Cardiovascular medical laser manufacturers are constantly investing in technologies for faster diagnosis and efficient treatment of heart conditions. Areas of technological advances include new wavelengths, more rugged setups, lower-cost systems, and other advancements being combined with minimally invasive techniques. In May 2017, the Food and Drug Administration cleared Ra Medical’s vascular products including cardiovascular lasers that can be used to treat peripheral arteries and veins. The laser works at 308 nanometer wavelength, which breaks chemical bonds and decomposes the blockage into its part, thereby reducing the risk for the patient.
The global cardiovascular medical lasers market is expected to decline from $179.3 million in 2019 to $128.09 million in 2020 at a compound annual growth rate (CAGR) of -28.56%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The cardiovascular medical lasers market is then expected to recover and reach $282.77 million in 2023 at a CAGR of 30.21%.
The rising prevalence of cardiovascular diseases is expected to drive the cardiovascular medical device market. The increased prevalence of cardiovascular diseases can be attributed to the increase in the use of smoking, physical inactivity, and unhealthy diets. For instance, according to the World Health Organization, in 2019, 17.9 million people died from cardiovascular diseases worldwide. According to the British Heart Foundation, coronary heart disease is responsible for around 64,000 deaths in the UK each year, an average of 180 people each day, or one death around every eight minutes. One in seven men and one in 12 women in the UK die from coronary heart disease. Therefore, the increasing prevalence of cardiovascular diseases is expected to drive the growth of cardiovascular medical lasers technology market.
Alternative treatment methods for cardiovascular ailments are increasingly becoming popular globally and this is expected to have a negative impact on the revenues of the cardiovascular medical laser market. Treatments of heart diseases using medical procedures such as coronary angioplasty, stent implantation, thrombolytic therapy, coronary artery bypass graft surgery (CABG), artificial pacemaker surgery, defibrillation, and heart valve surgery are more commonly used for the treatment of heart disease compared to the treatments employing lasers. According to a 2018 study by iData Research, around 340,000 CABG procedures are performed per year in the United States. This trend is expected to continue during the forecast period and limit the demand for cardiovascular medical lasers.
The cardiovascular medical lasers market consists of the sale of cardiovascular medical lasers and related services by entities that manufacture them. Cardiovascular medical lasers are used in the treatment of heart-related medical conditions especially for clearing heart blockages.
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