Cardiac Equipment Market Forecast (2024-2031)
The Cardiac Equipment Market is expected to register a CAGR of 8.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented By Type (Balloon Pumps, Cardiopulmonary bypass pumps, Cardiac Ultrasound devices, Implantable Cardioverter Defibrillator, Cardiac Resynchronization Therapy, Defibrillators Pacemakers, Ventricular Assist Devices, total Artificial Heart, Counterpulsation Devices); End User (Hospitals and Specialty Clinics, Ambulatory Surgical Centers and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Cardiac Equipment Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Cardiac Equipment Market Segmentation
Type- Balloon Pumps
- Cardiopulmonary bypass pumps
- Cardiac Ultrasound devices
- Implantable Cardioverter Defibrillator
- Cardiac Resynchronization Therapy
- Defibrillators Pacemakers
- Ventricular Assist Devices
- total Artificial Heart
- Counterpulsation Devices
- Hospitals and Specialty Clinics
- Ambulatory Surgical Centers and Others
Strategic Insights
Cardiac Equipment Market Growth Drivers- Surge in the Incidence of Cardiovascular Disorders across the Globe: The ratio of conditions associated with the heart has continued to increase over the years and is the primary reason why the market for cardiac devices is on the increase. With the worsening heart conditions associated with age and lifestyle, the need for advanced equipment for exploring the internal body and organizing some treatment is also on the rise. This puts pressure on patients and medical practitioners to acquire modern cardiac devices to enhance the quality of care and warrant effective control of CVDs.
- Increasing Health Awareness: Cardiac devices have become a standard intimidating issue that stiffens competition within the market. For instance, laparoscopic surgery, heart wear monitors, and functional imaging all aim to improve disease diagnosis and treatment. Such innovations enhance care delivery but are also in high demand, leading to proper investment and, therefore, the creation of advanced cardiac devices in the health sector that address current circumstances.
- Technological Innovations: Increasing healthcare spending in both developed and developing countries is propelling the cardiac equipment market. Both government and private sectors are channeling more resources towards developing healthcare facilities and modern medical devices, which include heart-related equipment. This growth in expenditure encourages the acquisition of the latest devices, allowing for better diagnosis, treatment, and care of cardiovascular conditions and, as a result, improving the healthcare system in general.
- Shift towards less-invasive procedures: The most significant trend in the cardiac equipment market is minimally invasive techniques. Catheter-based interventions, as well as robotic-assisted surgeries, are gaining traction because of the decreased time required for recovery and fewer complications. The demand for the use of cardiac devices specifically designed for such practices to improve patient outcomes and widen the scope of treatment has invariably increased.
- Telehealth Integration with Remote Monitoring: Integration of telehealth and remote monitoring technologies transforms the cardiac equipment market. Thereby, using emerging wearable devices and mobile health applications, one can monitor heart health in real time and thus share it with healthcare providers. This encourages empowerment for the patient while enabling proactive management of cardiovascular conditions.
- Focus on Personalized Medicine: The market for cardiac equipment is advancing step by step towards personalized medicine, where the aspiration would be to treat every patient according to individualized profiles. Developments in research for genomics and biomarkers are contributing to the development of customized cardiac devices and therapies so interventions can be more focused and effective. Such a trend indicates that more emphasis should be placed on patient-centered care as a prerequisite for further improvement in outcomes and increased patient satisfaction for cardiovascular treatment.
- Expansion into Emerging Markets: The growth opportunity for cardiac equipment is quite massive in emerging economies, where healthcare infrastructure is growing. Broader investment in healthcare systems witnesses the greatest need for sophisticated cardiac instruments. Increased spending on healthcare and raising awareness of cardiovascular health can help drive sales and market share significantly for companies strategically entering such markets.
- Innovative Wearable Technologies: This is an entirely new domain for the cardiac equipment market, and innovative wearable technologies would only open up more doors. While the real-time monitoring of heart health permeates smartwatches and fitness trackers, manufacturers may capitalize on one of the emerging trends- preventive healthcare- by utilizing solutions to help people manage their cardiovascular health proactively.
- Emphasis will be on remote patient monitoring solutions: The growing interest in remote patient monitoring solutions provides a promising opportunity for the cardiac equipment market. With healthcare providers focused on delivering improved patient care at reduced costs, the use of remote monitoring devices can help in sustained monitoring of the heart health of patients. This trend thus improves outcomes while creating an avenue for timely interventions, hence creating demand for innovative cardiac devices supporting telehealth initiatives and remote care models.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Cardiac Equipment Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Cardiac Equipment Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The market is expected to grow at a CAGR of 8.4%
Surge in the Incidence of Cardiovascular Disorders across the Globe is the major factors boosting the Cardiac Equipment Market rowth
The North America region accounts for highest revenue share Cardiac Equipment Market?
