Cardiovascular Devices Market Size & Share, by Device Type [Diagnostic, Monitoring Devices (Electrocardiogram, Remote Cardiac Monitoring), Therapeutic, Surgical Devices {Ventricular Assist Devices (VAD), Cardiac Rhythm Management Devices, Catheters}]; Application (Coronary Artery Diseases, Cardiac Arrhythmia, Heart Failure); End-user (Hospitals, Specialty Clinics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 3272
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.


Cardiovascular-Devices-market
Get more information on this report: Request Free Sample PDF

Cardiovascular Devices Sector: Growth Drivers and Challenges

Growth Drivers

  • 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.
  • 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.
  • 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.
  • 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.
  • 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

Cardiovascular Devices Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

7%

Base Year Market Size (2022)

USD 55 Billion

Forecast Year Market Size (2033)

USD 90 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Cardiovascular Devices 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:

            By Device Type

  • Diagnostic and Monitoring Devices
  • Electrocardiogram
  • Remote Cardiac Monitoring
  • Others
  • Therapeutic and Surgical Devices
  • Ventricular Assist Devices (VAD)
  • Cardiac Rhythm Management Devices
  • Catheters

             By Application

  • Coronary Artery Diseases
  • Cardiac Arrhythmia
  • Heart Failure

             By End User

  • Hospitals
  • Specialty Clinics
  • Others

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Cardiovascular Devices Industry - Regional Synopsis

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.

Research Nester
Cardiovascular-Devices-market-size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Cardiovascular Devices Landscape

top-features-companies
    • 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

In the News

  • 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 Pawar


  • Report ID: 3272
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing tobacco consumption and the rising obese population are the major factors driving the growth of the cardiovascular devices market.

The market is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023-2033.

The unavailability of vendors to invest in R&D and the lack of reimbursement policies are the challenges affecting the market growth.

The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Terumo Corporation, Edwards Lifesciences Corporation, Medtronic plc, Boston Scientific Corporation, LivaNova PLC, GE Group, Siemens Healthcare GmbH.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by device type, application, end-user, and by region.

The hospital segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Cardiovascular Devices Market Report Scope
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying