative pain for the patient. Cardiologists stand to gain, too, as the number of surgeries performed at a given time can increase.
"Companies need to continually invest in R&D in order to develop devices that could convert a surgery from an in-patient to an outpatient setting," said Rajani. "This will guarantee strong revenue growth and provide enhanced value to the patients, as well as cardiologists."
Source: Frost & Sullivan.