ECG Segment to Lead Cardiovascular Devices Market During 2021–2028
According to our latest study, "Cardiovascular Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Device, Application, and End User," the market is expected to grow from US$ 48,106.47 million in 2021 to US$ 76,526.68 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028. The report highlights the major factors driving the market and prominent players with their developments. The cardiovascular devices market growth is primarily driven by the rising prevalence of heart diseases and growing developments in advanced technological diagnostics to diagnose heart diseases. However, an inability of vendors to invest in research & development of cardiovascular systems following its inefficiency with reimbursement models is likely to hinder the growth of the market during the forecast period.
The COVID-19 pandemic affected the production of cardiovascular devices. Furthermore, the delay of elective procedures due to COVID-19-related measures has adversely impacted the cardiovascular devices market, especially in 2020. While a few cardiovascular procedures are considered urgent, others have been postponed and delayed after the onset of the pandemic. The reduction in the diagnoses of cardiovascular diseases due to the reservation of healthcare resources for COVID-19 patients is restricting the growth of the cardiovascular devices market. Several medical device companies have experienced losses in their cardiovascular device businesses due to the pandemic. For instance, Medtronic announced a 33% reduction in its cardiac & vascular business sectors in its 2020 quarterly financial results.
Based on device, the cardiovascular devices market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. The event monitor segment held the largest share of the market in 2021. However, the ECG segment is anticipated to register the highest CAGR of 8.0% in the market during the forecast period. The largest share of ECG segment is due to the rise in the prevalence of chronic cardiac diseases. For instance, as per the Centers for Disease Control and Prevention, over ~454,000 people are hospitalized seeking primary diagnosis for atrial fibrillation each year in the US. Increasing hospital admissions and advanced infrastructure in facilities create revenue opportunities for the cardiovascular devices market. A new generation of portable and compact ECGs is fueling the adoption of the product, especially in the home healthcare segment. With the rising incidence of cardiovascular diseases (CVD), long-term ECG monitoring is necessary. Moreover, with the introduction of wireless ECG, doctors can monitor and diagnose patients remotely on time, which further boost the market growth. For instance, in September 2020, Cardiologs, an artificial intelligence (AI) cardiology diagnostics company, entered an exclusive distribution agreement in France with MicroPort CRM to resell its cloud analysis solution for Holter ECGs. The factors mentioned above will drive the cardiovascular devices market growth.
Boston Scientific Corporation; Medtronic; GE Healthcare; Koninklijke Philips N.V.; Siemen Healthineers; Abbott; Johnson & Johnson Services, Inc.; B. Braun Melsungen AG; BD; and Edwards Lifesciences Corporation are a few leading companies operating in the cardiovascular devices market.
Cardiovascular Devices Market, by Device, 2021 (%)
Cardiovascular Devices Market Size & Growth | Report 2021, 28
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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)
Cardiovascular Devices Market Size & Growth | Report 2021, 28
Download Free SampleCardiovascular 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)
The report segments the cardiovascular devices market as follows:
Based on device, the market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. Based on application, the cardiovascular devices market 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, ambulatory surgery centers, and cardiac centers. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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