Cardiovascular Devices Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

Cardiovascular Devices Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Device (Electrocardiography (ECG), Pacemaker, Stent, Defibrillator, Cardiac Catheter, Guidewire, Heart Valve, Event Monitor, Others), Application (Coronary Heart Disease, Sudden Cardiac Arrest, Stroke, Cerebrovascular Heart Disease, Others), End User (Hospitals, Ambulatory Surgery Centers, Cardiac Centers), and Geography

  • Report Code : TIPHE100000826
  • Category : Medical Device
  • No. of Pages : 150
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Cardiovascular Devices Market Growth Report 2021 to 2031

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The cardiovascular devices market size is projected to reach US$ 96.6 billion by 2031 from US$ 54.2 billion in 2023. The market is expected to register a CAGR of 8.6% during 2023–2031. Continuous technological advancement will likely remain a key trend in the market.

Cardiovascular Devices Market Analysis

The cardiovascular devices market is estimated to grow owing to key driving factors such as increasing prevalence of cardiovascular diseases and rising number of product launches & approvals. Furthermore, regions such as Asia Pacific, the Middle East & Africa, and South Africa have opportunities for the cardiovascular devices market players to expand their presence by offering cost-effective products.

Cardiovascular Devices Market Overview

In the last decade, the world witnessed notable developments in cardiovascular devices, aiding physicians and patients with new approaches to managing atrial arrhythmias, ventricular arrhythmias, and ventricular atrial fibrillation, among other medical conditions. The growing prevalence of arrhythmia and other cardiovascular diseases (CVDs) is encouraging the introduction of improved cardiovascular devices. According to the World Health Organization (WHO), ~30 million people experience a stroke each year. The American Heart Association states that ~50% of all adults in the US have a type of CVD. In addition, it is anticipated that by 2035, over 130 million Americans, or 45.1% of the total population, will suffer from a cardiovascular disease. As per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, i.e., around half of the US adult population, suffer from CVD.

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Cardiovascular Devices Market: Strategic Insights

Cardiovascular Devices Market

  • CAGR (2023 - 2031)
    8.6%
  • Market Size 2023
    US$ 54.2 Billion
  • Market Size 2031
    US$ 96.6 Billion

Market Dynamics

GROWTH DRIVERS
  • Increasing Prevalence of Cardiovascular Diseases owing tosedentary lifestyle to propel the market growth
FUTURE TRENDS
  • Persistent Technological Advancements in cardiovascular devices to augment the uptake
OPPORTUNITIES
  • Emergence of resourceful start-ups in advanced cardiovascular devices space to provide room for significant opportunities

Key Players

  • Medtronic
  • Boston Scientific Corporation
  • Abbott
  • Biosense Webster, Inc. (Johnson and Johnson)
  • General Electric Company
  • Koninklijke Philips N.V
  • Siemens AG
  • BD
  • B. Braun Melsungen AG
  • Edwards Lifesciences Corporation

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Device
  • Electrocardiography
Application
  • Coronary Heart Disease
  • Sudden Cardiac Arrest
  • Stroke
  • Cerebrovascular Heart Disease
End User
  • Hospitals
  • Ambulatory Surgery Centers
  • Cardiac Centers
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Cardiovascular Devices Market Drivers and Opportunities

Continuous Technological Advancement

The rapidly increasing prevalence of CVDs is raising the demand for technically advanced devices for diagnosing and treating patients with effective and efficient care. For instance, in October 2022, The US FDA approved Medtronic plc's request to broaden the labeling of a cardiac lead. This lead allows patients to obtain necessary therapy without running the risk of consequences like cardiomyopathy that might arise from using more conventional pacing methods. Several cardiovascular device players have succeeded in introducing products supporting transcatheter aortic valve replacement (TAVR) procedures. The TAVR technology is steadily and rapidly advancing, and procedures for the percutaneous mitral valve are being performed across Europe. Technological advancements in the medical industry also simplify using stem cell therapy, robotic sleeves, implantable defibrillators, 3D bioprinted heart tissue, and AI algorithms in treating CVDs.

Untapped Potential of Emerging Economies

The rise in the incidence of cardiovascular conditions in developing countries is ascribed to the shift in lifestyles and adoption of modernized facilities, leading to an increase in the prevalence of other health conditions associated with CVDs. The modernization of residential, commercial, and corporate facilities has lowered the need for physical activities among people; in contrast, stress levels among people are rising due to various personal and social factors, which are driving the prevalence of CVDs in developing countries. Moreover, these countries are bringing significant developments in healthcare facilities and services based on technological advancements.

