Cardiovascular Devices Market

Market Overview:

The global cardiovascular devices market size reached US$ 55.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 82.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028. The increasing prevalence of cardiovascular diseases, significant technological advancements, rising healthcare expenditure, strategic collaborations and partnerships, increasing demand for interventional cardiology procedures and favorable reimbursement policies are some of the major factors propelling the market.

Cardiovascular devices refer to a range of medical devices designed for the diagnosis, treatment, and management of cardiovascular diseases and conditions. These devices are specifically developed to address the needs of patients with heart-related disorders, including heart disease, arrhythmias, heart failure, and vascular diseases. They play a crucial role in assisting healthcare professionals in accurately diagnosing cardiovascular conditions, monitoring patients' heart health, and delivering effective therapies. The field of cardiovascular devices is diverse, encompassing an extensive range of products. Some notable examples include intra-aortic balloon pumps, ventricular assist devices (VADs), heart-lung machines, artificial hearts, and extracorporeal membrane oxygenation (ECMO) systems. Each device serves a specific purpose, such as temporarily supporting cardiac function or providing mechanical circulatory support. In addition to implantable devices and support systems, these devices also include diagnostic tools such as electrocardiography (ECG) machines, stress testing equipment, echocardiography devices, and cardiac monitors. These devices enable healthcare professionals to assess heart health, detect abnormalities, and guide treatment decisions.

The rising incidence of cardiovascular diseases, such as coronary artery disease, heart failure, and arrhythmias, is a major driver for the market. The growing aging population, sedentary lifestyles, unhealthy dietary habits, and risk factors like obesity and diabetes contribute to the increasing prevalence of these diseases. Additionally, the growing demand for interventional cardiology procedures, such as angioplasty, stenting, and transcatheter valve replacement, fuels the product demand. These procedures offer minimally invasive alternatives to traditional open-heart surgeries, leading to reduced hospital stays, faster recovery, and improved patient comfort. Other than this, the global population is aging, with a significant increase in the elderly population. Older adults often require cardiovascular interventions, monitoring, and management, leading to increased utilization of cardiovascular equipment. Moreover, continuous advancements in technology, such as minimally invasive procedures, robotics, 3D printing, and artificial intelligence, have led to the development of advanced devices that offer improved precision, safety, and patient outcomes.

Cardiovascular Devices Market Trends/Drivers:

Increasing Prevalence of Cardiovascular Diseases

The increasing prevalence of cardiovascular diseases is a significant driver of the market. Cardiovascular diseases, including heart disease, stroke, and peripheral artery disease, are leading causes of morbidity and mortality worldwide. Several factors contribute to the rising prevalence, such as sedentary lifestyles, unhealthy diets, smoking, and increasing rates of obesity and diabetes. As the burden of cardiovascular diseases continues to grow, the demand for cardiovascular equipment rises. These devices play a crucial role in the diagnosis, treatment, and management of these conditions. They enable healthcare professionals to accurately assess the severity of cardiovascular diseases, monitor patients' heart health, and provide effective therapies. The need for devices, such as implantable pacemakers, stents, and defibrillators, is driven by the increasing number of patients requiring intervention to address their cardiovascular conditions.

Technological Advancements

Technological advancements have revolutionized the field of cardiovascular devices, driving market growth. Innovations, such as minimally invasive procedures, robotics, and artificial intelligence, have significantly improved the precision, safety, and effectiveness of cardiovascular interventions. Minimally invasive procedures, such as percutaneous coronary interventions and transcatheter heart valve replacements, have gained popularity due to their benefits of reduced trauma, shorter recovery times, and improved patient outcomes. These procedures rely on advanced imaging techniques, real-time monitoring systems, and specialized devices to navigate and treat cardiovascular conditions. The integration of robotics and artificial intelligence has enhanced the precision and accuracy of cardiovascular interventions. Robotic-assisted procedures allow for greater control and dexterity, enabling surgeons to perform complex procedures with improved outcomes. Artificial intelligence algorithms are utilized for data analysis, risk prediction, and personalized treatment planning, leading to more targeted and effective interventions.

Rising Healthcare Expenditure

The increase in healthcare expenditure globally has a significant impact on the market. Governments and private sectors are investing more in healthcare infrastructure, leading to improved accessibility to advanced devices and procedures. Developed countries with high healthcare spending allocate significant resources to cardiovascular care. This includes investments in state-of-the-art medical facilities, research and development, and training of healthcare professionals. Such investments enable the adoption of advanced cardiovascular devices and therapies, ensuring better patient outcomes. Emerging economies are also witnessing an increase in healthcare expenditure. Governments are focusing on expanding healthcare coverage and improving the quality of healthcare services. As a result, there is a growing adoption of these devices in these regions. Increased healthcare expenditure translates to better reimbursement policies and affordability, making cardiovascular devices more accessible to patients.

