Cardiovascular Devices Market Size, Share, Growth Analysis, By Device(Diagnostic, Monitoring Devices, Therapeutic, surgical devices), By Application(Coronary Artery Disease, Cardiac Arrhythmia, Heart Failure), By End user(Hospitals, Specialty Clinics, Others), By Region - Industry Forecast 2024-2031

Global Cardiovascular Devices Market size was valued at USD 17.822 billion in 2019 and is poised to grow from USD 18.8 billion in 2023 to USD 31.1 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

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.