USD 17.822 billion
Report ID: SQMIG35E2016 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 91 | Figures: 76
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.
Global Market Size
USD 17.822 billion
Coronary Artery Disease
Coronary Artery Disease
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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.
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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.
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Cardiovascular Devices Market Driver
Cardiovascular Devices Market Restraint
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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
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.
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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.
|Market size value in 2021||USD 17.822 billion|
|Market size value in 2030||USD 18.8 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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