Cardiovascular Device Market Share, Size, Trends, Industry Analysis Report, By Device type (Diagnostic and Monitoring Devices; Therapeutic And surgical Devices); By Application; By End-Use; By Region; Segment Forecast, 2024- 2032
- Published Date:Mar-2024
- Pages: 118
- Format: PDF
- Report ID: PM4534
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global cardiovascular device market was valued at USD 52.94 billion in 2023 and is expected to grow at a CAGR of 8.1% during the forecast period.
A medical device used for the treatment, monitoring, and diagnosis of cardiovascular disease is known as a cardiovascular device. One of the main drivers of cardiovascular devices market growth is the rising prevalence of cardiovascular ailments, which is connected to unhealthy eating habits, sedentary lifestyles, and rising stress levels. The aging population and technological advancements in cardiovascular devices are driving the market's revenue growth.
The rising population of patients grappling with cardiovascular illnesses, such as heart failure, arrhythmia, and coronary artery disease, underscores a concerning health trend. This surge in the prevalence of cardiovascular conditions can be attributed to various factors. The aging population plays a crucial role, as cardiovascular diseases often become more prevalent with age. As the global population continues to age, there is a natural increase in the number of individuals susceptible to heart-related ailments.
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Moreover, the prevalence of risk factors like diabetes and obesity further exacerbates the situation. The global increase in these conditions is associated with changes in dietary habits, lack of exercise, and genetic predispositions. Both diabetes and obesity significantly elevate the likelihood of developing cardiovascular diseases, including heart failure and coronary artery disease.
For instance, in February 2022, a study published by the Heart and Stroke Foundation of Canada, about 750,000 individuals received a diagnosis of heart failure, with an annual identification of 100,000 cases for this life-threatening condition. Consequently, cardiovascular devices play a pivotal role in precisely identifying and addressing heart disorders, thereby driving the expansion of the cardiovascular devices market.
Furthermore, these devices are involved in used for controlling and monitoring heart failure, when the heart cannot adequately pump blood, cardiac failure results. Echocardiography equipment and hemodynamic monitoring systems are examples of diagnostic instruments that help evaluate heart function and quantify the severity of heart failure.
Patients with advanced heart failure benefit from therapeutic devices such as ventricular assist devices (VADs) and implantable cardiac devices (ICDs and CRTs), which mechanically support the heart, increase cardiac output, and improve quality of life. The rising demand for interventional cardiology procedures, including stenting, angioplasty, and transcatheter valve replacement, also fuels the need for products.
Industry Dynamics
Growth Drivers
- Increasing Prevalence of Cardiovascular Diseases across the Globe
The cardiovascular devices are primarily driven by the increasing prevalence of cardiovascular disease worldwide. Unhealthy eating habits, sedentary lifestyles, and rising stress levels contribute to the growing incidence of heart disorders. In the United States, heart disease is the highest cause of death. According to the Centers for Disease Control and Prevention (CDC), approximately 695,000 people in the U.S. die from heart disease yearly, with more than 18 million suffering from cardiovascular diseases. Coronary heart disorder is the most common form of cardiovascular disease, causing 365,914 deaths in 2017. The rising patient pool and prevalence of heart ailments are expected to drive the profitable growth of the cardiovascular device market during the forecast period.
Report Segmentation
The market is primarily segmented based on device type, application, end-use, and region.
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By Device Type |
By Application |
By End-Use |
By Region |
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By Device Analysis
The diagnostic and monitoring device segment held the largest revenue share in 2023
The diagnostic and monitoring device segment held the largest revenue share in 2023; abnormal heart rhythms, or cardiac arrhythmia, can vary in severity from minor palpitations to potentially fatal situations. Devices utilized in cardiac arrhythmia diagnosis and treatment are included. In order to identify and track abnormal cardiac rhythms, diagnostic tools like electrocardiography (ECG) machines, Holter monitors, and event recorders are used. Pacemakers, cardiac resynchronization therapy devices (CRTs), and implanted cardioverter-defibrillators (ICDs) are examples of therapeutic devices used to control the cardiac rhythm and prevent or treat arrhythmia.
The increasing prevalence of cardiac disorders on a global scale is a key driver for the demand for cardiovascular devices. Additionally, the growing senior population is another significant factor fueling market growth, as individuals over 60 are more prone to chronic ailments, including cardiovascular diseases. Therefore, these factors are expected to contribute to the expansion of the market during the analysis period.
By End-User Analysis
- The hospital segment accounted for the highest market share during the forecast period.
