The global market for cardiovascular diagnostics, drugs and devices will be worth $119.8 billion in 2007, according to a new report from market research firm BCC Research.
The Wellesley, Mass.-based BCC said the projection is expected to increase to more than $192.4 billion by 2012, a compound average annual growth rate (CAGR) of 9.9 percent.
The research firm broke the market down into applications of cardiovascular diagnostics, drugs and devices, of which cardiovascular drugs is the largest revenue generator. Valued at $82.4 billion in 2007, it is expected to reach $121.6 billion by 2012, a CAGR of 8.1 percent. The second-largest segment, cardiovascular devices, is worth an estimated $25.5 billion in 2007 and will reach $49.4 billion by 2012, a CAGR of 14.1 percent.
Diagnostics will see a high rate of growth also, increasing from $11.9 billion in 2007 to $21.4 billion by the end of 2012, a CAGR of 12.5 percent, according to BCC.
BCC said the market is increasing due to an aging population and increasing affluence, as well as the prevalence of sedentary lifestyles. With the acknowledgement that heart disease is the primary cause of death in the United States, the scientific community has been focused upon researching the development of new devices and procedures and refining old ones, BCC said.