Published Date : 21 Feb 2023
The global cardiovascular devices market size was reached at USD 56.22 billion in 2022 and is expected to touch around USD 92.51 billion by 2030 with a noteworthy CAGR of 6.4% over the forecast period 2022 to 2030.
Cardiovascular devices are a broad category of medical equipment used to diagnose and treat heart conditions and other related health issues. They are made to support surgical operations and illness monitoring. Stents, heart valves, grafts, catheters, electrocardiograms (ECG), remote cardiac monitoring, and cardiac assist devices are a few of the frequently utilized cardiovascular equipment.
Cardiovascular devices are widely used in the healthcare industry because they help to successfully manage life-threatening illnesses, reduce patient suffering, and improve quality of life. These days, manufacturers are concentrating on creating cutting-edge implantable cardiovascular devices, which is driving up demand for them all around the world.
The increasing prevalence of chronic cardiovascular illnesses around the world is a major driver of the global market for cardiovascular devices. The main cause of death worldwide, according to the World Health Organization, is cardiovascular disease. Globally, 17.9 million people die from cardiovascular disorders each year. High salt intake in the diet, increased tobacco use, an increase in smoking prevalence, and increased alcohol use are the main contributors to cardiovascular illnesses. By catching cardiovascular disorders early, they can be efficiently treated.
Therefore, it is anticipated that the market for cardiovascular devices would rise due to the increasing demand for early identification of cardiovascular disorders. Additionally, an alarming increase in the obesity rate and lack of exercise are raising the risks of cardiovascular diseases, which is anticipated to increase the demand for cardiovascular devices globally.
Cardiovascular Devices Market Report Scope
|Market Size in 2023||USD 59.76 Billion|
|Projected Forecast Value in 2030||USD 92.51Billion|
|Growth Rate||6.4% from 2022 to 2030|
|Therapeutics & Surgical Devices Segment Revenue Share In 2021||76%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Device, By Application and By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The cardiovascular devices market was dominated by North America in 2022. The region's demand for cardiovascular devices is increasing as a result of the presence of numerous prominent manufacturers there and the rising prevalence of cardiovascular disorders in the US. The American Heart Association estimates that in the US in 2019, there were 18.6 million deaths related to cardiovascular illnesses.
Improved access to healthcare facilities and rising healthcare costs both significantly contribute to the market's expansion. The market with the fastest projected growth will likely be in Asia Pacific. Huge populations, an increase in cardiovascular disease prevalence, rising healthcare costs, and increased government investment in the creation of sophisticated healthcare infrastructure are all characteristics of Asia Pacific that are anticipated to fuel the expansion of the cardiovascular devices market in the region.
The main driver influencing market growth is the widespread occurrence of cardiovascular diseases (CVDs), which are brought on by sedentary lifestyles, unhealthy eating patterns, and bad habits like smoking and alcohol use. In addition, the aging population, which is more prone to chronic heart conditions, is a significant growth-inducing factor. In addition, the use of home healthcare equipment has also increased.
Along with this, the demand for the product is being increased by the growing requirement for small cardiovascular devices that allow for patient mobility while also providing real-time data. Additionally, the top players are concentrating on research and development (R&D) activities to introduce novel product versions integrated with cutting-edge features and technologies, consequently fostering market expansion.
In order to lower the number of patient readmissions in the US, the government is imposing sanctions on hospitals and healthcare facilities. As a result, hospitals are encouraging remote patient monitoring and home healthcare, which is driving up demand for cardiac monitoring equipment. On the other hand, barriers to the expansion of the worldwide cardiovascular devices vertical include things like expensive device maintenance costs along with strict regulatory product approval procedures.
The technologies utilized to create cardiac devices have advanced dramatically during the past ten years, and so have the indications for these devices. Due to this, more patients are now being handled with cardiology devices, which has had exponential therapeutic and monitoring outcomes. One such development that has had a big positive effect on cardiology is artificial intelligence, which has increased diagnostic capacities for some cardiac disorders.
For instance, GE Healthcare's ultra-edition package of vivid cardiovascular ultrasound systems received 510k clearance from the US Food and Drug Administration in October 2020. This package includes new features based on artificial intelligence (AI) that enable clinicians to consistently perform faster, repeatable exams.
Device Type Insights
With a 76% revenue share in 2022, the therapeutics & surgical devices sector was the market leader. This is explained by the rise in bypass operations performed worldwide. The segment's revenue has been boosted by the rising demand for cardiac rhythm control devices, stents, and catheters.
The category has grown as a result of rising cardiovascular disease awareness and the accessibility of gadgets. The diagnostic and monitoring segment, on the other hand, is anticipated to be the most opportune during the projected period. The growing demand for early cardiovascular disease diagnostics is driving this market's expansion.
Based on application, the segment for cardiovascular devices worldwide in 2022 was dominated by coronary artery disease. The market for coronary stents has seen growing sales due to the rising prevalence of coronary artery disorders. The dominance of this market is anticipated to continue during the projected period due to the growing popularity of stents in the treatment of coronary artery disease.
The segment with the biggest opportunity is predicted to be cardiac arrhythmia during the projected period. This is a result of the pacemakers' increasing demand. The market is anticipated to rise in the approaching years as a result of the increasing investments being made in the creation of novel pacemakers with innovative features.
Along with examining the industry's competitive landscape, this article also provides brief summaries of the major players, including Abbott Laboratories, B. Braun Melsungen AG, Biotronik, Boston Scientific Corporation, Canon Medical Systems Corporation, Cardinal Health Inc., Edwards Lifesciences Corporation, General Electric Company, LivaNova PLC, Medtronic PLC, Siemens Healthineers GmbH (Siemens AG), and Terumo Cardiovascular Systems Corporation (Terumo Corporation).
By Device Type
By End User
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