The size of the global cardiovascular devices market was worth USD 48.09 billion in 2022. This value is further estimated to be growing at a CAGR of 7.24% during the forecast period and worth USD 68.20 billion by 2027.
The cardiovascular devices market has seen tremendous growth due to innovative technological developments worldwide in the past few years.
The cardiovascular devices market is considered for interventional cardiology devices such as stents, angioplasty balloons, catheters, guides, cannulas and valves, and heart rates management devices such as implantable cardiac defibrillators (ICDs), ventricular assist devices (VAD ), cardiac resynchronization therapy (CRT) devices, pacemakers, and leads; cardiac assist devices (CAD) such as ventricular assist devices, intra-aortic balloon pump, total artificial heart; and other vascular surgery devices such as endovascular grafts, IVC filters, and occlusion devices.
Y-O-Y growth in the prevalence of cardiovascular diseases such as coronary artery disease, heart failure, congenital heart disease, cardiac arrest, ventricular disease, arrhythmias, cardiomyopathy, and others is driving the global cardiovascular devices market.
Cardiovascular disease (CVD) is among the top ten diseases worldwide and affects more people than any known disease. According to the WHO, cardiovascular diseases are the leading cause of death. Moreover, the growth of the geriatric population and their vulnerability to various chronic diseases that make them susceptible, especially heart diseases, are significant factors for the development of the market. According to WHO data released in 2018, it is reported that in 2017, around 18.2 million people died from cardiovascular diseases, which represented 32.1% of all deaths across the world. Among these, about 85% were due to heart attacks and strokes.
According to European cardiovascular disease statistics 2018, in Europe, cardiovascular disease causes 4 million deaths and over 1.9 million deaths annually in the European Union (EU). CVD accounts for 40.0% of all deaths in the UK and 35.0% of all deaths in the European Union. CVD affects men more predominantly than women. Additionally, according to 2019 statistics from the American Heart Association (AHA), 122.7 million adults in the United States, or about half of the adult American population, suffer from cardiovascular disease.
Some of the leading lifestyle factors that lead to cardiovascular disease and difficulty are smoking, an unhealthy diet, and physical inactivity, which increase the risk of heart attack and stroke, expected to accelerate the market’s growth rate. Players in the cardiovascular devices market are adopting newer expansion strategies to meet the changing demands of customers around the world. For example, innovations, such as smart balloon catheter systems, are equipped with electronic components, sensors, and mechanisms gaining demand across nations. They are constantly being redesigned to provide ablation therapy, blood flow data, hematology data, and electrical stimulation through a single device.
However, the market is expected to be affected due to the inability of developing countries to invest in R&D in the field of cardiovascular diseases and their management due to their lack of reimbursement policies and poor healthcare infrastructure. Moreover, other factors such as the high cost of devices and their maintenance, strict regulatory approval procedures, and expensive surgeries are restraining the growth of the cardiovascular devices market. In addition, factors such as the availability of alternative treatment procedures and product failures and recalls are the major factors expected to slow this market's growth during the forecast period.
Research and development directly impact the cardiovascular devices market, which includes the growing demand for better equipment. Recent innovations include portable cardiac monitoring devices, transcatheter aortic valve replacement (TAVR) procedures, and bio-absorbable stents. The advent of advanced care and remote patient monitoring in the latest devices is likely to create lucrative growth opportunities for the market in the long term. In addition, new technologies such as mRNA are expected to emerge for better products and change the medical industry. The market is also likely to experience growth with joint ventures/ collaborations in the coming years.
COVID-19 Impact on the global cardiovascular devices market:
COVID-19 has taken a toll on the global cardiovascular devices market due to the postponement of elective cardiovascular surgeries as hospital visits have declined. In addition, specific procedures are deemed urgent due to the ongoing COVID-19 epidemic, while others are rescheduled. Percutaneous coronary intervention (PCI) for an acute heart attack, for example, is considered urgent by the American College of Cardiology (ACC) and the Society for Cardiovascular Angiography and Interventions (SCAI). In contrast, PCI for stable ischemic heart disease may be postponed. Additionally, the medical and imaging technology sector is experiencing a decline in sales due to decreased surgical procedures and delayed or prolonged equipment purchases.
