The surging prevalence of target diseases, rise in new product launches, and increasing partnerships and mergers among the key market players are the critical parameters inducing the global market growth
Market Size – USD 43.43 Billion in 2019, Market Growth – CAGR of 6.8%, Market Trends – Rise in research & development activities to advance cardiovascular devices
The global cardiovascular devices market is expected to be valued at USD 73.77 billion in 2027 from USD 43.43 billion in 2019, registering a CAGR of 6.8% through the forecast period. Cardiovascular devices are specific instruments or devices employed to prevent, treat, or alleviate various cardiovascular conditions. These devices aid in monitoring and diagnosing cardiovascular disorders and also find significant usage in surgic al procedures. One of the pivotal factors fueling the growth of this market is the growing prevalence of common cardiovascular disorders, including hypertensive heart disease, stroke, heart arrhythmia, rheumatic heart failure, and congenital heart disease.
The primary factors propelling the global cardiovascular devices market growth include the surging prevalence of target diseases, unhealthy lifestyles and eating habits, such as smoking, alcohol consumption, and hypertension, and the rising geriatric population worldwide. The growing awareness about the importance of cardiovascular health, the emergence of technologically advanced cardiovascular devices, and the escalating demand for minimally invasive surgical procedures have further bolstered the global market growth. Moreover, hospitals and other healthcare institutions are increasingly promoting remote patient monitoring and home healthcare services, which, in turn, propels the demand for cardiac monitoring systems. However, the global cardiovascular devices market growth is significantly challenged by the high maintenance costs of these devices and the lack of skilled healthcare personnel.
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Key findings of the report:
- Based on device type, the diagnostic and monitoring devices segment is expected to hold the highest market revenue over the forecast timeline. The electrocardiogram (ECG) sub-segment accounts for around 40% of the market share, owing to the introduction of advanced, next-generation electrocardiograms with highly compact and portable designs.
- Based on end-user, the cardiac diagnostic centers sub-segment is the most dominant in the global cardiovascular devices market in terms of revenue share.
- As per the regional outlook, the North American region leads the global cardiovascular devices market in terms of revenue. The regional market growth is primarily attributed to the rising geriatric population in the region, the increasing mortality rate due to a rise in cardiovascular disorders, the surging demand for minimally invasive surgical procedures, and the growing adoption of remote patient monitoring services.
- Leading companies operating in the global cardiovascular devices market include Abbott Laboratories, Inc., Cardinal Health, Medtronic, Boston Scientific Corporation, Cook Medical, Inc., B. Braun Melsungen AG, St. Jude Medical, Inc., Terumo Cardiovascular Systems Corporation, and Becton, Dickinson and Company.
- In December 2020, Philips acquired BioTelemetry, Inc. for a considerable sum of USD 2.8 billion. According to the company, the acquisition was intended to combine its patient monitoring services in hospitals with BioTelemetry’s cutting-edge cardiac diagnostics and monitoring solutions.
- Fitbit, the leading American fitness-oriented consumer electronics company, received the U.S. FDA clearance in September 2020 for its all-new heart-monitoring electrocardiogram (EKG) app available on the new Sense smartwatch by Fitbit. The latest app can efficiently track heart rhythms and identify signs of atrial fibrillation.
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For the purpose of this study, the global cardiovascular devices market has been segmented based on product type, application, end-user, and region:
By Product Type (Revenue, USD Million; 2017-2027)
- Diagnostic and monitoring devices
-
- Electrocardiogram (ECG)
- Holter monitors
- MRI scans
- PET scans
- Event Monitors
- Cardiac CT
- Surgical Devices
- Stents
- Pacemakers
- Guidewire
- Catheters
- Electrosurgical Procedures
- Occlusion Devices
- Valves
By Application (Revenue, USD Million; 2017-2027)
- Sudden Cardiac Arrest
- Coronary Heart Disease
- Stroke
- Cerebrovascular Heart Disease
- Others
By End-user (Revenue, USD Million; 2017-2027)
- Hospitals
- Cardiac Diagnostic Centres
- Ambulatory Surgical Centres
By Region (Revenue, USD Million; 2017-2027)
Regional Outlook (Revenue in USD Billion; 2017–2027)
- North America
-
- U.S.
- Canada
- Mexico
- Europe
-
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Rest of LATAM
- Middle East & Africa
-
- Saudi Arabia
- South Africa
- Egypt
- Rest of MEA
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Rising prevalence of cardiovascular diseases
3.2. Increasing lifestyle diseases and rising geriatric population
3.3. Minimally invasive surgical methods
3.4. After math and survival rate
Chapter 4. Cardiovascular Device Segmentation & Impact Analysis
4.1. Cardiovascular Device Segmentation Analysis
4.2. Cardiovascular Device Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Cardiovascular Device Market Impact Analysis
4.4.1. Market driver analysis
4.4.1.1. High prevalence of target diseases across the world
4.4.1.2. Minimally invasive methods of treatment
4.4.1.3. Product approvals and innovations
4.4.1.4. Favorable medical reforms
4.4.1.5. Coverage and reimbursement scenarios
4.4.1.6. Medical awareness among people
4.4.2. Market restraint analysis
4.4.2.1. Lack of awareness
4.4.2.2. High cost of device maintenance
4.4.2.3. Lack of skilled personnel
4.4.2.4. Regulations
4.5. Key opportunities prioritized
4.6. Cardiovascular Device Pricing Analysis
4.7. Industry analysis – Porter’s
4.8. Cardiovascular Device PESTEL Analysis
Chapter 5. Cardiovascular Device Market by Product Type Insights & Trends
5.1. Pruritus Therapeutics Type dynamics & Market Share, 2018 & 2026
5.2. Diagnostic and Monitoring Devices
5.2.1. Market estimates and forecast, 2016 – 2026 (USD Million)
Continue…
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