Cardiovascular Devices Market

Global Cardiovascular Devices Market Size (2024 to 2029)

The size of the global cardiovascular devices market was worth USD 55.30 billion in 2024. This value is estimated to grow at a CAGR of 7.24% during the forecast period and be worth USD 78.44 billion by 2029.

The cardiovascular devices market has seen tremendous growth in the past few years due to innovative technological developments worldwide.

The cardiovascular devices market is considered for interventional cardiology devices such as stents, angioplasty balloons, catheters, guides, cannulas and valves, and heart rates management devices such as implantable cardiac defibrillators (ICDs), ventricular assist devices (VAD ), cardiac resynchronization therapy (CRT) devices, pacemakers, and leads; cardiac assist devices (CAD) such as ventricular assist devices, intra-aortic balloon pump, total artificial heart; and other vascular surgery devices such as endovascular grafts, IVC filters, and occlusion devices.

MARKET DRIVERS

Y-O-Y growth in the prevalence of cardiovascular diseases such as coronary artery disease, heart failure, congenital heart disease, cardiac arrest, ventricular disease, arrhythmias, cardiomyopathy, and others is driving the global cardiovascular devices market.

Cardiovascular disease (CVD) is among the top ten diseases worldwide and affects more people than any known disease. According to the WHO, cardiovascular diseases are the leading cause of death. Moreover, the growth of the senior population and their vulnerability to various chronic diseases that make them susceptible, especially heart diseases, are significant factors for the development of the market. According to WHO data released in 2018, it is reported that in 2017, around 18.2 million people died from cardiovascular diseases, representing 32.1% of all deaths worldwide. Among these, about 85% were due to heart attacks and strokes.

According to European Cardiovascular Disease Statistics 2018, cardiovascular disease causes 4 million deaths and over 1.9 million deaths annually in the European Union (EU). CVD accounts for 40.0% of all deaths in the UK and 35.0% in the European Union. CVD affects men more predominantly than women. According to 2019 statistics from the American Heart Association (AHA), 122.7 million adults in the United States, or about half of the adult American population, suffer from cardiovascular disease.

Some of the leading lifestyle factors that lead to cardiovascular disease and difficulty are smoking, an unhealthy diet, and physical inactivity, which increase the risk of heart attack and stroke, expected to accelerate the market's growth rate. Players in the cardiovascular devices market are adopting newer expansion strategies to meet the changing demands of customers worldwide. For example, innovations, such as intelligent balloon catheter systems, are equipped with electronic components, sensors, and mechanisms gaining demand across nations. They are constantly being redesigned to provide ablation therapy, blood flow data, hematology data, and electrical stimulation through a single device.

Research and development directly impact the cardiovascular devices market, which includes the growing demand for better equipment. Recent innovations include portable cardiac monitoring devices, transcatheter aortic valve replacement (TAVR) procedures, and bio-absorbable stents. The advent of advanced care and remote patient monitoring in the latest devices will likely create lucrative growth opportunities for the market in the long term. In addition, new technologies such as mRNA are expected to emerge for better products and change the medical industry. The market will also likely experience growth with joint ventures/ collaborations in the coming years.

MARKET RESTRAINTS

However, the market is expected to be affected due to the inability of developing countries to invest in R&D in the field of cardiovascular diseases and their management due to their lack of reimbursement policies and poor healthcare infrastructure. Moreover, other factors, such as the high cost of devices and their maintenance, strict regulatory approval procedures, and expensive surgeries, are restraining the growth of the cardiovascular devices market. In addition, factors such as the availability of alternative treatment procedures and product failures and recalls are the major factors expected to slow this market's growth during the forecast period.

COVID-19 Impact on the Global Cardiovascular Devices Market

COVID-19 has taken a toll on the global cardiovascular devices market due to the postponement of elective cardiovascular surgeries as hospital visits have declined. In addition, specific procedures are deemed urgent due to the ongoing COVID-19 epidemic, while others are rescheduled. Percutaneous coronary intervention (PCI) for an acute heart attack, for example, is considered urgent by the American College of Cardiology (ACC) and the Society for Cardiovascular Angiography and Interventions (SCAI). In contrast, PCI for stable ischemic heart disease may be postponed. Additionally, the medical and imaging technology sector is experiencing a decline in sales due to decreased surgical procedures and delayed or prolonged equipment purchases.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cardiovascular Devices Market Analysis By Product

Based on the product, the surgical devices segment is expected to have significant growth over the forecast period due to the increasing number of local and regional competitors in the global market to fulfill the growing demand for sophisticated cardiac devices for therapeutic purposes. In addition, influential organizations introducing new products would potentially influence the market. For instance, Abbott introduced its clip delivery system in December 2023 to treat patients with mitral regurgitation. Therefore, although it is anticipated that the diagnostic and monitoring devices segment will develop less quickly than the other segments, it still holds a sizable portion of the global market.

REGIONAL ANALYSIS

Based on the region, North America held the largest share of the global cardiovascular devices market in 2023 and is predicted to hike at a promising CAGR during the forecast period. The region is expected to remain dominant during the forecast period due to a large target patient group and a high adoption fee for advanced treatments. In addition, the government is imposing sanctions on hospitals and healthcare facilities to limit the readmissions of patients to the United States. As a result, hospitals are promoting home healthcare and remote patient monitoring services, triggering the demand for heart monitoring systems. Canada is expected to have the highest CAGR in the North American region due to the presence of large manufacturers in Canada.

The Asia-Pacific market is likely to generate significant revenue due to the increasing prevalence of heart disease and the market's regulatory scenario. For example, the Indian government has confirmed a reduction in stent prices compared to the international market, such as the United States. These measures taken by regional governments will help the Asia-Pacific market grow steadily over the next few years. Countries like Japan, China, and India contribute to cardiovascular disease.

The MEA region is expected to have a steady growth rate owing to the significant increase in CVD incidence, likely increasing the demand for cardiovascular devices for diagnosis and treatment. Hence, the cardiovascular devices market is expected to increase significantly.

The market in Latin America will grow at a CAGR of 6.3% over the forecast period. Growth is due to the increased prevalence of heart diseases in this region, which will positively impact the Latin American market. In addition, this region's booming medical tourism industry is expected to drive demand for cardiovascular devices in countries like Mexico, Chile, Peru, and Argentina.

KEY MARKET PARTICIPANTS

Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc., GE Healthcare, WL Gore & Associates Inc., Medtronic PLC, Biotronik, Siemens Healthineers AG, Canon Medical Systems Corporation, Edwards Lifesciences, B. Braun Melsungen AG, Livanova are some of the prominent companies operating in the global cardiovascular devices market.

RECENT MARKET DEVELOPMENTS

• In 2019, Medtronic (USA) received US FDA approval for its next-generation Evolut PRO + TAVR system to treat severe symptomatic aortic stenosis in patients.
• In 2019, Abbott in the US got USFDA approval for their product- MitraClip, a heart valve repair device to treat mitral regurgitation.
• In June 2020, the Boston Scientific company introduced the 'DIRECTSENSE technology' a tool used during the cardiac ablation procedure to record the Impact of radiofrequency energy during the procedure.
• In 2020, Edward Lifesciences Corporation (USA) received Chinese regulatory approval for the 'SAPIEN 3 transcatheter heart valve' to treat patients with severe, symptomatic aortic stenosis (AS), which cannot be operated for open-heart surgery.
• In September 2020, Northwestern University and George Washington University collaborated to create a balloon catheter system equipped with flexible and expandable arrays of electrode, pressure, and temperature sensors. These are often used in minimally invasive surgeries or ablations to treat conditions such as cardiac arrhythmias.
• In June 2021, Cardiovascular Systems, Inc. introduced OrbusNeich JADE Percutaneous Transluminal Angioplasty Balloon Catheters.

DETAILED SEGMENTATION OF THE GLOBAL CARDIOVASCULAR DEVICES MARKET INCLUDED IN THIS REPORT

This research report on the global cardiovascular devices market has been segmented and sub-segmented based on product and region.

By Product

• Diagnostic and Monitoring
  • ECG
  • Holter Monitors
  • Event Monitors
  • Implantable Loop Recorders
  • Echocardiogram
  • Pet Scan
  • MRI
  • Cardiac CT
  • Doppler Fetal Monitors
• Surgical Devices
  • Pacemakers
  • Stents
  • Catheters and accessories
  • Guidewires
  • Cannulae
  • Electrosurgical Procedures
  • Valves
  • Occlusion Devices

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa