Cardiovascular Devices Market Size Report Scope & Overview:

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The Cardiovascular Devices Market size was estimated at USD 51.97 billion in 2023 and is expected to reach USD 97.16 billion by 2032 at a CAGR of 7.2% during the forecast period of 2024-2032.

Cardiovascular diseases (CVD) are considered the most common cause of death all around the globe. According to the National Institute of Health (NIH) people suffering from heart disease in rural and urban areas are increasing rapidly. For instance, in the UK approx. 24500 deaths are been recorded because of CVD. There are several factors which are contributing to this scenario. The major factors are an unhealthy lifestyle of the people, consumption of excess alcohol and so forth. The U.S. organizations and hospitals are taking a lot of initiatives to promote awareness regarding how heart disease can be prevented. Mayo Clinic has started promotions related to how physical activities can help people to prevent heart disease. 

There are many types of cardiac devices some of the common ones include pacemakers, Implantable cardioverter-defibrillator (ICD), cardiac loop recorders, and biventricular pacemakers. Every device is been recommended by the healthcare professional according to the patient's condition. The basic objective of the devices is to monitor and control the irregular heartbeats and the functioning of the heart. The healthcare sector is constantly trying to improve devices by adding new features and technology. The innovation’s objective is to provide good services and improve the quality of patient’s life. The healthcare professional states that rising technological advancement is shaping the future of the healthcare sector. Indeed, it is, when we particularly focus on the CDV not only the cardiac devices but the smart wearable devices are also adding value to the patient's and normal human being’s quality of life. Another beneficial factor of the cardiac devices is they can store the data of the patients which can be further used for the analysis and performance tracking purposes.

The market is divided into three segments which have the type of devices which is been used, and the other segments are basically the end users and applications. The type segment will give the exact overview of which device is holding the largest share.

The high cost is the barrier for the Cardiovascular Devices market which puts several limitations on the regions which are facing economic constraints because of the high inflation rates, unemployment rates, and all sorts of factors that affect the market to follow a negative zone. Though the demand for the cardiac devices is high as the adoption rate is pushing the market to attract opportunities.

Market Dynamics :

Driver

• The rise in the Cardiovascular Diseases

As we mentioned earlier the rise in CVD all around the globe is a driving factor. According to the Centers for Disease Control and Prevention (CDC), 69,500 people in the U.S. died from heart disease, the data is for the year 2021. Our objective behind mentioning the stats is to glorify how important it is to increase the access to diagnosis and facilities for the people suffering from heart diseases. 

The key players in this market have experienced good growth in the sales of the cardiac devices which states the rising demand for the same. For instance, despite the global disruptions and economic constraints, Medtronic Plc recorded an increase of 6% growth in the sales for the year 2022. Another important aspect of why the demand for cardiac devices is so high is because of the rising obesity and rising prevalence of diabetes. Healthcare experts have clarified how the rising obesity among the younger men and women can increase the risk of the heart disease.

According to a survey which was conducted by Harvard University which stated if the current situation is carried on then by 2030 half of the men and women in the U.S. will suffer from obesity condition. All these facts contribute to why the demand for the cardiac devices will be high and which is driving the market.

Restrain

• The high cost associated with the Cardiovascular devices.

Opportunity

• The rising initiatives and investments for the same.

The key players and the merging players have assured how the rising trends in the healthcare sector are allowing them to attract opportunities to gain growth. Cardiac devices are one of them, the company is increasing its R&D activities which will help them to innovate new products and devices. Also, the approval from the FDA for the devices creates a positive outlook for investors and organizations. The implementation of AI and ML by the key players in emerging countries will help them to improve their services, which is also a great opportunity for the market. The use of AI and ML will help producers to innovate devices that will improve the functionality of the devices.  

Challenge

• The laws and regulations which are imposed by the government regarding the data privacy and product innovation.

Impact of Recession

Due to cost-cutting initiatives, businesses may decrease their investment in research and development (R&D) during a recession. This might have an adverse effect on the long-term development and growth of the sector by slowing down innovation and the creation of new cardiovascular devices.

Price sensitivity tends to rise during economic downturns. Healthcare providers might become more frugal and look for less expensive options or bargain better prices with equipment manufacturers. The market for cardiovascular devices may become more competitive as a result, which could have an impact on manufacturers' profit margins.

Impact of Russia-Ukraine War

The worldwide supply chain for cardiovascular devices, which includes Russia and Ukraine, could be affected by the crisis. In the manufacturing and distribution of various pieces of medical gear and equipment, both nations have vital roles. It is possible for delays or shortages in the supply of cardiovascular devices to disrupt both home and foreign markets due to problems with transportation, trade routes, or production facilities.

Instability in the global market may result from the geopolitical tension and ambiguity surrounding the conflict. The market for cardiovascular equipment could be impacted if investors start to grow more cautious and economic indicators change. Investments in healthcare infrastructure can be curtailed, purchases can be postponed or cancelled, and market volatility can increase.

Key Market Segmentation

By Device Type

• Diagnostic and Monitoring devices

• Therapeutic and Surgical Devices

By Application

• Coronary Artery Disease (CAD)

• Cardiac Arrhythmia

• Heart Failure

• Others

By End-User

• Hospitals

• Specialty Clinics

• Others

Regional Analysis

North America region will be the dominating region for this market. As we mentioned earlier the rising cases of CVD in the developed countries of this region is attracting significant growth. Also, the major key players of this market are noticing good growth in terms of revenues generated from the cardiac devices business segments. The rising clinical trials and approvals from government healthcare agencies are contributing to the growth of the CDV market.

Europe is the region which will have the second largest share. According to the stats provided by the European Union (EU) in 2019, 17,07,338 are the number of deaths caused by CVD. Germany is the country which has the highest number of share in this count. This proves our statement which we had mentioned earlier “the deaths are observed more in the developed countries”. The rising cases of CVD are the major driving factor for this region to attract growth during the forecasted period. 

APAC is the region which has the highest CAGR growth rate because of rising clinical trials and the market expansion strategies of the key players. Countries like China and Japan are considered the targeted market to attract a lot of potential growth. The reasons are obvious the rising infrastructure development and the adoption of the latest technologies.

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Regional Coverage

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

Key Players

The major players are Medtronic, Abbott, Boston Scientific Corporation, Johnson & Johnson, Siemens Healthcare, B. Braun Melsungen, Edward Lifesciences Corporation, LivaNova Plc, and other players

Recent Developments:

Abbott: Abbott company has officially announced that they will be acquiring Cardiovascular Systems, Inc.

LivaNova: The company has got FDA 510(k) a clearance for Essenz Heart-Lung machine for Cardiopulmonary Bypass Procedures.