We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image
  • Published On : Feb 2023
  • Code : CMI5526
  • Pages :165
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

The global cardiovascular devices market was valued at US$ 53,020.7 Mn in 2022 and is forecast to reach the value of US$ 89,719.7 Mn by 2030 at a CAGR of 7.80%between 2023 and 2030. The global cardiovascular devices market is experiencing strong growth due to the rise in prevalence of cardiovascular diseases and rise in geriatric population around the world. Moreover, increase in demand for cardiovascular devices, rise in research and development, and technological advances is expected to boost the growth of the market. However, factors such as high cost of cardiovascular devices and cardiac procedures and stringent regulatory policies and product recalls are expected to hamper growth of the cardiovascular devices market.

Global Cardiovascular Devices Market: Regional Insights

Based on geography, the global cardiovascular devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing burden of cardiovascular diseases (CVDs), rising geriatric population, and increase in preference for minimally invasive procedures in the region. For instance, according to the U.S. Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 34 seconds in the U.S. from cardiovascular disease. Thus, with the rise in burden of cardiovascular diseases, the demand for cardiovascular diagnostics and treatment devices is also increasing with the rapid pace in the United States.

Europe and Asia Pacific are also expected to witness lucrative growth in the global cardiovascular devices market due to the high prevalence of cardiovascular diseases, growing geriatric population, and increase in demand for cardiovascular devices in these regions. For instance, according to the European Federation of Pharmaceutical Industries and Associations, around 60 million people are living with CVD in the European Union, and 13 million new cases of CVD are diagnosed in the region every year. Even in the absence of a global pandemic, CVDs are the leading cause of death in the EU, killing 5,000 people every day. This in turn is expected to increase or has increased the demand for cardiovascular devices in this region.

Figure 1. Global Cardiovascular Devices Market Share (%), by Region, 2023

CARDIOVASCULAR DEVICES MARKET

To learn more about this report, request a free sample copy

Global Cardiovascular Devices Market Drivers:

Rise in burden of cardiovascular diseases to propel market growth

One of the key factors expected to augment the growth of the global cardiovascular devices market during the forecast period is the high prevalence of cardiovascular diseases across the world. Such a high burden of cardiovascular diseases leads to an increased number of surgical procedures and it is expected to increase demand for cardiovascular devices. For instance, according to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death across the globe, taking an estimated 17.9 million lives each year. Cardiovascular diseases are the number one cause of death and disability worldwide.

Growing geriatric population to augment market growth

Another factor which is driving the growth of the global cardiovascular devices market is the rise in geriatric (aging) population around the world. For instance, aging can cause changes in the heart and blood vessels that may increase a person's risk of developing cardiovascular disease. People age 65 and older are more likely than younger people to suffer from CVDs. According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Cardiovascular Devices Market Opportunities:

Rise in demand for cardiovascular devices across the globe is expected to offer significant growth opportunities for players in the cardiovascular devices market. For instance, with the rise in burden or prevalence of cardiovascular diseases and rise in number of surgical procedures worldwide, the demand for cardiovascular devices is also increasing. In June 2021, Abbott announced the launch of Jot Dx, an insertable cardiac monitor (ICM) in the U.S. The monitor allows for remote detection and improved diagnosis accuracy of the cardiac arrythmia. This in turn is driving the growth of the global cardiovascular devices market.

Rise in research & development and technological advancements are expected to offer significant growth opportunities for players in the global cardiovascular devices market. For instance, players in the market are focusing on developing more advanced, efficient technologies for the diagnosis and treatment of cardiovascular disorders. In February 2021, Remo Care Solutions announced the launch of Remo.Cardia, a remote cardiac monitoring system powered by artificial intelligence (AI) that monitor and analyses patient’s vitals. The device can be used for follow-up actions of patients who had undergone surgery for any cardiac diseases.

Global Cardiovascular Devices Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 53,020.7 Mn
Historical Data for: 2017 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 7.80% 2030 Value Projection: US$ 89,719.7 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Device Type: Diagnostic and Monitoring Devices and Therapeutic and Surgical Device
Companies covered:

Livanova PLC, B. Braun Melsungen AG, Edwards Lifesciences, Biotronik, Medtronic PLC, GE Healthcare, Cardinal Health Inc., Abbott Laboratories, Siemens Healthineers AG, WL Gore & Associates Inc., Boston Scientific Corporation, and Canon Medical Systems Corporation.

Growth Drivers:
  • Increase in prevalence of cardiovascular diseases
  • Rise in geriatric (aging) population worldwide
Restraints & Challenges:
  • High cost of cardiovascular devices and cardiac procedures
  • Stringent regulatory policies and product recalls

Global Cardiovascular Devices Market Trends:

Increase in focus on disease diagnosis is a recent trend

Due to rise in burden of cardiovascular diseases, the demand for early diagnosis is also increasing, which in turn has increased the demand for cardiovascular devices worldwide. Moreover, advances in diagnostics and treatment options have spurred a better understanding of types of cardiovascular diseases, allowing for the development of precision devices to treat such diseases and also giving a patient a wide spectrum of treatment options. This trend is expected to continue over the forecast period, driving the growth of the cardiovascular devices market.

