ID: MRFR/MED/3817-CR | 138 Pages | Author: Kinjoll Dey | July 2019
The cardiovascular application market size was valued at USD 18.9 Billion in 2022. The cardiovascular application industry is projected to grow from USD 20.24 Billion in 2023 to USD 35.04 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2023 - 2032). The increase in the prevalence of cardiovascular diseases ly, expanding number of awareness campaigns on the administration of cardiovascular devices and the rapid advancement in healthcare technology worldwide are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for cardiovascular applications is driven by the rising adopted initiatives catering to the expansion in demand for these devices in emerging countries, which have boosted the market. Investors are focused on enhancing the availability of economic cardiovascular devices in countries such as India, China, Mexico, and others. This, in turn, is expected to attract a huge cardiovascular devices market share over the forecast period. For instance, in February 2020, AliveCor launched KardiaMobile to record, store and transmit single-channel electrocardiogram meters in the Mexico region from the Federal Commission for the safety against Sanitary Risk. This establishment is due to the partnership between AliveCor and Inpharamo, a Mexico-based medical solutions firm.
Additionally, the increasing occurrence of heart diseases in patients is the highest regarding cost and healthcare services. The rise in chronic cardiovascular diseases such as heart failure and coronary artery disease is one of the primary factors promoting market growth. One of the most important cardiovascular devices is Coronary or cardiac stents. These devices support treating life-threatening cardiac conditions, including heart attack, coronary heart disease, atrial fibrillation, and opening narrowed arteries. The prevalence of cardiac diseases augments the requirement for advanced heart devices worldwide.
Moreover, technologies utilized in the expansion of cardiology devices have enhanced significantly over the past decade, and signs for these devices have been created. This has led to a growing number of patients being handled with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such improvement that significantly impacts cardiology with improved abilities for observing certain heart disorders. For instance, in July 2021, Medtronic acquired US FDA approval for two AccuRhythm AI algorithms for service with the LINQ II insertable cardiac monitor (ICM). AccuRhythm AI uses artificial intelligence (AI) to heart meter event data gathered by LINQ II, enhancing the accuracy of information physicians receive to improve, diagnose and treat abnormal heart rhythms.
The growing occurrence of heart diseases in patients is the highest concerning cost and healthcare services. The rise in chronic cardiovascular diseases such as heart failure and coronary artery disease is one of the major factors promoting the cardiovascular application market revenue. One of the most important cardiovascular devices is Coronary or cardiac stents. These devices support treating life-threatening cardiac conditions such as heart attack, coronary heart disease, atrial fibrillation, and opening narrowed arteries. The prevalence of cardiac diseases augments the requirement for advanced heart devices worldwide.
The cardiovascular application market segmentation, based on devices, includes cardiac monitors, cardiac pacemakers, and cardiac defibrillators. The cardiac monitors segment dominated the market, accounting for 35% of market revenue (7.08 Billion). In developing economies, category growth is driven by the rising prevalence of cardiovascular illnesses with the increasing use of early disease detection and monitoring strategies. However, cardiac defibrillators are the fastest-growing category due to the enhanced demand for minimally invasive techniques, improvements in surgical methods, and rising healthcare costs.
The cardiovascular application market segmentation, based on end-user, includes hospitals, cardiac care centers, ambulatory centers & home care, and academic centers. The hospitals category generated the most income owing to the need for trained medical professionals to insert essential cardiovascular devices such as stents. However, cardiac care centers are the fastest-growing category due to growing investments in developing innovative pacemakers with innovative features.
Figure 1 Cardiovascular Application Market by End-User, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Cardiovascular Application Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American cardiovascular application market will dominate due to the increased adoption rate of minimally invasive methods, the high prevalence of cardiovascular diseases, the existence of reimbursements, the rising geriatric population, and the high demand for constant and home-based monitoring will boost the market growth in this region. Moreover, US cardiovascular application market held the largest market share, and the Canadian cardiovascular application market was the fastest-growing market in the North American region.
Further, the major countries studied in the cardiovascular application market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 CARDIOVASCULAR APPLICATION MARKET SHARE BY REGION 2022 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's cardiovascular application market accounts for the second-largest market share due to the growing prevalence of chronic cardiovascular disorders, and the growing adoption of advanced devices is expected to drive market growth in this region. Further, the German cardiovascular application market held the largest market share, and the UK cardiovascular application market was the fastest-growing market in the European region.
The Asia-Pacific cardiovascular application market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising healthcare costs, increasing public awareness of cardiovascular illnesses, and improving healthcare infrastructure will boost market growth in this region. Moreover, China’s cardiovascular application market held the largest market share, and the Indian cardiovascular application market was the fastest-growing market in the Asia-Pacific region.
