Number of pages: 100 | Report Format: PDF | Published date: 02 September, 2022
Historical Years – 2020 | Base Year – | Forecasted Years – 2022-2030
The global cardiovascular devices market was pegged at ~US$ 55.31 billion in 2021 and is expected to witness a CAGR of ~6.5% during the forecast period.
Cardiovascular devices are used to diagnose, monitor, and treat heart-related disorders. There are various categories of devices based on the requirements, such as diagnostic devices to monitor the electrical activities of the heart; or devices used to treat the irregularities such as therapeutic and surgical devices.
The market is primarily being driven by the rising global burden of various coronary heart disorders, including cardiomyopathy and stroke, which account for most deaths from cardiac causes. The most common illnesses discovered to affect people worldwide are cardiovascular disorders, which are also the main causes of mortality. Additionally, during the past ten years, technologies employed in the development of cardiac devices have advanced dramatically, and their indications have grown. As a result, more patients are being treated with cardiology devices, which has resulted in exponential improvements in therapeutic and monitoring outcomes. One such development is artificial intelligence, which has significantly enhanced the ability to diagnose specific heart diseases. Additionally, the market is being fueled by an increase in the world's geriatric population. Additionally, due to the increased propensity of the global geriatric population to develop cardiac diseases, the number of cases identified with heart ailments is rising. The large target population has a consequently beneficial effect on the development of the cardiovascular market.
The market for cardiovascular devices, however, is constrained by strict regulatory guidelines and high instrument and procedure costs.
The global cardiovascular devices market has been analyzed from four perspectives: device type, application, end-user, and region.
Cardiovascular Devices Market by Device Type
The diagnostic and monitoring, therapeutic, and surgical device categories make up the global market for cardiovascular devices. The ECG, remote cardiac monitoring and other devices are further constituent in the diagnostic and monitoring device segment. Heart valves, cardiac rhythm management devices, catheters, stents, occlusion devices, and other devices make up the therapeutics and surgical devices category. The market is dominated by the diagnostic and monitoring device category, where ECG accounts for most sales. The global popularity of ECG is rising because of its portable and compact designs.
Cardiovascular Devices Market by Application
The global cardiovascular devices market has been divided into heart failure, coronary artery disease, and cardiac arrhythmia, based on application. Coronary artery disease (CAD) dominates the market due to the presence of a huge number of cardiovascular stents used in cardiovascular artery diseases. Cardiac arrhythmia is anticipated to observe a steady growth rate during the forecast period.
Cardiovascular Devices Market by End User
The global cardiovascular devices market has been divided into specialty clinics and hospitals. The hospital segment dominates the cardiovascular devices market in terms of revenue. This is attributed to the presence of trained specialists to install cardiac care devices such as stents and timely management in case of emergency or adverse reaction during any surgical procedures.
Cardiovascular Devices Market by Region
Based on region, the global cardiovascular devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the cardiovascular devices market with the largest revenue share. The dominance of this region was mainly attributed to high adoption of advanced surgical treatments, rising awareness regarding commercially available products, and the presence of a considerably sized target patient pool. Moreover, the increasing adoption of home healthcare devices because of government penalties enforced on hospitals for patient readmissions is propelling the demand for diagnostic and monitoring cardiovascular systems, enormously. Asia Pacific is expected to witness the highest growth rate in the upcoming years due to the increasing prevalence of cardiovascular diseases and the adoption of advanced devices for treatment.
Some of the prominent players operating in the global cardiovascular devices market are: -