Rise in usage of electrocardiograms (ECGs) is another trend

More people worldwide are using ECGs for diagnostic and monitoring purposes and are especially popular in the home healthcare market. An ECG is often used alongside other tests to help diagnose and monitor conditions affecting the heart. Moreover, market players are focusing on developing and launching wearable ECG monitoring solutions to wirelessly capture ECG and heart rate. Rise in product launches and approvals has increased the usage of ECG. This trend is also expected to continue during the forecast period, driving the market growth.

Global Cardiovascular Devices Market Restraints:

High cost of devices and procedures to hinder market growth

One of the key factors expected to hamper the growth of the global cardiovascular devices market is the high cost of cardiovascular devices and cardiac procedures. The complications and additional surgical procedures associated with cardiac surgeries increase the overall cost of a cardiovascular procedure as well as cardiovascular devices, which makes it difficult for the end users to purchase those products, restraining the growth of the market. However, the average cost of heart procedures is less in low- and middle-income countries, compared to developed countries.

Stringent regulations and product recalls to hamper market growth

Another factor which is hampering the growth of the cardiovascular devices market is the stringent regulatory policies and product recalls. Regulatory authorities, such as FDA, regulate the medical device through stringent regulations to ensure access to safe, appropriate, and affordable medical devices, which affects manufacturers, in terms of delays in product launches, late approvals, and product recalls, as they must comply with every regulation. The majority of cardiovascular devices are regulated as medical devices in an independent sub-category.

Figure 2. Global Cardiovascular Devices Market Share (%), by Device Type, 2023

CARDIOVASCULAR DEVICES MARKET

To learn more about this report, request a free sample copy

Global Cardiovascular Devices Market Segmentation:

The global cardiovascular devices market report is segmented into Device Type and Geography.

Based on Device Type, the market is segmented into Diagnostic and Monitoring Devices and Therapeutic and Surgical Devices. Out of which, Diagnostic and Monitoring Devices Segment is expected to dominate the global cardiovascular devices market over the forecast period and this is attributed to the increase in demand for diagnostic and monitoring devices owing to increase in prevalence of cardiovascular diseases worldwide.

Therapeutic and Surgical Devices Segment is also expected to witness significant growth in the near future and this is owing to the increase in number of cardiovascular procedures.

Global Cardiovascular Devices Market: Key Developments

In June 2021, MicroPort CRM announced the launch of Alizea and Borea pacemakers in Europe. These connected pacemakers allow cardiologists to monitor the devices remotely, saving patients the need to travel to the hospital. The devices are equipped with Bluetooth for streamlined remote monitoring when paired with the SmartView Connect home monitor.

In June 2021, Cardiovascular Systems announced the launch of OrbusNeich Jade percutaneous transluminal angioplasty over-the-wire balloon catheter in the U.S. Jade is over-the-wire balloon catheter for peripheral vasculature, including obstructed native arteries and synthetic arteriovenous dialysis fistulae and post-dilation of balloon- expandable and self-expanding stents.

In June 2021, Medtronic PLC announced the launch of Prevail drug coated balloon (DCB) catheter in Europe, after receiving the CE mark. The coronary DCB is used to treat narrowed and/or blocked coronary arteries in patients with coronary artery disease.

In April 2021, Abbott received CE mark for TriClip Transcatheter Tricuspid Valve Repair System as a non-surgical treatment for people with a leaky tricuspid valve. It is the first minimally invasive, clip-based tricuspid valve repair device to be commercially available in the world.

Global Cardiovascular Devices Market: Key Companies Insights

The global cardiovascular devices market is highly competitive. This is attributed to the increase in prevalence or burden of cardiovascular diseases, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global cardiovascular devices market are:

Livanova PLC, B. Braun Melsungen AG, Edwards Lifesciences, Biotronik, Medtronic PLC, GE Healthcare, Cardinal Health Inc., Abbott Laboratories, Siemens Healthineers AG, WL Gore & Associates Inc., Boston Scientific Corporation, and Canon Medical Systems Corporation.

*Definition: Cardiovascular devices are medical devices used to diagnose and treat heart disease and related health problems. Cardiac implantable electronic devices are designed to help control or monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure. There are several types of devices available.  

Frequently Asked Questions

The global cardiovascular devices market size is estimated to be valued at US$ 56,417.2 Million in 2023 and is expected to exhibit a CAGR of 7.80% between 2023 and 2030.

High prevalence of cardiovascular diseases and increase in geriatric (aging) population around the world is fueling the market

Therapeutic and Surgical Devices segment is the leading component segment in the market.

High cost of cardiovascular devices and cardiac procedures and stringent regulations and product recalls are major factors restraining market.

Major players operating in the market are Livanova PLC, B. Braun Melsungen AG, Edwards Lifesciences, Biotronik, Medtronic PLC, GE Healthcare, Cardinal Health Inc., Abbott Laboratories, Siemens Healthineers AG, WL Gore & Associates Inc., Boston Scientific Corporation, and Canon Medical Systems Corporation.

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount
Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo