Cardiovascular Devices Market Size, Share & Industry Analysis, By Device Type (Diagnostic and Monitoring Devices {Electrocardiogram, Remote Cardiac Monitoring, and Others}, and Therapeutic and Surgical Devices {Ventricular Assist Devices (VAD), CRM Devices, Catheters, Stents, Heart Valves, and Others}), By Application (Coronary Artery Diseases, Cardiac Arrhythmia, Heart Failure, and Others), By End User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2024-2032

The global cardiovascular devices market size was USD 61.39 billion in 2023. The market is projected to grow from USD 65.53 billion in 2024 to USD 117.68 billion by 2032 at a CAGR of 7.6% over the forecast period.

The growth of the global market is driven by a significant rise in the prevalence of chronic heart diseases. This provides the momentum towards the higher adoption of technologically advanced cardiology devices for diagnostic and surgical purposes. Furthermore, the significant reduction in critical cardiovascular therapeutic devices prices such as coronary stents boosts the expansion of this market, especially in emerging markets such as India. For example, according to a study by the Harvard T.H. Chan School of Public Health (HSPH), a reduction in prices for coronary stents in the Indian state of Maharashtra led to a 43.0% increase in the number of individuals who go through heart procedures.

As the demand for these devices is expected to sustain strong growth, key market players are anticipated to show robust involvement in R&D initiatives. This is expected to give rise to innovative product launches, resulting in the improved condition of heart patients. Such novel product developments are also anticipated to result in a substantial patient population base. Furthermore, with the strong increase in cardiovascular diseases in all regions, the market is anticipated to grow at a robust rate in the forecast period.

The impact of COVID-19 on the global market had been negative due to deferral in elective cardiovascular procedures globally as the number of hospital visits declined. While few procedures are considered urgent, some of them were rescheduled due to the ongoing COVID-19 pandemic. For example, according to the American College of Cardiology (ACC) and the Society for Cardiovascular Angiography and Interventions (SCAI), percutaneous coronary intervention (PCI) for an acute heart attack is considered urgent. Still, a PCI for stable ischemic heart disease can be delayed.

Furthermore, the pandemic had negatively impacted the market due to the reduced number of diagnostic procedures across the globe because of the reserved resources for the COVID-19 pandemic. However, greater need and adoption of these devices coupled with the gradual launches of new and innovative devices worldwide has enabled the market to return to its pre-pandemic growth levels.

Cardiovascular Devices Market Trends

High Demand for Cardiovascular Devices with Advanced Features to Drive Growth

Patients who suffer from advanced stages of heart diseases repeatedly require technologically advanced diagnostic and therapeutic cardiovascular devices. This is due to the growing awareness and high demand for coronary stents and other devices with better safety features. The patient demand includes devices that do not cause adverse reactions like infections which are caused by several types of stents, such as bare-metal stents.

In addition, due to current technological advancements, there is a demand for devices with advanced features such as remote cardiac monitoring features. These characteristics provide individuals with a practical and accurate treatment plan, also allowing them ease of usability. Owing to this, the operating players are focusing on launching new, innovative and technologically advanced products to cater to the growing market demands. For instance, in November 2021, Medtronic introduced the Arctic Front Cardiac Cryoablation Catheter System to treat atrial fibrillation. This was the first cryoballoon catheter to have CDSCO approval. Similarly, in February 2021, Remo Care Solutions announced the launch of a remote cardiac monitoring device powered by AI, Remo.Cardia is used as event monitors and analyzes patient’s vitals in real-time. Thus, determining the increasing number of patients by selecting cardiovascular devices would increase in the upcoming years.

Cardiovascular Devices Market Growth Factors

Rise in the Prevalence of Cardiovascular Diseases to Boost the Global Market

The increasing occurrence of heart diseases in patients is the highest in regards to cost and healthcare services. The rise in the occurrence of chronic cardiovascular diseases like heart failure and coronary artery disease (CAD) is one of the key factors which promote the cardiovascular devices market growth. One of the most critical cardiovascular devices is Coronary or cardiac stents. These devices help treat life-threatening cardiac conditions such as heart attack, coronary heart diseases, atrial fibrillation, and the opening of narrowed arteries. The prevalence of cardiac diseases augments the need for advanced heart devices in the world.

As per the Centers for Disease Control and Prevention (CDC) data published in November 2023, in the U.S., the percentage of adult individuals diagnosed with coronary heart disease was 4.9% in 2022. Also, cardiovascular diseases are the leading cause of death in the U.S., eventually contributing to 695,547 deaths in 2022. According to the World Health Organization, heart diseases cause an estimated 17.9 million deaths each year.

Moreover, the surge in approvals for new devices by regulatory authorities also provides major momentum to the growth of the market. Numerous initiatives adopted by public authorities to enable the availability of cardiovascular devices to a large population in developing regions will probably steer the market during the forecast period.

