Global Cardiovascular Devices Market Overview
The Cardiovascular Devices Market Size was valued at USD 50.1 Billion in 2022 and is projected to grow from USD 53.4 Billion in 2023 to USD 89.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2023 - 2032). Global elderly population growth, sedentary lifestyles, and the increasing frequency of chronic cardiac conditions, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cardiovascular Devices Market Trends
- The rising prevalence of chronic heart ailments and sedentary lifestyles is driving the market growth
Due to an aging population, an increase in heart disease patients, increased patient awareness levels, technological advancements, and rising demand for minimally invasive medical procedures, the market is expected to experience rapid expansion. The World Health Organization estimates that there were 570 million people aged 65 and over worldwide in 2013 and that number will rise to 1.5 billion (16% of the world's population) by 2050. As a result, cardiovascular illnesses are predicted to become more common. For instance, it was predicted that 42.2 million adults over the age of 60 had a CVD in 2013. Additionally, in the United States, 66% of all fatalities among adults 75 and older were attributable to CVDs. Additionally, accounting for 30% of all deaths globally, CVD is the main cause of death. Estimates from the World Health Organization (WHO) show that 17.3 million individuals worldwide passed away from CVD in 2008, and that number will rise to about 24 million by 2030.
A major trend and growth element in the market for cardiology devices is technological advancement. Stents that biodegrade are another example of developing technology. The use of bioabsorable stents is anticipated to grow significantly in the next years because to their ability to significantly lower the post-operative risks associated with restenosis. Similar to this, Tohoku University in Japan and Konica Minolta have developed a magnetic sensor that can track changes in the heart's magnetic field while operating at ambient temperature. With the use of this sensor, magnetocardiography may become a common method of heart examination in the future. Compact devices are getting more and more necessary. In order to identify symptoms in patients with unusual occurrences, ambulatory ECG monitoring is becoming more and more crucial in clinical and home care settings. Due to the size of the devices, holter monitors used for ECG monitoring restrict patient mobility. As a result, there is an increasing demand for small devices that can collect data while still allowing patients to move freely.
The introduction of a new product with novel characteristics is anticipated to increase demand for cardiovascular devices. For instance, Remo Care Solutions unveiled a new AI-based remote monitoring system for cardiac patients in February 2021. This system examines the patients' cardiovascular conditions in real-time. The global market for cardiovascular devices is expanding at a large rate because to the rising need for effective and cutting-edge devices to reduce fatalities caused by cardiovascular illnesses. Additionally, the use of cutting-edge technology like artificial intelligence (AI) in cardiovascular devices is enhancing patient care and lowering cardiac patient mortality. The major market players are increasing their spending in advanced cardiovascular device development and clinical trials, creating new growth opportunities that will support the market's expansion in the years to come. Thus, driving the Cardiovascular Devices market revenue.
Cardiovascular Devices Market Segment Insights
Cardiovascular Devices Device Type Insights
The Cardiovascular Devices Market segmentation, based on device type, includes diagnostic & monitoring and therapeutic & surgical devices. Therapeutic & surgical devices segment dominated the global market in 2022. Pacemakers, stents, catheters and accessories, guidewires, cannulae, electrosurgical procedures, valves, and occlusion devices are other subcategories of the therapeutic & surgical devices category. The main factor behind stents' prevalence is patients' preference for them over bypass procedures. Stents are being used more often to treat coronary artery disease as a result of expanding demand for minimally invasive procedures.
Cardiovascular Devices Application Insights
The Cardiovascular Devices Market segmentation, based on application, includes cardiac arrhythmia, coronary artery disease, heart failure, and others. Coronary artery disease segment dominated the global market in 2022. The market for coronary stents has seen rising sales as coronary artery disorders have become more common. Throughout the forecast period, the dominance of this market is anticipated to be sustained by the growing popularity of stents in the treatment of coronary artery disease.
Cardiovascular Devices End User Insights
The Cardiovascular Devices Market segmentation, based on end user, includes hospitals, specialty clinics, and others. Hospitals segment dominated the Cardiovascular Devices Market in 2022. Different medications and drug delivery methods are employed to address the diverse illnesses that hospitalized patients present with.
Figure 1: Cardiovascular Devices Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cardiovascular Devices Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Cardiovascular Devices Market dominated this market in 2022 (45.80%). This is explained by the widespread use of cutting-edge surgical procedures, growing consumer knowledge of commercially accessible goods, and the existence of a sizable target patient population. Additionally, as a result of government sanctions imposed on hospitals for patient readmissions, more people are choosing to use home healthcare devices, which significantly increases the need for diagnostic and monitoring cardiovascular systems. Further, the U.S. Cardiovascular Devices market held the largest market share, and the Canada Cardiovascular Devices market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CARDIOVASCULAR DEVICES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Cardiovascular Devices market accounted for the healthy market share in 2022. The expansion of the industry has been significantly influenced by rising healthcare costs and easier access to healthcare facilities. The demand for various cardiovascular devices has also been fueled by the population's greater adoption rate of cutting-edge medical gadgets. Further, the German Cardiovascular Devices market held the largest market share, and the U.K Cardiovascular Devices market was the fastest growing market in the European region
The Asia Pacific Cardiovascular Devices market is expected to register significant growth from 2023 to 2032. Due to sedentary lives and poor eating habits, China is thought to have the biggest population of elderly people worldwide and the greatest obesity rates. These elements are anticipated to make heart disorders more common in this nation, which will benefit the expansion of the Asia Pacific market. Additionally, it is anticipated that the developing medical tourism sector in this region would increase demand for cardiovascular systems in nations like Japan, China, Malaysia, Thailand, and India. Moreover, China’s Cardiovascular Devices market held the largest market share and the Indian Cardiovascular Devices market was the fastest growing market in the Asia-Pacific region.
