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Cardiovascular Devices Market Segmentation by Products (Diagnostic & Monitoring Devices, and Therapeutic & Surgical Devices); by Indications (Heart Attack, Stroke, Coronary Heart Disease, Cerebrovascular Disease, Rheumatic Heart Disease, Peripheral Arterial Disease, and Others); and by End-Users – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of Cardiovascular Devices Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • October 2020: GE Healthcare, announced that they have received U.S. Food and Drug Administration (FDA) 510k approval for its new AI-Powered Cardiovascular Ultrasound System.   
  • December 2020: Koninklijke Philips N.V., announced that they have strategically acquired BioTelemetry, Inc. at USD 72 per share. This acquisition will help Koninklijke Philips N.V. to become a global leader in patient care management for cardiovascular disease.

Global Cardiovascular Devices Market Highlights 2022-2030

The global cardiovascular devices market is expected to register a CAGR of ~6.8% during the forecast period, i.e., 2022-2030. The growth of the market can be attributed to the increasing prevalence of cardiovascular diseases in countries, such as, the United States, China, India, Russia, and others. High risks of cardiovascular diseases, due to behavioural factors, including tobacco, alcohol, and unhealthy diet consumption, raised blood pressure, overweight and obesity are also major factors estimated to boost the market growth. China which has the highest number of heart disease deaths which is a potential risk factor. According to World Health Organization (WHO), each year, approximately 17.9 million deaths occur due to cardiovascular diseases, and cardiovascular disease are the leading cause of death globally. Such increasing prevalence and mortality rate of cardiovascular diseases has increased the demand for technologically advanced devices in the market. This has facilitated the growth of cardiovascular surgical procedures globally. Additionally, the favourable regulations by the government supported by rising investments by the private agencies in healthcare sector is further anticipated to drive the growth of the market in the region.

Cardiovascular Devices Market

The market is segmented on the basis of products into diagnostic & monitoring devices, and therapeutic & surgical devices, out of which, the diagnostic & monitoring devices segment is expected to garner maximum share in the market during the forecast period on account of increasing demand for portable and compact devices to monitor health vital signs easily. The growing demand for devices that can monitor heart health, backed by growing health awareness among people is estimated to boost the market growth.

Based on indications, the heart attack segment is estimated to hold the largest share in the market over the forecast period on the back of the increasing prevalence and mortality rate due to heart attacks. According to the World Health Organisation, about 85% of cardiovascular disease related deaths have occurred due to strokes and heart attacks. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure

 

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Cardiovascular Devices Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia-Pacific region is expected to witness significant growth over the forecast period, on account of the growing burden of the aging population and the high mortality rate due to cardiovascular diseases in the region. Additionally, the rising adoption of technologically advanced in Asian countries has led to a rise in the demand for cardiovascular devices. Improving healthcare sector backed by economic development is further estimated to boost the market growth.

Furthermore, in 2030, the market in North America is expected to grab the largest revenue share, attributing to the increasing investment by the major players present in the region. Additionally, the robust healthcare infrastructure in the United States is another major factor that drives the market growth.

Global Cardiovascular Devices Market

The global cardiovascular devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global cardiovascular devices market includes the following segments:

By Product

  • Diagnostic & Monitoring Devices
  • Therapeutic & Surgical Devices

By Indications

  • Heart Attack
  • Stroke
  • Coronary Heart Disease
  • Cerebrovascular Disease
  • Rheumatic Heart Disease
  • Peripheral Arterial Disease
  • Others

By End-User

  • Hospitals & Clinics
  • Home Settings
  • Ambulatory Surgical Centers (ASCs)
  • Others

Growth Drivers

  • Rising Burden of Coronary Heart Disease
  • Increasing Development in the Healthcare Technologies

Challenges

  • Lack of Skilled Professionals
  • Strict Regulatory Policies

Top Featured Companies Dominating the Market

  •  GE Healthcare
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Abbott Laboratories
  • Medtronic Plc
  • Johnson & Johnson
  • Edwards Lifesciences
  • Boston Scientific Corporation
  • Siemens AG
  • Koninklijke Philips N.V
  • Mindray Bio-Medical Electronics Co., Ltd.
  • Cardinal Health Inc.

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