The final report will duly include market size and projection estimates for all the segments from 2021 to 2031, along with a revenue share and compound annual growth rate (%) for the regional
/
country-wise market wherein 2021-2022 are the historic years, 2023 is considered to be the base year, and the forecast will be provided till 2031, along with CAGR (%)
Asia Pacific is estimated to grow at the highest CAGR over the forecast year (2023 - 2031)
Medtronic plc, Boston Scientific Corporation, Biotronik, Inc, HeartWare Inc, SynCardia Systems, Inc, are the major companies operating in the Cardiac Equipment Market
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Cardiac Equipment Market - By Type
1.3.2 Cardiac Equipment Market - By Region
1.3.2.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. CARDIAC EQUIPMENT MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. CARDIAC EQUIPMENT MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. CARDIAC EQUIPMENT MARKET - GLOBAL MARKET ANALYSIS
6.1. CARDIAC EQUIPMENT - GLOBAL MARKET OVERVIEW
6.2. CARDIAC EQUIPMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CARDIAC EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. BALLOON PUMPS
7.3.1. Overview
7.3.2. Balloon Pumps Market Forecast and Analysis
7.4. CARDIOPULMONARY BYPASS PUMPS
7.4.1. Overview
7.4.2. Cardiopulmonary bypass pumps Market Forecast and Analysis
7.5. CARDIAC ULTRASOUND DEVICES
7.5.1. Overview
7.5.2. Cardiac Ultrasound devices Market Forecast and Analysis
7.6. IMPLANTABLE CARDIOVERTER DEFIBRILLATOR
7.6.1. Overview
7.6.2. Implantable Cardioverter Defibrillator Market Forecast and Analysis
7.7. CARDIAC RESYNCHRONIZATION THERAPY
7.7.1. Overview
7.7.2. Cardiac Resynchronization Therapy Market Forecast and Analysis
7.8. DEFIBRILLATORS PACEMAKERS
7.8.1. Overview
7.8.2. Defibrillators Pacemakers Market Forecast and Analysis
7.9. VENTRICULAR ASSIST DEVICES
7.9.1. Overview
7.9.2. Ventricular Assist Devices Market Forecast and Analysis
7.10. TOTAL ARTIFICIAL HEART
7.10.1. Overview
7.10.2. total Artificial Heart Market Forecast and Analysis
7.11. COUNTERPULSATION DEVICES.
7.11.1. Overview
7.11.2. Counterpulsation Devices. Market Forecast and Analysis
8. CARDIAC EQUIPMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1 North America Cardiac Equipment Market Overview
8.1.2 North America Cardiac Equipment Market Forecasts and Analysis
8.1.3 North America Cardiac Equipment Market Forecasts and Analysis - By Type
8.1.4 North America Cardiac Equipment Market Forecasts and Analysis - By Countries
8.1.4.1 United States Cardiac Equipment Market
8.1.4.1.1 United States Cardiac Equipment Market by Type
8.1.4.2 Canada Cardiac Equipment Market
8.1.4.2.1 Canada Cardiac Equipment Market by Type
8.1.4.3 Mexico Cardiac Equipment Market
8.1.4.3.1 Mexico Cardiac Equipment Market by Type
8.1.4.4 US Cardiac Equipment Market
8.1.4.4.1 US Cardiac Equipment Market by Type
8.2. EUROPE
8.2.1 Europe Cardiac Equipment Market Overview
8.2.2 Europe Cardiac Equipment Market Forecasts and Analysis
8.2.3 Europe Cardiac Equipment Market Forecasts and Analysis - By Type
8.2.4 Europe Cardiac Equipment Market Forecasts and Analysis - By Countries
8.2.4.1 Germany Cardiac Equipment Market
8.2.4.1.1 Germany Cardiac Equipment Market by Type
8.2.4.2 France Cardiac Equipment Market
8.2.4.2.1 France Cardiac Equipment Market by Type
8.2.4.3 Italy Cardiac Equipment Market
8.2.4.3.1 Italy Cardiac Equipment Market by Type
8.2.4.4 Spain Cardiac Equipment Market
8.2.4.4.1 Spain Cardiac Equipment Market by Type
8.2.4.5 United Kingdom Cardiac Equipment Market
8.2.4.5.1 United Kingdom Cardiac Equipment Market by Type
8.3. ASIA-PACIFIC
8.3.1 Asia-Pacific Cardiac Equipment Market Overview
8.3.2 Asia-Pacific Cardiac Equipment Market Forecasts and Analysis
8.3.3 Asia-Pacific Cardiac Equipment Market Forecasts and Analysis - By Type
8.3.4 Asia-Pacific Cardiac Equipment Market Forecasts and Analysis - By Countries