Cardiovascular Devices Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Cardiovascular Devices market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global 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, Cardiovascular Devices industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cardiovascular Devices industry to benefit clients and increase the market sector. In recent years, the Cardiovascular Devices industry has offered some of the most significant advantages to medicine. Major players in the Cardiovascular Devices market, including B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, and Terumo Cardiovascular Systems Corporation, are attempting to increase market demand by investing in research and development Applications.
A wide variety of healthcare goods are discovered, developed, produced, and sold by Abbott Laboratories (Abbott), including branded generic medications, diagnostic tools and procedures, and infant, child, and adult nutritional supplements. The business also sells a range of medical devices, such as those for neuromodulation, electrophysiology, rhythm control, vascular and structural cardiac devices, and heart failure. The business also sells dietary supplements, minerals, and nutrition goods. It has production facilities around the world and has research and development facilities in the US, China, Colombia, India, Singapore, Spain, and the UK. The corporation sells its goods across Africa, the Middle East, Latin America, North America, and the Asia-Pacific region. U.S. state of Illinois' Abbott Park serves as the home of Abbott. The Aveir single-chamber (VR) leadless pacemaker from Abbott was given FDA approval in April 2022 for the purpose of treating Americans with sluggish heart rhythms.
Koninklijke Philips NV (Philips) is a diversified technology firm that creates and produces consumer electronics and medical solutions. Diagnostic imaging, enterprise diagnostic informatics, image-guided therapy, ultrasound, monitoring and analytics, sleep and respiratory care, population health management, linked care informatics, and therapeutic care are all sectors in which the business provides products and solutions. Products available include power toothbrushes, brush heads, infant bottles, sterilizers, breast pumps, shavers, groomers, trimmers, and items for skin, hair, and hair removal. It also sells personal care and dental healthcare items. The business is present in Asia-Pacific, Europe, and North America. The corporate headquarters of Philips are located in North Brabant, the Netherlands. In order to raise awareness among cross-disciplinary specialties and increase survival rates from cardiovascular implantable electronic device (CIED) infections, Philips will assist the American Heart Association's multi-year initiative beginning in February 2022.
Key Companies in the Cardiovascular Devices market include
- B Braun Melsungen AG
- Johnson & Johnson Services, Inc.
- Boston Scientific Corporation
- LivaNova Plc
- Edwards Lifesciences Corporation
- GE Healthcare
- Siemens Healthcare GmbH
- Terumo Cardiovascular Systems Corporation
Cardiovascular Devices Industry Developments
October 2022 The United States FDA has given Medtronic plc permission for extended labeling of a cardiac lead that uses the heart's natural electrical circuitry to deliver essential therapy while avoiding problems like cardiomyopathy frequently associated with conventional pacing techniques.
October 2022 The HELIOSTAR Balloon Ablation Catheter was introduced in Europe by Biosense Webster, Inc., a subsidiary of Johnson & Johnson MedTech. When used with a compatible multi-channel RF generator, the HELIOSTAR Balloon Ablation Catheter is indicated for cardiac ablation as well as catheter-based cardiac electrophysiological mapping (stimulating and recording) of the atria.
Cardiovascular Devices Market Segmentation
Cardiovascular Devices Device Type Outlook
- Diagnostic & Monitoring
- Therapeutic & Surgical Devices
Cardiovascular Devices Application Outlook
- Cardiac Arrhythmia
- Coronary Artery Disease
- Heart Failure
Cardiovascular Devices End User Outlook
- Specialty Clinics
Cardiovascular Devices Regional Outlook
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
Rest of the World
Market Size 2022
USD 50.1 Billion
Market Size 2023
USD 53.4 Billion
Market Size 2032
USD 89.1 Billion
Compound Annual Growth Rate (CAGR)
Market Forecast Period
Market Forecast Units
Value (USD Billion)
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Device Type, Application, End User, and Region
North America, Europe, Asia Pacific, and the Rest of the World
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled
B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, and Terumo Cardiovascular Systems Corporation
Key Market Opportunities
Technological advancements in the cardiology devices
Key Market Dynamics
The rising prevalence of chronic heart ailments and sedentary lifestyles and the growing geriatric population worldwide
Frequently Asked Questions (FAQ) :
The Cardiovascular Devices Market size was valued at USD 50.1 Billion in 2022.
The global market is projected to grow at a CAGR of 6.60% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, and Terumo Cardiovascular Systems Corporation
The Therapeutic & Surgical Devices Device Type dominated the market in 2022.
The Coronary Artery Disease Application had the largest share in the global market.
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