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The global cardiovascular devices market is expected to be 47.1 billion in 2021 and reach 72.28 billion in 2027, registering a CAGR of 7.40%, during the forecast period 2021-2027. Cardiovascular devices are the medical equipment, that is utilized to diagnose and cure heart disease and other heart-related problems. This equipment plays a vital role in the prevention and treatment of cardiovascular diseases. Among Americans, an average of one individual dies from cardiovascular disease every 40 seconds. As per the American College of Cardiology, cardiovascular disease (CVD) accounted for 8,00,000 deaths in the US in 2017. Cardiovascular diseases are the leading cause of death across the globe. The consistently rising global burden of cardiac disease-related deaths will continue to generate thriving demand for cardiovascular devices in the global market during the forecast period. During the global COVID-19 pandemic, the global cardiovascular devices market has been one of the worst-hit segments globally. Some of the world’s leaders in cardiovascular devices manufacturing, like Medtronic, have declared huge losses in their cardiology-related revenues through 2020 and are recovering now.
The prevalence of chronic heart diseases, rapidly rising rate of sedentary lifestyle adoption, especially due to the mushrooming work from home culture, unhealthy routine habits which include hypertension, smoking, consumption of alcohol, along with an increasing geriatric population, and technology advancement, key factors driving the growth of the market over the forecast period. On the diagnostic and monitoring front, a new generation of compact and portable EGC is boosting its high adoption, especially in the home healthcare segment. Further, with the introduction of wireless ECG, the doctor can diagnose and monitor the patient remotely on time, which further accelerating market growth. On the other hand, factors including high device maintenance cost, lack of skilled personnel, and strict regulatory product approval procedures are curbing the growth of the global cardiovascular device market in the upcoming years.
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The outbreak of the COVID-19 pandemic has negatively impacted the global cardiovascular devices industry in more than one way. The production experienced quite a lasting, sudden plunge during the initial months of the pandemic-driven nationwide lockdowns. Sales were also on a heavy setback as a massive number of active procedures were delayed as they fell in the non-emergency category during the critical COVID-19 times. On the other hand, cardiovascular disease diagnostics also took a backseat due to inadequate resource availability dedicatedly serving in cardiology wards at hospitals. This is due to the reduction in cardiovascular disease diagnosis due to healthcare resources reserved for COVID-19 patients. During the beginning of the pandemic, regular check-ups and diagnoses have been postponed, and those experiencing cardiovascular symptoms are staying away from clinics and hospitals due to the fear of contracting COVID-19.
The report outlines the global Cardiovascular Devices market study based on device type and end-user.
Based on device type, the cardiovascular devices market is segmented into-
Based on end-user, the cardiovascular devices market is segmented into-
The global cardiovascular device market is geographically segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa (MEA). North America is expected to dominate the global cardiovascular device market with the largest market share over the forecast period. The dominance of this region is majorly attributed to the increasing awareness about commercially available products, high adoption of advanced surgical treatment, presence of geriatric population, and sedentary lifestyle. Further, the rising adoption of home healthcare equipment as a result of government penalties enforced on hospitals for patient readmission is boosting the demand for monitoring and diagnostic cardiovascular systems enormously.
Asia Pacific is anticipated to register a healthy CAGR growth rate in the cardiovascular device market over the forecast period. This growth is attributed to the rising prevalence of cardiac disease. Various hospitals are investing to purchase the latest equipment; rising R&D activities to develop highly advanced cardiovascular devices are major factors boosting the market growth in the region. Further, the increasing medical tourism sector in the Asia Pacific is anticipated to propel the demand for cardiovascular systems, especially in India, China, Thailand, Japan, and Malaysia.
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The leading manufacturers of cardiovascular devices in the global market include Abbott Laboratories, Medtronic PLC, Boston Scientific Corporation, Cardinal Health Inc., Edward Lifesciences, and Biosense Webster, Inc. (Johnson & Johnson). Other cardiovascular device manufacturers include Cook Medical, Sahajanand Medical Technologies, Siemen AG, BD, General Electronic Company, B. Braun Melsungen AG, Koninklijke Philips N.V., St. Jude Medical, Inc., and Becton, Dickinson, and Company.
The cardiovascular devices market report provides a thorough analysis of macro-economic factors along with the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
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