Global Cardiovascular Devices Market Size, Share, Growth Analysis, By Device(Diagnostic, Monitoring Devices), By Application (Coronary Artery Disease, Cardiac Arrhythmia), By End user(Hospitals, Specialty Clinics) - Industry Forecast 2022-2028

The cardiovascular vascular market is segmented based on the device, application, end use, and region. Based on the device, the cardiovascular devices market is segmented as diagnostic and monitoring devices, therapeutic and surgical devices. Based on the application, the market is segmented into coronary artery disease, cardiac arrhythmia, heart failures. Based on end use, the market is segmented into Hospitals, Specialty clinics, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Analysis by Device

The market is divided into therapeutic and surgical devices as well as diagnostic and monitoring devices based on the kind of device. Electrocardiogram (ECG), remote cardiac monitoring, and other devices are further sub-segmented under the diagnostic and monitoring devices categories. The therapeutic and surgical devices section can be further divided into catheters, stents, heart valves, ventricular assist devices (VAD), cardiac rhythm management (CRM) devices, and others. Due to the growing number of local & regional competitors in the global market to meet the expanding demand for sophisticated cardiac devices for therapeutic reasons, the therapeutic and surgical devices segment is predicted to have considerable expansion in the following years. The cardiovascular devices market would also be driven by large companies launching new products.

Analysis by Application

The global cardiovascular devices market is divided into heart failure, cardiac arrhythmia, coronary artery disease (CAD), and other applications. The segment with the largest revenue in 2020 is coronary artery disease (CAD), and it is expected to hold that position throughout the projection period. This is primarily due to the fact that several cardiovascular devices, like coronary stents, are employed to treat coronary artery disease (CAD), an arterial narrowing disorder that can result in other cardiac illnesses like heart attacks. Due to an increase in the usage of pacemakers with cutting-edge technology to treat this problem, cardiac arrhythmia is also anticipated to propel continuous expansion in the industry. For instance, the Azure pacemaker with BlueSync technology was introduced by Medtronic's Indian affiliate. Due to the use of equipment like ventricular assist devices (VAD) for treating the condition, incidences of heart failure are also anticipated to see favourable growth.

On the basis of region, the global cardiovascular devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By registering strong growth in the upcoming years, Europe is anticipated to hold the second-leading position in this market. The sharp increase in cardiac problems in Central and Eastern Europe is blamed for the growth. According to our market research analysis, Asia Pacific is predicted to experience the fastest rise in market value. The increased adoption of cutting-edge gadgets and the rising prevalence of chronic cardiovascular illnesses are anticipated to lengthen the projection period. For instance, the government of India indicated in February 2018 that the price limitations for stents, particularly the drug-eluting stents, are anticipated to persist. As compared to other international markets, such the United States, these stents have a significantly lower rate.

During the projected period, the rise of the market in Asia Pacific is anticipated to be aided by the region's well-established regulatory environment for cardiovascular devices. The market is being boosted by the rising incidence of cardiac disorders in Brazil, a nation where Non-Communicable Diseases (NCDs), particularly cardiovascular diseases, are the main cause of mortality. Due to the slower adoption of modern gadgets, the Middle East and Africa is expected to grow more slowly to moderately during the projected period. The main drivers anticipated to drive the market in the region throughout the forecast period, are the rapid regional growth and rising public awareness of the seriousness of cardiac illnesses.

Driver

• Rise in the Prevalence of Cardiovascular Diseases to Boost the Global Market
• Regarding cost and use of medical services, heart disease is becoming more and more common in patients. One of the main factors driving the market expansion is the increase in the incidence of chronic cardiovascular disorders such heart failure and coronary artery disease (CAD). Coronary or cardiac stents are among the most important cardiovascular devices. These devices aid in the treatment of cardiac illnesses that pose a serious risk to life, including heart attacks, coronary heart disease, atrial fibrillation, and the widening of clogged arteries. The global need for cutting-edge heart devices is increased by the prevalence of cardiac illnesses. According to estimates from the Centers for Disease Control and Prevention (CDC), cardiovascular diseases remain the main cause of death in the U.S. region in 2019, accounting for an estimated 1 in 4 fatalities annually. The World Health Organization estimates that cardiac disorders are responsible for 17.9 million annual fatalities. Additionally, the rapid increase in new device approvals by regulatory bodies also contributes significantly to the market's expansion. The market during the projected period will likely be influenced by a number of public policy measures designed to increase the availability of cardiovascular devices to a wide population in developing regions.

Restraint

• Increasing Barriers in R&D Activities to Restrict Market Growth
• A robust R&D environment is a limitation in the development of novel and technologically improved cardiovascular devices. Due to the inefficient procedures inside the reimbursement models, a number of significant firms are concentrating on their ability to invest in futuristic R&D programmes related to cardiac devices. For instance, manufacturers may be less tempted to create new goods or even to introduce sophisticated cardiac devices with high prices in places where price limitations on life-saving stents are advocated. Rigid regulatory rules are one of the factors restricting the industry, in addition to obstacles in R&D programmes in this market. Without following regulatory requirements, the leading companies' innovative products cannot be released in the market for commercial usage, costing manufacturers a sizable amount of money. As an illustration, the US FDA reported that Abbott recalled its NC Traveler RX Coronary Dilatation Catheters because the balloons were failing to deflate as they should. Such restrictions could slow the cardiovascular devices market expansion.

The cardiovascular devices market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability.

Top Players in the Global Cardiovascular Devices Market

• B. Braun Melsungen AG (Melsungen, Germany)
• Medtronic (Dublin, Ireland)
• Abbott (Abbott Park, U.S.)
• Boston Scientific Corporation (Marlborough, U.S.)
• Edwards Lifesciences Corporation (Irvine, U.S.)
• Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
• GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.)
• LivaNova PLC (London, U.K.)
• Siemens Healthcare GmbH (Erlangen, Germany)
• Terumo Cardiovascular Systems Corporation (Tokyo, Japan)

Recent Developments

In July 2021, The Guardian device, the company's flagship item, has undergone its first commercial implantation in the United States, according to Angel Medical Systems, Inc. The recent FDA approval they received was used for this first surgery.

In April 2021, Phoenix Cardiac Devices, Inc. declared that their BACE (Basal Annuloplasty of the Cardio externally) device has a CE Mark. The marketing of BACE in the European Union is aided by this approval.

• High Demand for Advanced Features in Cardiovascular Devices
• Advanced cardiovascular diagnostic and therapeutic technologies are frequently needed for patients with advanced stages of heart disease. The rising demand for coronary stents and other medical equipment with greater safety features and growing public knowledge are to blame for this. Devices that do not produce adverse effects, such as infections, are in high demand among patients. Bare-metal stents are one such type of device. Additionally, there is a demand for devices with advanced capabilities such remote cardiac monitoring features as a result of recent technology breakthroughs. Individuals are given a realistic and accurate treatment plan because to these qualities, which also make it simple for them to use.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our cardiovascular devices market analysis, research report offers a thorough overview of the industry and focuses on important factors including the top players, sources, products, and applications. The research also identifies significant advancements in the industry and provides insights into market trends and the competitive environment. The study includes a number of aspects, in addition to those already mentioned, that have assisted in the market's expansion in recent years.