The cardiovascular devices market size is projected to reach US$ 96.6 billion by 2031 from US$ 54.2 billion in 2023. The market is expected to register a CAGR of 8.6% during 2023–2031. Continuous technological advancement will likely remain a key trend in the market.
Cardiovascular Devices Market Analysis
The cardiovascular devices market is estimated to grow owing to key driving factors such as increasing prevalence of cardiovascular diseases and rising number of product launches & approvals. Furthermore, regions such as Asia Pacific, the Middle East & Africa, and South Africa have opportunities for the cardiovascular devices market players to expand their presence by offering cost-effective products.
Cardiovascular Devices Market Overview
In the last decade, the world witnessed notable developments in cardiovascular devices, aiding physicians and patients with new approaches to managing atrial arrhythmias, ventricular arrhythmias, and ventricular atrial fibrillation, among other medical conditions. The growing prevalence of arrhythmia and other cardiovascular diseases (CVDs) is encouraging the introduction of improved cardiovascular devices. According to the World Health Organization (WHO), ~30 million people experience a stroke each year. The American Heart Association states that ~50% of all adults in the US have a type of CVD. In addition, it is anticipated that by 2035, over 130 million Americans, or 45.1% of the total population, will suffer from a cardiovascular disease. As per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the US, i.e., around half of the US adult population, suffer from CVD.
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Cardiovascular Devices Market: Strategic Insights
Market Size Value in US$ 48,106.47 million in 2021 Market Size Value by US$ 76,526.68 million in 2028 Growth rate CAGR of 6.9% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Cardiovascular Devices Market: Strategic Insights
| Market Size Value in | US$ 48,106.47 million in 2021 |
| Market Size Value by | US$ 76,526.68 million in 2028 |
| Growth rate | CAGR of 6.9% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Cardiovascular Devices Market Drivers and Opportunities
Continuous Technological Advancement
The rapidly increasing prevalence of CVDs is raising the demand for technically advanced devices for diagnosing and treating patients with effective and efficient care. For instance, in October 2022, The US FDA approved Medtronic plc's request to broaden the labeling of a cardiac lead. This lead allows patients to obtain necessary therapy without running the risk of consequences like cardiomyopathy that might arise from using more conventional pacing methods. Several cardiovascular device players have succeeded in introducing products supporting transcatheter aortic valve replacement (TAVR) procedures. The TAVR technology is steadily and rapidly advancing, and procedures for the percutaneous mitral valve are being performed across Europe. Technological advancements in the medical industry also simplify using stem cell therapy, robotic sleeves, implantable defibrillators, 3D bioprinted heart tissue, and AI algorithms in treating CVDs.
Untapped Potential of Emerging Economies
The rise in the incidence of cardiovascular conditions in developing countries is ascribed to the shift in lifestyles and adoption of modernized facilities, leading to an increase in the prevalence of other health conditions associated with CVDs. The modernization of residential, commercial, and corporate facilities has lowered the need for physical activities among people; in contrast, stress levels among people are rising due to various personal and social factors, which are driving the prevalence of CVDs in developing countries. Moreover, these countries are bringing significant developments in healthcare facilities and services based on technological advancements.
China, India, the US, and Russia together contributed to 50% of this death count in 2015. For example, structural heart disease treatments are in the initial stage of development in regions such as Asia Pacific and the Middle East & Africa. For instance, in India, KIMS Hospitals. Telangana provides services for structural heart diseases. Thus, regions such as Asia Pacific, the Middle East & Africa, and South Africa have opportunities for the cardiovascular devices market players to expand their presence by offering cost-effective products.
Cardiovascular Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cardiovascular devices market analysis are product and end user.
- Based on device, the cardiovascular devices market is segmented into event monitor, electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, others. The event monitor segment held a largest market share in 2023.
- Based on application, the cardiovascular devices market is segmented by coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, others. The coronary heart disease segment held a largest market share in 2023.
- Based on end user, the cardiovascular devices market is segmented by hospitals, ambulatory surgery centers, and cardiac centers. The hospitals segment held a largest market share in 2023.
Cardiovascular Devices Market Share Analysis by Geography
The geographic scope of the cardiovascular devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In North America, the US is the largest market for medical imaging informatics. US is the largest market for cardiovascular devices at a global level. The market's growth is attributed to increasing product development and growing government support to enhance heart treatment. Cardiac arrhythmias, or irregular heart rhythms, can cause chest pain and fainting and may lead to sudden cardiac death or stroke. According to the American Heart Association, 835,000 Americans are discharged from hospital care with cardiac arrhythmia diagnoses each year.1 More than 2.2 million Americans experience atrial fibrillation each year, a type of cardiac arrhythmia that is associated with an increased risk for stroke. Heart disease is the top cause of death in the United States for both men and women, as well as for members of the majority of racial and ethnic groups, according to the Centers for Disease Control and Prevention (CDC). Based on the information provided, one person dies from cardiovascular illness every 36 seconds, and heart disease accounts for 1 in 4 deaths, meaning that about 655,000 Americans pass away from heart disease annually. Numerous initiatives are being implemented as a result of the rising risk of heart disease.
Cardiovascular Devices Market Report Scope
Cardiovascular Devices Market News and Recent Developments
The Cardiovascular Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the cardiovascular devices market are listed below:
- GE Healthcare launched its first ‘Made in India’, ‘AI-powered’ Cath lab - Optima IGS 320 to advance cardiac care in India. Built at Wipro GE Healthcare’s new factory, launched under the PLI (production-linked incentive) scheme in Bengaluru, the Cath lab leverages the GE proprietary AutoRight technology. Powered by Edison, AutoRight is the first neural network-based interventional image chain. AutoRight features Artificial Intelligence that automatically optimizes image and dose parameters in real-time, enabling clinicians to focus their attention and expertise on patients. (Source: GE Healthcare, Company Website, September 2022)
Cardiovascular Devices Market Report Coverage and Deliverables
The “Cardiovascular Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Cardiovascular devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Cardiovascular devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Cardiovascular devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the cardiovascular devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device; Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the cardiovascular devices market in 2023
The cardiovascular devices market is estimated to grow owing to key driving factors such as increasing prevalence of cardiovascular diseases and rising number of product launches & approvals.
Continuous technological advancement will likely remain a key trend in the market.
Medtronic, Boston Scientific Corporation, Abbott, Biosense Webster, Inc. (Johnson and Johnson), General Electric Company, Koninklijke Philips N.V, Siemens AG, BD, B. Braun Melsungen AG and Edwards Lifesciences Corporation.
The market is expected to register a CAGR of 8.6% during 2023–2031.
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.
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