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Historical Year
Forecast Year
The global cardiovascular devices market was valued at USD 56.5 billion in 2023, driven by increasing incidence of cardiovascular conditions across the globe. The market is expected to grow at a CAGR of 6.36% during the forecast period of 2024-2032, with the values likely to reach USD 98.4 billion by 2032.
The huge rise in the prevalence of chronic heart disease is driving the growth of the global market for cardiovascular devices. This increase in demand is encouraging more healthcare providers to use cutting-edge cardiac technology for diagnostic and surgical applications. Additionally, the market has grown because of the declining costs of essential cardiovascular treatment devices, especially in developing countries like India.
Data based on the UK Biobank report, underscored the critical importance of investing in research and development efforts aimed at promoting cardiovascular health (CVH) and preventing cardiometabolic diseases. The findings reveal that maintaining ideal CVH significantly reduces the risk of all-cause and cardiometabolic disease-related mortality, leading to substantial gains in life expectancy. For instance, among participants with cardiometabolic disease, having ideal CVH was associated with life expectancy gains of 5.50 years for males and 4.20 years for females, at an index age of 45 years. As a result, rising market is predicted to be significantly impacted by surge in investments and fundings as well.
Rising Prevalence of Chronic Cardiac Diseases
Globally, the prevalence of chronic heart disease has significantly increased, which has raised demand for cardiovascular devices. Numerous reasons, such as sedentary lifestyles, improper diet, and an aging population are driving this trend. According to projections from the American Heart Association, in 2020, the percentage of global deaths attributed to cardiovascular disease escalated from 28.9% to 36.3%. Furthermore, in terms of years of lives lost, cardiovascular disease is anticipated to transition from the fourth to the foremost position in ranking. This is leading to an increased application of cardiovascular devices, intended to combat the burden of rising cardiac morbidities.
Advancements in Technology to Meet the Increasing Cardiovascular Devices Market Demand
Technological advancements in cardiovascular medicines have ushered in a transformative era, where innovations like minimally invasive procedures, advanced imaging techniques, and the integration of artificial intelligence (AI) are revolutionizing both surgical and diagnostic approaches. Notably, AI or machine learning algorithms have become indispensable tools in the diagnosis and treatment of acute stroke. It helps by automating the detection of intracranial hemorrhage and large vessel occlusions on CT scans, while also accurately identifying early ischemic changes without the need for diffusion-weighted MRI.
Reduced Prices of Cardiovascular Therapeutic Devices
The decreased prices of crucial cardiovascular therapeutic devices, such as coronary stents, have made treatments more accessible, particularly in developing countries. This affordability has led to increased adoption rates and a broader patient population seeking cardiac interventions.
Trends | Impact |
Adoption of Remote Monitoring Technologies | Remote monitoring technologies, such as wearable devices and telemedicine solutions, enable continuous monitoring of cardiac health, improving patients care and outcomes. Cardiovascular devices are experiencing an increased integration of such technologies to expand its reach and facilitate more effective management of chronic cardiac conditions. |
Growth in Demand for Transcatheter Therapies | Transcatheter therapies, including transcatheter aortic valve replacement (TVAR) and transcatheter mitral valve repair (TMVR), are gaining traction due to its minimally invasive nature and efficacy. |
Expansion of Remote Consultation Services | This trend facilitates virtual appointments with cardiologists, enabling patients to receive timely guidance, and adjust treatment plans. This not only offers enhanced convenience for patients but also optimizes healthcare resources while reduces the burden on healthcare facilities. |
Increased Consolidation and Strategic Acquisitions | In recent years, consolidation efforts and strategic acquisitions by major firms have increased significantly in the cardiovascular devices market. Through mergers and acquisitions businesses are actively looking to diversify their product lines, improve their technological prowess, and increase their market share. Through these calculated actions, businesses can have access to new technologies, intellectual properties, and distribution networks, improving their ability to adapt to changing consumer demands and market conditions. By encouraging innovation, optimizing processes, and eventually enhancing product offers and consumer pleasure, these consolidation attempts are changing the market. They may also result in more competition and efficiency. |
Market Breakup by Device Type
Market Breakup by Application
Market Breakup by End User
Market Breakup by Region
Market Segmentation Based on Device Types Poised for Growth
In terms of device types, the market segmentation includes diagnostic and monitoring devices, along with therapeutic and surgical devices. Diagnostic and monitoring devices encompass electrocardiography (ECG), remote cardiac monitoring, and other advanced technologies. The increasing prevalence of cardiovascular diseases, coupled with the rising demand for early detection and continuous monitoring, is expected to drive significant growth in this segment. On the other hand, therapeutic and surgical devices such as pacemakers, stents, heart valves, and other interventional tools are vital for treating various cardiovascular conditions. The adoption of minimally invasive procedures and advancements in device technologies are likely to propel the market share of this segment.
Market Breakdown by Applications set to Drive Market Growth
Market segmentation based on applications in the cardiovascular devices market includes coronary artery disease, heart failure, and other related conditions, reflecting the escalating global burden of these diseases and the demand for effective diagnostic and therapeutic interventions. The ARIC study estimates an annual incidence of 605,000 new myocardial infraction attacks and 200,000 recurrent attacks, with 170,000 categorized as silent events. Disparities in care are evident, as an analysis of the National inpatient sample revealed that females are less likely to undergo coronary intervention compared to males, with a consequent higher risk of mortality. Consequently, the market share based on application areas is projected to be contribute a significant value to the market.
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are all included in the regional market analysis. With their sophisticated healthcare systems and presence of top medical device producers, North America and Europe are expected to hold a sizable portion of the market. Its supremacy is partly attributed to the existence of well-established healthcare systems and advantageous payment regulations. However, due to reasons like rising healthcare costs, and easier access to cutting-edge healthcare services, Asia Pacific is expected to experience significant growth. Countries like India and China are emerging as key markets due to their large patient populations and growing investments in healthcare infrastructure development. Additionally, collaborations between healthcare providers and technology companies are expected to accelerate market growth in the region.
The key features of the market report include patent analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Device Type |
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Breakup by Application |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Supplier Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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