Global Cardiovascular Devices Market Definition
A cardiovascular device is any device that helps in the treatment, and diagnosis of various cardiovascular conditions, such as heart rhythm abnormalities and irregular heartbeats. An implanted cardiac device could be suggested when other therapies, such as medication or lifestyle modifications, do not work. Long-term treatment for some heart problems is also prescribed with cardiovascular devices. Biventricular pacemakers, implanted cardioverter defibrillators (ICDs), pacemakers, and cardiac loop recorders are just a few of the cardiovascular implantable electronic devices that can be used to monitor or manage irregular heartbeats in patients with specific heart rhythm abnormalities and heart failure.
Such devices are used based on the diagnosis and condition that a patient is in. For instance, a pacemaker is a cardiovascular device that is electrically charged and placed underneath the chest surface to treat heart rhythm problems, and may be used to treat arrhythmia, which is an erratic heartbeat, or bradycardia, which is when the heart is beating too slowly. A pacemaker aids in maintaining blood flow and controlling the body's electrical system.
Cardiovascular devices may also be used for diagnostic purposes. For instance, the electrical activity of the heart can be captured using an ECG or EKG, also called an electrocardiogram. It is a painless and swift way to identify cardiac issues and keep track of the heart's health.
Global Cardiovascular Devices Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 55 Billion |
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Forecast Year Market Size (2033) |
~ USD 90 Billion |
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Regional Scope |
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Global Cardiovascular Devices Market Size, Forecast, and Trend Highlights Over 2023 - 2035
The global cardiovascular devices market is estimated to garner a revenue of ~USD 90 billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 55 billion in the year 2022. The rising of cardiovascular disease risk across followed by an increasing old age population is estimated to propel the market growth during the forecast period. As per the World Health Organization, the number of old people aged 60 and above in the U.S. is greater than the number of children less than 5 years of age as of 2020. Also, the number of old people aged 60 and over will double by 2050 to reach 2.1 billion, and the number of old people aged 80 years and above is estimated to grow thrice from 2020 to 2050 and reach 426 million.
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In addition to these factors such as the increase in over-the-counter medicine availability, rising investments, and the expanding number of awareness campaigns on the administration of cardiovascular devices are thought to be driving the market growth of global cardiovascular devices market during the anticipated time. In the upcoming years, it is anticipated that the market for cardiovascular medical devices would expand owing to an increase in incidences of cardiac diseases such as heart attacks, coronary heart disease, and cardiac arrhythmia. According to the Centers for Disease Control and Prevention, heart disease claimed the lives of almost 697,000 Americans in 2020.
Global Cardiovascular Devices Market: Growth Drivers and Challenges
Growth Drivers
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Growing Minimal Invasive Medical Procedures – The use of minimally invasive surgery (MIS) in various operations grew rapidly between 2003 to 2018. The application rate of MIS rose from 87% to 92% in cholecystectomy, 21% to 45% in inguinal hernia repair, 9% to 41% in colectomy, 40% to 85% in gastrectomy, and 70% to 90% in Nissen UK.
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Rising Consumption of Tobacco – Tobacco consumption has been linked to poor cardiovascular health, and it is projected to boost the market’s growth. As per the World Health Organization, in 2020, about 22.3% of people across the world consumed tobacco which includes 36.7% of men and 7.8% of women.
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Increasing Compact Devices and Pacemakers – Growing awareness and developing technology have given rise to user-friendly and compact health measuring devices, and it is anticipated to boost the global cardiovascular devices market. For instance, about 30% of the population in China wears connected health devices such as fitness trackers.
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Rising Awareness and Adoption of Remote Healthcare – Remote interactions and online consultations have become one of the primary ways to seek medical advice, especially since the pandemic. As per the estimations, 75% of hospitals in the U.S. associate with patients and concerned physicians through audio and video consultation.
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Increasing Obese Population – Poor lifestyle choices and eating disorders give rise to obesity, which can severely impact a person’s cardiovascular health. The prevalence of obesity in the U.S. in 2020 rose from 30.5% in 2017 to 41.9% in 2020 as per the Centers for Disease Control and Prevention.
Challenges
- Lack of Reimbursement Policies and Medical Insurance – In the United States, those without insurance have less access to healthcare than those with insurance. In 2021, one in 5 people without insurance neglects vital medical care owing of expense. Moreover, nearly, 27.5 million non-elderly people lacked health insurance in 2021 in the United States.
- Unavailability of Investors for R&D
- Lack of Awareness about Devices and their Operation
Market Segmentation
The global cardiovascular devices market is also segmented and analyzed for demand and supply by application into coronary artery diseases, cardiac arrhythmia, and heart failure. Out of these segments, the coronary artery diseases segment is expected to garner the highest revenue and hold the largest market share by 2033. It is a prevalent cardiovascular issue. In CAD, the coronary arteries, the main blood channels feeding the heart, have difficulty supplying the heart muscle with adequate blood, oxygen, and nutrients, owing to inflammation and cholesterol deposits (plaques) in the major heart arteries. For instance, according to research, it is also a common cause of death in the US, and is estimated to cause over 600,000 deaths yearly, is responsible for 18 million deaths per year worldwide, and is the third biggest cause of mortality.
The global cardiovascular devices market is segmented and analyzed for demand and supply by end-user, including hospitals, specialty clinics, and others. Out of these, the hospital’s segment is anticipated to hold the largest market size by the end of 2033 on the back of developed and advanced healthcare infrastructure, improved access to healthcare facilities, growing adoption of innovative healthcare devices, and the rising practice of sedentary lifestyle. Moreover, there has been an increase in the number of hospitals across the globe adopting advanced cardiovascular devices, which is expected to boost the segment’s growth in the region.
Our in-depth analysis of the global cardiovascular devices market includes the following segments:
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By Device Type |
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By Application |
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By End User |
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Global Cardiovascular Devices Market Regional Synopsis
The North American cardiovascular devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 on the back of the rising prevalence of cardiovascular diseases, increasing healthcare expenditure, and growing adoption of advanced devices. Moreover, there has been surging awareness among the people in the region related to the cardiovascular devices available on the market, and it is anticipated to drive market’s growth in the region. As per the U.S. Centers for Medicare & Medicaid Services, the national health expenditure rose by 9.7% and reached USD 4.1 trillion in 2020, accounting for USD 12,350 per person.
Top Featured Companies Dominating the Global Cardiovascular Devices Market
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B Braun Melsungen AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Abbott
- Johnson & Johnson Services, Inc.
- Terumo Corporation
- Edwards Lifesciences Corporation
- Medtronic plc
- Boston Scientific Corporation
- LivaNova PLC
- GE Group
- Siemens Healthcare GmbH