Increasing Availability of Efficient Devices to Drive Market

The pervasiveness of heart diseases globally has a noticeable increase, which drives the demand for efficient heart devices. Accessibility of advanced devices has led to the adoption of these devices in these countries. In addition, adopted initiatives catering to the rise in demand for these devices in emerging economies have boosted the market. Moreover, investors are focused on expanding the availability of economical cardiovascular devices in countries such as India, China, Mexico, and others. This, in turn, is expected to attract huge cardiovascular devices market share in the upcoming years.

For instance, in January 2023, UltraLinQ Healthcare Solutions introduced a new cardiac monitoring product at the Arab Health 2023. It includes an end-to-end system, which allows specialist clinics and hospitals to offer Holter services to patients remotely at home and to patients visiting their clinics.

RESTRAINING FACTORS

Increasing Barriers in R&D Activities to Restrict Market Growth

Limitations involved in the advancement of innovative and technologically advanced cardiovascular devices are a strong R&D environment. Various key players are focused on their capacity to invest in futuristic R&D programs related to cardiac devices due to the ineffective processes within the reimbursement models. For instance, in the countries that advocate the policies of price caps on life-saving stents, manufacturers might be less inclined towards the development of new products or even in introducing advanced cardiac devices with high costs in these markets.

Apart from barriers in R&D programs in the cardiovascular device market, rigid regulatory policies are also one of the reasons restraining the market. The devices innovated by the key players without complying with regulatory guidelines cannot be launched in the market for commercial use resulting in loss of significant investment by the manufacturers. Additionally, frequent product recalls by manufacturers negatively impact the brand image of these companies, which, in turn, lowers their revenue. In recent years, companies have recalled their products for several reasons, such as product defects, lack of compliance with guidelines, and others. For Instance, the U.S. FDA announced that Abbott had recalled its NC Traveler RX Coronary Dilatation Catheters, as the balloons were not deflating as they were intended to. Such Limitations might lower the cardiovascular devices market growth. 

Cardiovascular Devices Market Segmentation Analysis

By Device Type Analysis

Therapeutic and Surgical Devices to Hold Dominant Share during the Forecast Period

Based on the device type, the market is segmented into diagnostic and monitoring devices, and therapeutic and surgical devices. The diagnostic and monitoring devices segment can be further sub-segmented into electrocardiogram (ECG), remote cardiac monitoring, and others. The therapeutic and surgical devices segment can be further sub-segmented into ventricular assist devices (VAD), cardiac rhythm management (CRM) devices, catheters, stents, heart valves, and others.

The therapeutic and surgical devices segment is anticipated to observe significant growth in the upcoming years due to the increasing number of local & regional players in the global market to serve the growing demand for advanced cardiac devices for therapeutic purposes. Furthermore, new product launches by major players would also drive the market.

For example, in December 2020, Abbott announced the launch of its clip-delivery system to treat patients suffering from mitral regurgitation. The diagnostic and monitoring devices segment is predicted to record a lower growth rate than the other segment but still has a considerable global market share.

By Application Analysis

Coronary Artery Disease (CAD) Segment to Account for the Maximum Share

By applications, the global market is categorized into coronary artery disease (CAD), cardiac arrhythmia, heart failure, and others.

Coronary artery disease (CAD) has the highest revenue in 2023 and is anticipated to remain the dominant segment in the forecast period. This is primarily because a significant number of cardiovascular devices such as coronary stents are used to treat coronary artery disease (CAD) involving the narrowing of arteries which leads to other cardiac conditions such as heart attacks.

Cardiac arrhythmia is also expected to drive steady growth due to a surge in the adoption rate of pacemakers with futuristic technology to treat this condition. For instance, the Indian subsidiary of Medtronic launched the Azure pacemaker enabled with BlueSync technology. Heart failure cases are also expected to observe positive growth due to devices such as ventricular assist devices (VAD) for treating the disease.

By End User Analysis

Hospitals Segment to Retain its Leading Position in the Forecast Period

By end user, the global market is segmented into hospitals, specialty clinics, and others. In terms of revenue, the hospitals segment is considered the leading segment in 2023, owing to the requirement of trained medical professionals to insert critical cardiovascular devices such as stents. Furthermore, hospitals also help in the reduction of adverse reactions in patients during critical medical procedures.

For example, the Cardiovascular Care Center at the Charlton Memorial Hospital announced that they had added a new electrophysiology lab. They also announced the complete renovation of the cardiac catheterization lab for elective as well as emergency treatments. Adding to it, specialty clinics are expected to be a rapidly growing segment during the forecast period with a comparatively significant CAGR.

REGIONAL INSIGHTS

On the basis of region, the global market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The market size in North America stood at USD 32.07 billion in 2023. The presence of key manufacturers in the U.S. and the growing prevalence of heart diseases in the U.S. and Canada are a few of the key factors driving and facilitating the augmentation of the market during the forecast duration. For instance, according to the American Heart Association, cardiovascular diseases accounted for approximately USD 18.6 million deaths in 2019.

Europe is expected to hold the second leading position in this market by registering robust growth in the coming years. The growth is attributed to the drastic rise in heart diseases in Central and Eastern Europe.

As per our market research study, Asia Pacific is expected to observe the highest market value growth. The growing prevalence of chronic cardiovascular diseases and the high adoption of advanced devices are expected to augment the forecast period. For example, in India, in February 2018, the government confirmed that the price controls on the stents are expected to continue, especially on the drug-eluting stents. These stents have a substantially lower rate compared to the international markets such as the United States. Such an established regulatory scenario for cardiovascular devices is expected to boost the expansion of the market in Asia Pacific during the forecast period.

In Brazil, the growing prevalence of heart diseases, a country where Non-Communicable Diseases (NCDs), including cardiovascular diseases, are the leading cause of death, is boosting the market. The Middle East & Africa is estimated to reflect slower-to-moderate growth during the forecast period, attributable to the delayed adoption of advanced devices. However, rapid developments in the region and growing awareness about the severity of heart diseases are the key factors estimated to boost the market in the region during the forecast period.

List of Key Companies in Cardiovascular Devices Market

Diverse Portfolio of Medtronic, Boston Scientific Corporation, and Abbott to Help Them Dominate

In respect to the competitive scenario of the global market, the market is present with a wide range of companies, and the market ranges from emerging players to established players. As per market dominance, the prominent companies are Medtronic, Abbott, Boston Scientific Corporation, and Edwards Lifesciences. These companies have a strong and robust portfolio for cardiovascular devices. Medtronic plc. is considered to be a strong market player owing to its extensive range of cardiology products portfolio, including Diagnostic and Surgical Devices such as aortic stent grafts and Coronary catheters and balloons, heat valves, other cardiopulmonary products.

In October 2020, the Indian subsidiary of Medtronic announced the launch of the Azure pacemaker with BlueSync technology, the first pacemaker in India which can communicate with a patient’s smartphone or tablet. Boston Scientific Corporation is also one of the key players with a prominent cardiology product range which includes catheters, guard wires, coronary stents, and imaging systems. In January 2021, Boston Scientific Corporation announced that they entered into a definitive agreement to complete the acquisition of Preventice Solutions, Inc., a company offering a wide range of mobile cardiac health solutions and services. This acquisition ensured the expansion of Boston Scientific Corporation’s product portfolio.

However, the cardiovascular market is also present with other prominent established players such as LivaNova, Plc. who have a sizable portfolio in therapeutic areas such as heart failure, heart valves, and cardiopulmonary diseases. Furthermore, the presence of certain regional players in high-growth countries such as Japan is expected to strengthen these companies’ market presence in the forecast period. Some examples of Japan-based companies include Terumo Cardiovascular Systems Corporation.

LIST OF KEY COMPANIES PROFILED:

• B. Braun Melsungen AG (Melsungen, Germany)


• Medtronic (Dublin, Ireland)


• Abbott (Abbott Park, U.S.)


• Boston Scientific Corporation (Marlborough, U.S.)


• Edwards Lifesciences Corporation (Irvine, U.S.)


• Johnson & Johnson Services, Inc. (New Brunswick, U.S.)


• GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.)


• LivaNova PLC (London, U.K.)


• Siemens Healthcare GmbH (Erlangen, Germany)


• Terumo Cardiovascular Systems Corporation (Tokyo, Japan)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• November 2023 - Cardio Diagnostics Holdings and Vizient announced their partnership for AI cardiovascular tests.


• February 2023 – Abbott announced its plans to acquire Cardiovascular Systems, Inc. (CSI) to expand its market presence in the cardiovascular space.


• September 2022 – GE Healthcare introduced Optima IGS 320 – an AI-powered, made-in-India Cath lab to advance cardiac care in India.


• July 2021 – Angel Medical Systems, Inc. announced the first commercial implantation of their flagship product, “The Guardian” device in the U.S. region. This was the first procedure followed by their recent FDA approval.


• April 2021 – Phoenix Cardiac Devices, Inc. announced that they received a CE Mark for their product, BACE (Basal Annuloplasty of the Cardio externally) device. This approval helps in the commercialization of BACE in the European Union.


• March 2021 – U.S. FDA announced the approval of the world’s first non-surgical heart valve treatment for pediatric and adult patients suffering from a native or surgically repaired right Ventricular outflow tract (RVOT). The device was specifically developed to treat patients with severe pulmonary heart regurgitation.

REPORT COVERAGE

The global cardiovascular devices market research report provides a detailed market analysis. It focuses on key aspects such as the prevalence of key cardiovascular diseases, new product launches and key industry developments, technological advancements in cardiology devices, analysis of key market deals, and pipeline analysis. Additionally, it considers the impact of COVID-19 on the global market. Besides these, the report offers insights into market trends and highlights key strategies by market players. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation