Cardiovascular Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device [Electrocardiography (ECG), Pacemaker, Stent, Defibrillator, Cardiac Catheter, Guidewire, Heart Valve, Event Monitor, and Others]; Application (Coronary Heart Disease, Sudden Cardiac Arrest, Stroke, Cerebrovascular Heart Disease, and Others), and End User (Hospitals, Ambulatory Surgery Centers, and Cardiac Centers)
Publication Month: Apr 2022 | Report Code: TIPHE100000826 | No. of Pages: 217 | Category: Medical Device | Status: Published
The cardiovascular devices market is expected to grow from US$ 48,106.47 million in 2021 to US$ 76,526.68 million in 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028.
The growth of the market is due to the increasing prevalence of cardiovascular diseases and the rising number of product launches & approvals. However, the high cost of products and procedures is expected to restrict the market growth during the forecast period. Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality globally. CVDs are disorders of the heart and blood vessels and lead to several medical conditions, such as cerebrovascular disease, coronary heart disease, and rheumatic heart disease. A few of the major lifestyle factors that lead to CVDs and difficulties are tobacco use, unhealthy diet, and physical inactivity, which increases the risk of heart attacks and strokes. Moreover, the other risk factors for cardiovascular diseases (CD) are high blood pressure, diabetes, and increased level of cholesterol levels. CVDs are among the top ten leading causes of death across the world; it affects more people than any other disease. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally.The cardiovascular devices market is segmented into device, application, and end user. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The cardiovascular device market report offers insights and in-depth analysis of the market, emphasizing market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.
Strategic Insights
Lucrative Regions for Cardiovascular Devices Market
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Market Insights
Significantly Increasing Prevalence of Cardiovascular Diseases Drives Cardiovascular Device Market
Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality across the world. According to the European Cardiovascular Disease Statistics 2017, CVD causes 3.9 million deaths in Europe and more than 1.8 million deaths in the European Union (EU) every year. The disease accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. The European Society of Cardiology reported that patients suffering from atrial fibrillation are at a five-times greater risk of getting a stroke, and 20–30% of total stroke cases in Europe are caused due to atrial fibrillation. As per a study conducted by the European Society of Cardiology in 2016, in the EU, ~7.6 million people aged 65 and above had atrial fibrillation, and the number is estimated to increase by 89% to reach ~14.4 million by 2060. As per the report "Beyond The Burden: The Impact of Atrial Fibrillation in the Asia Pacific" by Biosense Webster, published in 2019, more than 16 million people in Asia Pacific suffer from atrial fibrillation, and the number is expected to reach ~72 million by 2050.
Device-Based Insights
Based on device, the global cardiovascular device market is segmented into an electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. In 2021, the event monitor segment held the largest share of the market. However, the electrocardiography (ECG) segment of the cardiovascular devices market is expected to grow at a highest CAGR of 8.0% from 2021 to 2028.
Cardiovascular Devices Market, by Product (during 2021–2028)
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Application-Based Insights
Based on the application, the cardiovascular devices market is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. In 2021, the coronary heart disease segment held the largest share of the market. However, the stroke segment is expected to grow at the fastest rate during the coming years, owing to rising aneurysms among patients.
End User-Based Insights
Based on end user, the cardiovascular devices market is segmented into hospitals, cardiac centers, and ambulatory centers. In 2021, the hospitals segment held the largest share of the market. Furthermore, the hospitals segment is expected to grow at the fastest rate during the coming years due to its advantages.
Product launches and collaborations are highly adopted strategies by the global cardiovascular device market players. A few of the recent key market developments are listed below:
- In January 2019, Medtronic plc. announced the launch of its MyCareLink Heart mobile app that supports the peacemakers that are used to communicate directly with patients' smartphones and tablets.
- In January 2021, Medtronic plc announced the launch of its MyCareLink Heartmobile app to support the world's first and only portfolio of pacemakers that can communicate directly with patients' smartphones and tablets. It is compatible with Medtronic BlueSync technology-enabled pacemakers. The MyCareLink Heart mobile app is designed to securely and wirelessly send device data to the Medtronic CareLink network via smart technology, eliminating the need for a dedicated bedside monitor or other remote monitoring hardware.
- In July 2021, Abbott announced the US launch of Jot Dx, the company’s latest insertable cardiac monitor (ICM). Jot Dx ICM is supported by SyncUP, a personalized service that delivers one-on-one training and education to help patients connect and stay connected to their ICM.
- In February 2022, Boston Scientific Corporation announced that it acquired Baylis Medical Company Inc., which offers advanced transseptal access solutions and guidewires, sheaths, and dilators used to support catheter-based left-heart procedures
The COVID-19 pandemic forced many companies in the global cardiovascular devices market to discontinue business operations for short term to follow new government regulations to control the spread of COVID-19. This directly impacted the revenue flow of the global market. Furthermore, the manufacturing of industrial products stopped, owing to the lack of raw materials and workforce during the lockdown period. Moreover, no new consignments were received by companies that operate in this sector. Hence, the COVID-19 outbreak affected the market growth due to the lockdown measures in the countries and the delay in manufacturing and production of raw materials, process materials, and intermediate products used in pharmaceutical & biotechnological companies. The market is anticipated to witness a slow recovery during the forecast period.
Cardiovascular Devices Market – Market Segmentation
The global cardiovascular devices market is segmented into device, application, and end user. Based on device, the market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and other devices. Based on application, it is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. Based on end user, the market is segmented into hospitals, cardiac centers, and ambulatory centers. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Company Profiles
- Boston Scientific Corporation.
- Medtronic.
- GE Healthcare
- Koninklijke Philips N.V
- Siemen Healthineers
- Abbott
- Johnson and Johnson Services, Inc.
- B.Braun Melsungen
- BD
- Edwards Lifesciences Corporation
Frequently Asked Questions
Boston Scientific Corporation; Abbott; Biosense Webster, INC.; General Electric Company; Koninklijke Philips N.V.; Siemens Healthineers AG; BD; B. Braun Melsungen AG; Edwards Lifesciences Corporation among others.
The List of Companies - Cardiovascular Devices Market
- Medtronic
- Boston Scientific Corporation
- Abbott
- Biosense Webster, INC.
- General Electric Company
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- BD
- B. Braun Melsungen AG
- Edwards Lifesciences Corporation
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the cardiovascular devices market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global cardiovascular devices market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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