Cardiovascular Devices Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global cardiovascular devices market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on device type, application and end user.

Breakup by Device Type:

• Diagnostic and Monitoring Devices
  • Electrocardiogram (ECG)
  • Remote Cardiac Monitoring
  • Others
• Therapeutic and Surgical Devices
  • Cardiac Rhythm Management (CRM) Devices
  • Catheter
  • Stents
  • Heart Valves
  • Others
     

Therapeutic and surgical devices is the most popular device type

The report has provided a detailed breakup and analysis of the market based on the device type. This includes diagnostic and monitoring devices (electrocardiogram (ECG) remote cardiac monitoring, and others) and therapeutic and surgical devices (cardiac rhythm management (CRM) devices, catheter, stents, heart valves, and others). According to the report, therapeutic and surgical devices represent the largest segment.

The diagnostic and monitoring devices segment encompass a range of devices used for the diagnosis, assessment, and monitoring of cardiovascular conditions. It includes electrocardiography (ECG) machines, cardiac monitors, stress testing equipment, echocardiography devices, and cardiac event monitors. These devices enable healthcare professionals to gather crucial information about a patient's heart health, detect abnormalities, and monitor cardiac function over time. The diagnostic and monitoring devices segment is characterized by continuous advancements in technology, leading to improved accuracy, portability, and ease of use.

The therapeutic and surgical devices segment comprises devices used for therapeutic interventions and surgical procedures aimed at treating cardiovascular diseases. It includes implantable devices such as pacemakers, implantable cardioverter defibrillators (ICDs), stents, catheters, heart valves, and ventricular assist devices (VADs). These devices assist in restoring blood flow, regulating heart rhythm, and providing mechanical circulatory support. The therapeutic and surgical devices segment focuses on innovations that enhance device efficacy, durability, and patient outcomes. Minimally invasive procedures and advancements in surgical techniques contribute to the growth of this segment, offering less invasive alternatives to traditional open-heart surgeries.

Breakup by Application:

• Coronary Artery Disease (CAD)
• Cardiac Arrhythmia
• Heart Failure
• Others
   

Coronary artery disease (CAD) dominates the market

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes coronary artery disease (CAD), cardiac arrhythmia, heart failure, and others. According to the report, coronary artery disease (CAD) accounted for the largest market share.

CAD refers to the narrowing or blockage of the coronary arteries, which supply blood to the heart muscle. CAD includes devices used for diagnosis, treatment, and management of this condition. Diagnostic devices, such as angiography systems, intravascular ultrasound (IVUS) devices, and computed tomography angiography (CTA) machines, aid in assessing the severity of coronary artery blockages. Therapeutic devices like stents, angioplasty balloons, and atherectomy devices are used to restore blood flow in the narrowed or blocked arteries.

Cardiac arrhythmias are abnormal heart rhythms that can range from mild palpitations to life-threatening conditions. Cardiac arrhythmia includes devices used for both diagnosis and treatment. Diagnostic devices such as electrocardiography (ECG) machines, Holter monitors, and event recorders are utilized to detect and monitor irregular heart rhythms. Therapeutic devices like implantable cardioverter-defibrillators (ICDs), pacemakers, and cardiac resynchronization therapy devices (CRTs) are used to regulate heart rhythm and prevent or correct arrhythmias.

Heart failure occurs when the heart is unable to pump blood efficiently. The heart failure involves devices used for monitoring and managing this condition. Diagnostic devices such as echocardiography machines and hemodynamic monitoring systems aid in assessing heart function and determining the severity of heart failure. Therapeutic devices like implantable cardiac devices (ICDs and CRTs) and ventricular assist devices (VADs) provide mechanical support to the heart, improve cardiac output, and enhance quality of life for patients with advanced heart failure.

Breakup by End User:

• Hospitals
• Specialty Clinics
• Others
   

Hospitals account for the majority of the overall market share

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals, specialty clinics, and others. According to the report, hospitals represented the largest segment.

Hospitals are the primary end users of cardiovascular devices. They provide a wide range of cardiac services, including diagnosis, treatment, and surgical procedures for cardiovascular diseases. Hospitals have specialized cardiology departments and cardiac catheterization labs equipped with advanced imaging systems and surgical suites. They require a comprehensive range of devices, such as diagnostic equipment, implantable devices, surgical instruments, and monitoring systems. Hospitals cater to a large patient population and handle a variety of cardiovascular conditions, making them significant contributors to the product demand.

Specialty clinics focusing on cardiology and cardiovascular care are another important end-use segment in the market. These clinics are dedicated to providing specialized cardiac services, often with a focus on specific cardiovascular conditions or procedures. Examples include interventional cardiology clinics, electrophysiology clinics, and heart failure clinics. Specialty clinics typically have a smaller patient capacity compared to hospitals but play a vital role in diagnosing, treating, and managing specific cardiovascular conditions. They require devices tailored to their specialized services, including diagnostic tools, therapeutic devices, and monitoring equipment.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for cardiovascular devices.

North America, which includes the United States and Canada, is a prominent market for cardiovascular devices. The region benefits from a well-developed healthcare infrastructure, high healthcare expenditure, and a large patient population. Factors driving market growth in North America include a high prevalence of cardiovascular diseases, increasing adoption of advanced technologies, a focus on minimally invasive procedures, and favorable reimbursement policies. The presence of major medical device manufacturers and strong research and development activities contribute to the region's market dominance.

Europe is a well-established market for cardiovascular devices. It comprises countries such as Germany, the United Kingdom, France, Italy, and Spain. The region benefits from advanced healthcare systems, strong research and development capabilities, and a high level of healthcare expenditure. The market growth in Europe is driven by factors such as a significant prevalence of cardiovascular diseases, favorable reimbursement policies, a growing aging population, and a focus on technological advancements. The region's stringent regulatory framework ensures the safety and efficacy of cardiovascular devices. Collaboration between industry players, research institutions, and healthcare providers contributes to innovation and market growth.

The Asia Pacific region holds significant potential for the cardiovascular devices market. It encompasses countries such as China, Japan, India, South Korea, and Australia. The region's market growth is driven by factors such as a large population base, rising prevalence of cardiovascular diseases, increasing healthcare infrastructure, and growing healthcare expenditure. Rapid urbanization, lifestyle changes, and an aging population contribute to the increasing burden of cardiovascular diseases in this region. Governments in countries like China and India are making efforts to improve healthcare accessibility and affordability, further propelling the demand for cardiovascular devices.

Competitive Landscape:

The key players are investing significantly in R&D to develop innovative cardiovascular devices. They focus on improving device performance, durability, and patient outcomes. R&D efforts aim to introduce advanced technologies, such as minimally invasive procedures, remote monitoring systems, and personalized medicine approaches. Additionally, companies are continuously launching new cardiovascular devices to expand their product portfolios. These launches often involve next-generation devices with improved features and enhanced capabilities. Key players are prioritizing addressing unmet clinical needs, such as novel therapies for specific cardiovascular conditions or devices that offer improved precision and ease of use. Besides this, collaborations and partnerships between key players, healthcare providers, and research institutions are common in the cardiovascular devices market. These collaborations foster innovation, facilitate knowledge exchange, and leverage collective expertise and resources to develop and commercialize new technologies and solutions.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Abbott Laboratories
• B. Braun Melsungen AG
• Biotronik
• Boston Scientific Corporation
• Canon Medical Systems Corporation
• Cardinal Health Inc.
• Edwards Lifesciences Corporation
• General Electric Company
• LivaNova Plc
• Medtronic Plc
• Siemens Healthineers GmbH (Siemens AG)
• Terumo Cardiovascular Systems Corporation (Terumo Corporation)

Recent Developments:

• Biotronik launched HeartInsight for the early prediction of heart failure hospitalizations. HeartInsight is a solution for providing advanced predictive analytics to identify patients at risk of heart failure exacerbations and potential hospitalizations.
• Canon Medical Systems Corporation acquired Danish medical equipment manufacturer Nordisk Røntgen Teknik A/S as part of its strategy to strengthen its global X-ray business. The acquisition marked a significant move by Canon Medical Systems to expand its product portfolio and enhance its presence in the medical imaging market.
• Cardinal Health Inc. acquired the Bendcare CPO-GPO entity and made a minority investment in the Bendcare MSO. This strategic move by Cardinal Health aimed to strengthen its position in the specialty pharmaceutical services market and expand its offerings in the complex and growing field of specialty care.

Cardiovascular Devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cardiovascular devices market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global cardiovascular devices market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cardiovascular devices industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.