The Global Cardiovascular Devices Market was valued at USD 27.7 Bn in 2020 and is expected to reach USD 85.4 Bn by 2027, with a growing CAGR of 17.4% during the forecast period.
Cardiovascular devices are the medical devices that are used to monitor, control or treat cardiac abnormalities such as irregular heartbeats or any heart related disorders. Cardiac devices include, cardioverter defibrillator, cardiac loop recorders, biventricular pacemakers, stents, catheters are among others. These devices help to control heart irregularities which is caused by heart impulse generating system such as irregular heartbeats which give rise to congestion in the heart.
Global Cardiovascular Devices Market Dynamics
The driving factors influencing the global cardiovascular devices market include rising prevalence of heart diseases such as heart attack, atherosclerosis & ischemia and growing demand for minimal invasive surgical procedures. Increasing advancements in medical devices and developments for less invasive procedures are expected to fuel the cardiovascular devices demand in the market during the forecast period. For instance, in September 2020, a team of engineers at North-western University George Washington University (US) designed and developed an innovative balloon shaped catheter which will be used to treat and improve cardiac arrhythmia. This device is expected to be commercialized through NuSera Biosystem in North America. This medical device is designed to keep a track on electrical activity of the heart through smart sensors and allows doctors to locate the defective region of the heart. Such inventions are expected to give rise to minimal invasive ablations and surgeries to treat cardiac arrhythmias which would boost the cardiovascular devices demand in the market during the forecast period.
Moreover, growing investments in R&D through public- private companies and surge for novel product development among companies are expected to thrive the cardiovascular devices demand in the market during the forecast period. For instance, in June 2020, Boston Scientific (US) developed DIRECTSENCE technology which is designed to monitor and improve the impact of radiofrequency energy delivery during heart ablation process. DIRECTSENCE received FDA approval in April 2020, as this tool proved to be the only invention that can track cardiac fluctuations into the patients. Such novel developments are expected to trigger the cardiovascular devices demand in the market during the forecast period.
Global Cardiovascular Devices Market Segmentation:
By End User
Company Profiles and Competitive Intelligence
The key players operating in the cardiovascular devices market are:
Based on devices, diagnostics and monitoring devices are expected to hold largest market share during the forecast period due to growing demand for long-term ECG monitoring devices
Based on devices, cardiovascular devices market is broadly segmented into diagnostics & monitoring devices and therapeutics & surgical devices. Diagnostics and monitoring devices are further sub-segmented into electrocardiogram and remote cardiac monitoring. Diagnostics and monitoring devices segment are expected to contribute highest to the growth of the market during the forecast period due to increasing incidences of cardiovascular diseases and rising demand for initial cardiac disorder diagnosis devices in the market. Moreover, growing inventions for the development of wearable, portable, & compact ECG’s and rising investments by the government & private companies for the development of cardiac monitoring devices are expected to fuel the cardiovascular devices demand in the market during the forecast period. Furthermore, increasing mergers & acquisitions by the companies for product development and distribution across the globe is further expected to boost demand in the cardiovascular devices market during the forecast period. For instance, in September 2020, Cardiologs (France) an AI-based cardiology diagnostics start-up company signed exclusive distribution agreement with MicroPort CRM (France) for reselling their cloud analysis solution for ECG’s across France. Such rising collaboration and merges of the companies for expanding the presence of the company is expected to propel the cardiovascular devices demand in the market during the forecast period.
Based on region, North America is expected to dominate the market during the forecast period owing to increase in adoption rate of minimal invasive therapy procedures and rising geriatric population
Based on region, North America held largest market share in 2020 due to presence of large volume of patient population in this region. According to the American Heart Association 2020, heart diseases remain the leading cause of deaths in America due to rise in consumption of tobacco and adoption of unhealthy lifestyle. Moreover, North America is expected to hold largest market share in the market during the forecast period due to increase in incidence of heart diseases among population. For instance, according to the Centers for Disease Control and Prevention, heart disease is the most common cause of death among ethnic group population in the United States. One in every 36 seconds is diagnosed or died with cardiovascular diseases. More than 7Mn people in US are diagnosed with heart disease. Such rising incidence of cardiovascular diseases are expected to fuel the growth of the cardiovascular devices demand in the market during the forecast period. Furthermore, presence of reimbursement policies and growing demand for home-based monitoring devices are expected to pull the cardiovascular demand in the market during the forecast period.
The report also provides in-depth analysis of Cardiovascular Devices market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Cardiovascular Devices Market Analysis
Covid-19 has negatively impacted the growth of cardiovascular devices demand in the market. Sudden emergence of lockdown lead to the decrease in elective cardiac procedures. However, urgent cardiac emergency procedures were carried out based on demand which impacted the growth of the cardiovascular devices market. Moreover, to avoid patient visits and spread of infection, certain changes in lifestyle and OTC medication were temporarily suggested to the patients. Furthermore, another factor that hampered the growth of the cardiovascular devices market are the availability of limited healthcare resources and professional during the pandemic. Many medical devices manufacturing units and companies were initially shutdown and faced losses in cardiovascular devices market. For instance, Medtronic (Ireland) faced 33% of reduction in their cardiac business segment in its 2020 quarterly financials. However, companies are now focussing of development of medical devices to diagnose covid-19 infections to coverup their losses.
The report also provides an in-depth analysis of key trends in cardiovascular devices market
|1||Growing penetration of artificial intelligence in cardiac disease diagnosis which will enhance the diagnostic radiology capacities||Positive|
|2||Emerging trend in usage of wearable devices with built-in heart rate monitors and single-lead electrocardiograms||Positive|
|3||Lack of availability of healthcare resources and disrupted supply chain during pandemic affected the revenue generation from cardiovascular devices market||Negative|
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports