USD 17.822 billion
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 2023-2030
Report ID:
SQMIG35E2016 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
91 |
Figures:
76
Global Cardiovascular Devices Market Insights
Global Cardiovascular Devices Market size was valued at USD 17.822 billion in 2021 and is poised to grow from USD 18.8 billion in 2022 to USD 31.1 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
An enormous increase in the prevalence of chronic cardiac illnesses is what is fueling the expansion of the global cardiovascular devices market. This gives the drive for a greater uptake of technologically improved cardiac equipment for both surgical and diagnostic uses. Additionally, the price of crucial cardiovascular therapeutic devices like coronary stents has significantly decreased, which has boosted market growth, particularly in developing nations like India. For instance, a research by the Harvard T.H. Chan School of Public Health (HSPH) found that a drop in the cost of coronary stents in the Indian state of Maharashtra was followed by a 43.0 percent rise in the number of people undergoing heart treatments. Key market participants should participate heavily in RD projects as the demand for these devices is likely to continue growing strongly. This is anticipated to result in the introduction of cutting-edge products, improving the condition of cardiac patients. It is also projected that these unique product advancements would create a sizable patient population. Furthermore, the cardiovascular devices market is predicted to expand at a strong rate throughout the forecast period due to the significant rise in cardiovascular illnesses in all countries. Additionally, the pandemic has hurt the industry since fewer diagnostic procedures are being performed globally due of resources being set aside for the COVID-19 pandemic. Regular medical exams and diagnosis have been postponed since the pandemic began. In addition, many important players have noticed a drop in sales as a result of the cancellation of procedures. Well-known businesses like Medtronic and Boston Scientific Corporation announced sharp drops in yearly sales for FY 2020. As an illustration, Boston Scientific Corporation, a key player in the global market, reported a revenue decline of -7.9 percent compared to FY 2019. Additionally, other competitors like Abbott and LivaNova PLC had significant drops in the sales performance of the cardiovascular device goods segment by 2.9 percent and 12.1 percent, respectively. However, it is anticipated that increased use of these devices, along with the gradual global release of new devices, will allow the market to resume its pre-pandemic growth levels.
US Cardiovascular Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Coronary Artery Disease
Fastest Growth
Coronary Artery Disease
Growth Rate
5.5% CAGR
Global Cardiovascular Devices Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Cardiovascular Devices Market Size By Application, 2021-2028 ($ Bn)
Global Cardiovascular Devices Market Size By Application, 2021-2028 (%)
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Global Cardiovascular Devices Market Segmental Analysis
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 Cardiovascular Devices Market is segmented into coronary artery disease, cardiac arrhythmia, heart failures. Based on end use, the Cardiovascular Devices Market is segmented into Hospitals, Specialty clinics, and others. Based on region, Cardiovascular Devices Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Cardiovascular Devices Market 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.
Cardiovascular Devices Market 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.
Global Cardiovascular Devices Market By Application , 2021(%), 2021 (%)
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Global Cardiovascular Devices Market Regional Insights
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.
Global Cardiovascular Devices Market By Geography, 2021 - 2028, 2023-2030
- Largest
- Fastest
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Global Cardiovascular Devices Market Dynamics
Cardiovascular Devices Market 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.
Cardiovascular Devices Market 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.
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Global Cardiovascular Devices Market Competitive Landscape
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
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic, Inc.
- St. Jude Medical, Inc.
- Johnson & Johnson
- Terumo Corporation
- Edwards Lifesciences Corporation
- Biotronik SE & Co. KG
- LivaNova PLC
- Getinge AB
- Hill-Rom Holdings, Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- GE Healthcare
- Toshiba Corporation
- Fujifilm Holdings Corporation
- Hitachi, Ltd.
- Nihon Kohden Corporation
- Cardiac Science Corporation
- Schiller AG
Cardiovascular Devices Market 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.
Global Cardiovascular Devices Key Market Trends
- 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.
Global Cardiovascular Devices Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 17.822 billion |
| Market size value in 2030 | USD 31.1 billion |
| Growth Rate | 5.5% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Cardiovascular Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Cardiovascular Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Cardiovascular Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cardiovascular Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cardiovascular Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cardiovascular Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Cardiovascular Devices Market Report Snapshots
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