The hospital segment accounted for the highest market share during the forecast period, mostly due to the rise in the number of crucial surgeries such as angioplasty—that were conducted in hospital settings. Hospitals are the best option because they have sophisticated facilities for intricate operational operations. An additional factor driving the segment's growth is the growing number of alliances with significant industry participants. However, a number of elective cardiac surgeries have been delayed as a result of the coronavirus outbreak, which could contribute to the relatively slow growth in cardiovascular devices market.
Furthermore, there is an expected substantial growth in specialty clinics over the forecast period. This expansion can be linked to multiple factors, including the proliferation of specialty clinics and a growing global population of cardiologists. Additionally, a heightened awareness among individuals regarding the diverse advantages offered by cardiovascular devices is drawing a larger patient base towards these specialized establishments. Consequently, the specialty clinics segment is positioned for significant growth in the forecast period.
Regional Insights
- North America dominated the largest market share in 2023
North America, particularly the United States, exhibits a higher incidence of cardiovascular diseases compared to other regions. This elevated prevalence is attributed to lifestyle factors such as sedentary habits, poor dietary choices, and a heightened occurrence of risk factors like obesity and diabetes, contributing to an increased burden of cardiovascular diseases in the population. Additionally, advancements in the technologies utilized for cardiology devices have witnessed significant progress over the past decade, due to expanded indications for these devices.
This progress has resulted in the growing adoption of cardiology devices for the management of an expanding number of patients, yielding exponential therapeutic and monitoring outcomes. Notably, artificial intelligence represents a significant advancement that has positively impacted cardiology, enhancing capabilities for monitoring specific heart conditions. For example, in July 2021, Medtronic obtained clearance from the United States FDA for two AccuRhythm AI algorithms designed for use with the LINQ II insertable cardiac monitor (ICM). The AccuRhythm AI leverages artificial intelligence to analyze heart rhythm event data collected by LINQ II, thereby enhancing the accuracy of information provided to physicians. This improvement allows for better diagnosis and treatment of abnormal heart rhythms.
The adoption of medical devices in the Asia-Pacific (APAC) region accounted for the fastest growth due to the increasing dominance of local vendors. Countries such as India, Japan, and China are major contributors to the market revenue in APAC. The key drivers of the market in this region are the growing number of cardiovascular procedures, driven by an aging population, resulting in the market growth of cardiovascular devices. Countries like India, China, Thailand, Singapore, and South Korea have become medical tourism hot spots. It has prompted many industry players to focus on expanding their operations in these countries. With their rapid emergence, these countries are expected to dominate the market during the forecast period.
Key Market Players & Competitive Insights
The cardiovascular devices market is characterized by competition, with recognized players relying on high-quality products, advanced technology, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- Abbott Laboratories
- B. Braun Melsungen AG
- Biosensors International Group (acquired by Blue Sail Medical Co., Ltd)
- Biotronik SE & Co.KG
- Boston Scientific Corporation
- C. R. Bard, Inc.
- Cook Medicals
- Lepu Medicals
- Liaoning Biomedical Materials
- Medtronic Plc
- Meril Life Sciences
- MicroPort Scientific Corporation
- Terumo Corporation
- Translumina GmbH
- Vascular Concepts
- Jude Medical, Inc.
- Edward lifesciences corporation
Recent Developments
- In April 2021, Abbott announced the Ultreon 1.0 Software, an artificial intelligence (AI)-powered platform for coronary imaging, and its debut in Europe. This cutting-edge program is intended to improve the identification of calcium-based blockages and provide precise channel diameter measurements during coronary stenting operations.
- In February 2021, The Cardiovascular Systems Inc. declared a collaboration with Chansu Vascular Technologies, LLC. This collaboration aims to develop drug-coated balloons for peripheral and coronary applications. This strategic partnership aims to leverage the expertise and resources of both companies to advance the field of interventional cardiology and enhance treatment options for patients.
- In 2020, Edward Life Sciences Corporation received Chinese regulatory approval for the SAPIEN 3 transcatheter heart valve. This valve is used in patients with severe symptomatic aortic stenosis, which is not operated on for open heart surgery.
Cardiovascular devices Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 57.13 billion |
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Revenue forecast in 2032 |
USD 106.54 billion |
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CAGR |
8.1% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Device, By Application, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
Cardiovascular Devices Market Size Worth $ 106.54 Billion By 2032
The top market players in Cardiovascular Device Market Abbott Laboratories, B. Braun Melsungen AG, Biosensors International Group (acquired by Blue Sail Medical Co., Ltd),
North America is contribute notably towards the Cardiovascular Device Market.
The global cardiovascular device market is expected to grow at a CAGR of 8.1% during the forecast period.
Cardiovascular Device Market report covering key segments are device type, application, end-use, and region.