8.3.4.1 Australia Cardiac Equipment Market
8.3.4.1.1 Australia Cardiac Equipment Market by Type
8.3.4.2 China Cardiac Equipment Market
8.3.4.2.1 China Cardiac Equipment Market by Type
8.3.4.3 India Cardiac Equipment Market
8.3.4.3.1 India Cardiac Equipment Market by Type
8.3.4.4 Japan Cardiac Equipment Market
8.3.4.4.1 Japan Cardiac Equipment Market by Type
8.4. MIDDLE EAST AND AFRICA
8.4.1 Middle East and Africa Cardiac Equipment Market Overview
8.4.2 Middle East and Africa Cardiac Equipment Market Forecasts and Analysis
8.4.3 Middle East and Africa Cardiac Equipment Market Forecasts and Analysis - By Type
8.4.4 Middle East and Africa Cardiac Equipment Market Forecasts and Analysis - By Countries
8.4.4.1 South Africa Cardiac Equipment Market
8.4.4.1.1 South Africa Cardiac Equipment Market by Type
8.4.4.2 Saudi Arabia Cardiac Equipment Market
8.4.4.2.1 Saudi Arabia Cardiac Equipment Market by Type
8.4.4.3 U.A.E Cardiac Equipment Market
8.4.4.3.1 U.A.E Cardiac Equipment Market by Type
8.5. SOUTH AND CENTRAL AMERICA
8.5.1 South and Central America Cardiac Equipment Market Overview
8.5.2 South and Central America Cardiac Equipment Market Forecasts and Analysis
8.5.3 South and Central America Cardiac Equipment Market Forecasts and Analysis - By Type
8.5.4 South and Central America Cardiac Equipment Market Forecasts and Analysis - By Countries
8.5.4.1 Brazil Cardiac Equipment Market
8.5.4.1.1 Brazil Cardiac Equipment Market by Type
8.5.4.2 Argentina Cardiac Equipment Market
8.5.4.2.1 Argentina Cardiac Equipment Market by Type
9. INDUSTRY LANDSCAPE
9.1. MERGERS AND ACQUISITIONS
9.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
9.3. NEW PRODUCT LAUNCHES
9.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
10. CARDIAC EQUIPMENT MARKET, KEY COMPANY PROFILES
10.1. MEDTRONIC PLC
10.1.1. Key Facts
10.1.2. Business Description
10.1.3. Products and Services
10.1.4. Financial Overview
10.1.5. SWOT Analysis
10.1.6. Key Developments
10.2. BOSTON SCIENTIFIC CORPORATION
10.2.1. Key Facts
10.2.2. Business Description
10.2.3. Products and Services
10.2.4. Financial Overview
10.2.5. SWOT Analysis
10.2.6. Key Developments
10.3. ST. JUDE MEDICAL, INC
10.3.1. Key Facts
10.3.2. Business Description
10.3.3. Products and Services
10.3.4. Financial Overview
10.3.5. SWOT Analysis
10.3.6. Key Developments
10.4. THORATEC CORPORATION
10.4.1. Key Facts
10.4.2. Business Description
10.4.3. Products and Services
10.4.4. Financial Overview
10.4.5. SWOT Analysis
10.4.6. Key Developments
10.5. HEARTWARE INC
10.5.1. Key Facts
10.5.2. Business Description
10.5.3. Products and Services
10.5.4. Financial Overview
10.5.5. SWOT Analysis
10.5.6. Key Developments
10.6. SYNCARDIA SYSTEMS, INC
10.6.1. Key Facts
10.6.2. Business Description
10.6.3. Products and Services
10.6.4. Financial Overview
10.6.5. SWOT Analysis
10.6.6. Key Developments
10.7. VASOMEDICAL, INC
10.7.1. Key Facts
10.7.2. Business Description
10.7.3. Products and Services
10.7.4. Financial Overview
10.7.5. SWOT Analysis
10.7.6. Key Developments
10.8. SORIN GROUP
10.8.1. Key Facts
10.8.2. Business Description
10.8.3. Products and Services
10.8.4. Financial Overview
10.8.5. SWOT Analysis
10.8.6. Key Developments
10.9. BIOTRONIK, INC
10.9.1. Key Facts
10.9.2. Business Description
10.9.3. Products and Services
10.9.4. Financial Overview
10.9.5. SWOT Analysis
10.9.6. Key Developments
10.10. BERLIN HEART, INC.
10.10.1. Key Facts
10.10.2. Business Description
10.10.3. Products and Services
10.10.4. Financial Overview
10.10.5. SWOT Analysis
10.10.6. Key Developments
11. APPENDIX
11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS
- Medtronic plc
- Boston Scientific Corporation
- St. Jude Medical, Inc
- Thoratec Corporation
- HeartWare Inc
- SynCardia Systems, Inc
- Vasomedical, Inc
- Sorin Group
- Biotronik, Inc
- Berlin Heart, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.