Cardiovascular Application Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the cardiovascular application market grow even more. Market participants are also undertaking multiple strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the cardiovascular application industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the cardiovascular application industry to benefit clients and increase the market sector. Major players in the cardiovascular application market, including B. Braun Melsungen AG (Germany), Medtronic (Ireland), Abbott (U.S.), Boston Scientific Corporation (U.S.), Edwards Lifesciences Corporation (U.S.), and others, are attempting to increase market demand by investing in research and development operations.
Abbott Laboratories develops, discovers, manufactures and sells a diversified range of healthcare products, such as branded generic pharmaceuticals, diagnostic systems and tests, and pediatric and adult nutritional products. The firm also delivers various medical devices, such as heart failure, electrophysiology, rhythm management, vascular and structural heart devices, and neuromodulation devices. The firm also delivers minerals and nutrition products and dietary supplements. It has research and development facilities worldwide. In April 2022, Abbott received approval from the United States FDA for its Aveir single-chamber (VR) leadless pacemaker for treating patients in the United States with slow heart rhythms. This marks a significant advancement in patient care and brings new, never-before-seen features to patients and their physicians.
Boston Scientific Corp is a medical technology company that develops, manufactures and commercializes devices for various interventional medical specialties. The company offers products in electrophysiology, gastrointestinal surgery, gastroenterology, female pelvic medicine, interventional cardiology, interventional radiology, neurological surgery, gynecology, orthopedic surgery, pulmonology, pain medicine, urology and vascular surgery. Boston Scientific performs hospitals, clinics, outpatient facilities and medical offices worldwide. The firm has manufacturing facilities in the US, Ireland, Costa Rica, Brazil, Malaysia and Puerto Rico. It sells products directly and through a network of distributors and dealers worldwide. In February 2022, Boston Scientific Corporation acquired Baylis Medical Business Inc., a medical technology firm, to enhance the firm product portfolio in atrial fibrillation ablation and left-heart treatments.
Key Companies in the Cardiovascular Application market include
Cardiovascular Application Industry Developments
October 2022 Medtronic plc received United States FDA approval for expanded labeling of a cardiac lead that taps into the heart's natural electrical system, giving patients needed therapy while avoiding complications sometimes associated with traditional pacing methods, such as cardiomyopathy.
April 2022 GE Healthcare, a medical supplies and technology provider, collaborated with Medtronic, a medical instrument firm. The partnership was intended to concentrate on the extraordinary demand and requirement for care at Office-Based Labs (OBLs) and Ambulatory Surgery Centers (ASCs). This collaboration permits consumers to access vast product portfolios, financial solutions, and other exceptional services.
November 2021 Philips collaborated with major institutes to bring its innovative spectral CT imaging into the interventional platform. The company had joined forces with clinical institutes such as Mayo Clinic and Baptist Health’s Miami Cardiac & Vascular Institute.
March 2021 Boston Scientific Corporation acquired Preventice Solutions, Inc., a developer of Remote Patient Monitoring and digital health solutions. The acquisition was valued at USD 925 million and aimed to strengthen Boston Scientific's digital health offerings in the cardiovascular space.
Report Attribute/Metric | Details |
Market Size 2022 | USD 18.9 Billion |
Market Size 2023 | USD 20.24 Billion |
Market Size 2032 | USD 35.04 Billion |
Compound Annual Growth Rate (CAGR) | 7.10% (2023-2032) |
Base Year | 2022 |
Market Forecast Period | 2023-2032 |
Historical Data | 2018- 2022 |
Market Forecast Units | Value (USD Billion) |
Report Coverage | Market Competitive Landscape, Growth Factors, Revenue Forecast, and Trends |
Segments Covered | Device, End-User, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled | B. Braun Melsungen AG (Germany), Medtronic (Ireland), Abbott (U.S.), Boston Scientific Corporation (U.S.), Edwards Lifesciences Corporation (U.S.), Johnson & Johnson Services, Inc. (U.S.), GENERAL ELECTRIC COMPANY (GE Healthcare) (U.S.), LivaNova PLC (U.K.), Siemens Healthcare GmbH (Germany), and Terumo Cardiovascular Systems Corporation (Japan) |
Key Market Opportunities | The increase in the prevalence of cardiovascular diseases ly. |
Key Market Dynamics | Expanding the number of awareness campaigns on the administration of cardiovascular devices |
The cardiovascular application market size was valued at USD 18.9 Billion in 2022.
The cardiovascular application market is projected to grow at a CAGR of 7.10% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market are Edwards Lifesciences Corporation (U.S.), Johnson & Johnson Services, Inc. (U.S.), GENERAL ELECTRIC COMPANY (GE Healthcare) (U.S.), LivaNova PLC (U.K.), Siemens Healthcare GmbH (Germany), and Terumo Cardiovascular Systems Corporation (Japan).
The cardiac monitor category dominated the market in 2022.
The hospitals had the largest share of the market.
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