Cardiovascular Devices Market size is poised to cross USD 90 Billion by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of cardiovascular devices was over USD 55 Billion. 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.
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.
Growth Drivers
Challenges
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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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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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North America Market Forecast
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.
Abbott declared data from five late-breaking presentations showing the advantage of minimally invasive devices to treat heart diseases associated with structural diseases such as value disease or opening in the heart. Also, the data included the findings of Mitraclip and Triclip.
GE Group associated with Boston Scientific Corporation to afford end-to-end innovative interventional cardiac care solutions in India. This first Medtech association is to enhance and allow easy cardiac care access to patients and thus focused on the prevailing disease burden in the country.
Author Credits: Radhika Gupta, Shivam Bhutani
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