Market Size Available
2021 to 2027
2022 to 2027
By Product and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This research report on the global cardiovascular devices market has been segmented and sub-segmented based on product and region.
Global Cardiovascular Devices Market - By Product
Based on the product, the surgical devices segment is expected to have significant growth over the forecast period due to the increasing number of local and regional competitors in the global market to fulfil the growing demand for sophisticated cardiac devices for therapeutic purposes. In addition, major organizations introducing new products would potentially influence the market. For instance, Abbott introduced its clip delivery system in December 2020 to treat patients with mitral regurgitation. Although it is anticipated that the diagnostic and monitoring devices segment will develop less quickly than the other segment, it still holds a sizable portion of the global market.
Global Cardiovascular Devices Market - By Region:
Based on the region, North America held the largest share of the global cardiovascular devices market in 2021 and is predicted to hike at a promising CAGR during the forecast period. The region is expected to remain dominant during the forecast period, mainly due to the presence of a large target patient group and a high adoption fee for advanced treatments in this region. In addition, the government is imposing sanctions on hospitals and healthcare facilities to limit readmissions of patients to the United States. As a result, hospitals are promoting home healthcare and remote patient monitoring services, triggering the demand for heart monitoring systems. Canada is expected to have the highest CAGR in the North American region due to the presence of large manufacturers in Canada.
The Asia-Pacific market is likely to generate significant revenue due to the increasing prevalence of heart disease and the market's regulatory scenario. To cite an example, the Indian government has confirmed a reduction in stent prices compared to the international market such as the United States. These measures taken by regional governments will help the Asia-Pacific market grow steadily over the next few years. Countries like Japan, China, and India contribute to cardiovascular disease.
The MEA region is expected to have a steady growth rate owing to the significant increase in CVD incidence, which is likely to increase the demand for cardiovascular devices for diagnosis and treatment. Hence, the cardiovascular devices market is expected to increase significantly.
The market in Latin America will grow at a CAGR of 6.3% over the forecast period. Growth is due to the increased prevalence of heart diseases in this region, which will positively impact the Latin American market. In addition, the booming medical tourism industry in this region is expected to drive demand for the cardiovascular devices market in countries like Mexico, Chile, Peru, and Argentina.
KEY MARKET PARTICIPANTS:
Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc., GE Healthcare, WL Gore & Associates Inc., Medtronic PLC, Biotronik, Siemens Healthineers AG, Canon Medical Systems Corporation, Edwards Lifesciences, B. Braun Melsungen AG, and Livanova are some of the prominent companies operating in the global cardiovascular devices market.
RECENT MARKET DEVELOPMENTS:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Cardiovascular Devices Market, By Product
6.1.1 Diagnostic and Monitoring
6.1.2 Surgical Devices
6.1.3 Market Size Estimations & Forecasts (2022 - 2027)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.1.6 Market Size Estimations & Forecasts (2022 - 2027)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Cardiovascular Devices Market, by Region
7.2 North America - Market Analysis (2022 - 2027)
7.2.1 By Country
7.2.2 By Product
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By Product
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By Product
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By Product
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By Product
8. Key Player Analysis
8.1 Abbott Laboratories
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Boston Scientific Corporation
8.3 Cardinal Health Inc.
8.4 GE Healthcare
8.5 WL Gore & Associates Inc.
8.6 Medtronic PLC, Biotronik
8.7 Siemens Healthineers AG
8.8 Canon Medical Systems Corporation
8.9 Edwards Lifesciences
8.10 B. Braun Melsungen AG
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
As per our research report, the global cardiovascular devices market size was valued at USD 44.84 billion in 2021.
The North American regional market held the largest share in the global cardiovascular devices market in 2021 and this trend is expected to continue from 2022 to 2027.
Companies playing a prominent role in the global cardiovascular devices market are Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc., GE Healthcare, WL Gore & Associates Inc., Medtronic PLC, Biotronik, Siemens Healthineers AG, Canon Medical Systems Corporation, Edwards Lifesciences, B. Braun Melsungen AG, and Livanova.
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