China, India, the US, and Russia together contributed to 50% of this death count in 2015. For example, structural heart disease treatments are in the initial stage of development in regions such as Asia Pacific and the Middle East & Africa. For instance, in India, KIMS Hospitals. Telangana provides services for structural heart diseases. Thus, regions such as Asia Pacific, the Middle East & Africa, and South Africa have opportunities for the cardiovascular devices market players to expand their presence by offering cost-effective products.

Cardiovascular Devices Market Report Segmentation Analysis

Key segments that contributed to the derivation of the cardiovascular devices market analysis are product and end user.

  • Based on device, the cardiovascular devices market is segmented into event monitor, electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, others. The event monitor segment held a largest market share in 2023.
  • Based on application, the cardiovascular devices market is segmented by coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, others. The coronary heart disease segment held a largest market share in 2023.
  • Based on end user, the cardiovascular devices market is segmented by hospitals, ambulatory surgery centers, and cardiac centers. The hospitals segment held a largest market share in 2023.

Cardiovascular Devices Market Share Analysis by Geography

The geographic scope of the cardiovascular devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

In North America, the US is the largest market for medical imaging informatics. US is the largest market for cardiovascular devices at a global level. The market's growth is attributed to increasing product development and growing government support to enhance heart treatment. Cardiac arrhythmias, or irregular heart rhythms, can cause chest pain and fainting and may lead to sudden cardiac death or stroke. According to the American Heart Association, 835,000 Americans are discharged from hospital care with cardiac arrhythmia diagnoses each year.1 More than 2.2 million Americans experience atrial fibrillation each year, a type of cardiac arrhythmia that is associated with an increased risk for stroke. Heart disease is the top cause of death in the United States for both men and women, as well as for members of the majority of racial and ethnic groups, according to the Centers for Disease Control and Prevention (CDC). Based on the information provided, one person dies from cardiovascular illness every 36 seconds, and heart disease accounts for 1 in 4 deaths, meaning that about 655,000 Americans pass away from heart disease annually. Numerous initiatives are being implemented as a result of the rising risk of heart disease.

Cardiovascular Devices Market Report Scope

Report Attribute Details
Market size in 2023 US$ 54.2 Billion
Market Size by 2031 US$ 96.6 Billion
Global CAGR (2023 - 2031) 8.6%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Device
  • Electrocardiography
By Application
  • Coronary Heart Disease
  • Sudden Cardiac Arrest
  • Stroke
  • Cerebrovascular Heart Disease
By End User
  • Hospitals
  • Ambulatory Surgery Centers
  • Cardiac Centers
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Medtronic
  • Boston Scientific Corporation
  • Abbott
  • Biosense Webster, Inc. (Johnson and Johnson)
  • General Electric Company
  • Koninklijke Philips N.V
  • Siemens AG
  • BD
  • B. Braun Melsungen AG
  • Edwards Lifesciences Corporation
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Cardiovascular Devices Market News and Recent Developments

    The Cardiovascular Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the cardiovascular devices market are listed below:

    • GE Healthcare launched its first ‘Made in India’, ‘AI-powered’ Cath lab - Optima IGS 320 to advance cardiac care in India. Built at Wipro GE Healthcare’s new factory, launched under the PLI (production-linked incentive) scheme in Bengaluru, the Cath lab leverages the GE proprietary AutoRight technology. Powered by Edison, AutoRight is the first neural network-based interventional image chain. AutoRight features Artificial Intelligence that automatically optimizes image and dose parameters in real-time, enabling clinicians to focus their attention and expertise on patients. (Source: GE Healthcare, Company Website, September 2022)

    Cardiovascular Devices Market Report Coverage and Deliverables

    The “Cardiovascular Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Cardiovascular devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Cardiovascular devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST/Porter’s Five Forces and SWOT analysis
    • Cardiovascular devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the cardiovascular devices market
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Device; Application, and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Which region dominated the cardiovascular devices market in 2023?

    North America dominated the cardiovascular devices market in 2023

    What are the driving factors impacting the cardiovascular devices market?

    The cardiovascular devices market is estimated to grow owing to key driving factors such as increasing prevalence of cardiovascular diseases and rising number of product launches & approvals.

    What are the future trends of the cardiovascular devices market?

    Continuous technological advancement will likely remain a key trend in the market.

    Which are the leading players operating in the cardiovascular devices market?

    Medtronic, Boston Scientific Corporation, Abbott, Biosense Webster, Inc. (Johnson and Johnson), General Electric Company, Koninklijke Philips N.V, Siemens AG, BD, B. Braun Melsungen AG and Edwards Lifesciences Corporation.

    What is the expected CAGR of the cardiovascular devices market?

    The market is expected to register a CAGR of 8.6% during 2023–2031.

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