PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1640831
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1640831
The global cardiovascular devices market is USD 77.71 billion in 2024 and is projected to reach USD 110.39 billion by 2029, at a CAGR of 7.3 % during the forecast period.
Scope of the Report | |
---|---|
Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | Cardiovascular devices - Product, Indication End user and Region |
Regions covered | Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. |
The growth of the cardiovascular devices market is driven by several key factors, most notably the increasing prevalence of cardiovascular diseases (CVD) worldwide, advancements in minimally invasive procedures, and growing demand for improved patient outcomes and lastly shifting preference to remote monitoring. As rates of heart disease rise, the need for effective monitoring and treatments such as angioplasty, stenting, and valve replacements also increases where these devices are implemented. Technological innovations, including the development of drug-eluting stents, bioresorbable scaffolds and occluders, and advanced imaging technologies, have enabled safer and more precise procedures, which contribute to the market's growth.
"Based on the product type, the the cardiac imaging and diagnostic device segment holds a significant share the cardiovascular devices market."
Cardiac imaging and diagnostic devices include a range of medical technologies used to visualize the heart and assess its functions, enabling the detection, diagnosis, and monitoring of heart diseases. These devices provide detailed images of the heart's structure, blood flow, and electrical activity. The cardiac imaging and diagnostic devices segment is the one to grow at the highest rate in the cardiovascular devices market. This is due to growing global burden of cardiovascular diseases, advancing imaging technologies, rising importance of early diagnosis, and precision medicine. As it is CVDs remain the leading cause of mortality throughout the world, demands increasingly accurate and non-invasive diagnostic tools. Advancements like real-time 3D echocardiography, cardiac MRI, and AI-assisted imaging solutions also significantly enhance the diagnostic efficiency concerning the quality of care for patients and lead to the adoption of such devices among healthcare providers. Apart from this, prevalence of chronic diseases, which increases the risk for heart-related issues, further presses upon continuous cardiac monitoring and the demand for early detection. Government initiatives and healthcare reimbursement policies in the advanced as well as emerging markets drive the adoption of advanced imaging devices. Telehealth capabilities and portable diagnostic devices also make it more accessible, supporting broader market penetration.
"The Coronary artery disease segment holds the largest market share in cardiovascular devices market."
Coronary heart disease occurs when plaque (atherosclerosis) builds up inside the coronary arteries, that feed blood to the heart muscle, and narrows or blocks them. Thereby, breathlessness or angina may result from heart muscle not receiving enough oxygen rich blood. In extreme cases, heart attack or myocardial infarction may occur due to a total blockage of the coronary artery.Some of the major causes for CAD include an unhealthy lifestyle, including a diet full of saturated fats, lack of exercise, and smoking, which cause damage to the arteries over time. Other factors that contribute to this condition include hypertension, high cholesterol levels, diabetes, and obesity, all of which further the development of plaque. Genetic disposition, age, and chronic stress also add to the development of CAD due to their general impact on the heart and blood vessels. The increasing incidence of the above factors coupled with hightened awareness among the popuation regarding therse diseases would aid in market growth.
"Based on the end user, Others segment is expected to grow by the significant CAGR in the cardiovascular devices market.
The "others" segment, which includes applications like general health checkup, fitness, and wellness monitoring, intraoperative monitoring, and post-op care, is growing the fastest in the cardiovascular device market. This is because of increased focus on preventive care, personalized medicine, and holistic patient care. With the ever-growing awareness on the importance of regular cardiovascular monitoring, there are growing demands for wearable and connected devices which measure parameters including heart rate, blood pressure, and ECG among healthy patients and chronic diseases patients. Advanced intraoperative monitoring equipment during surgery helps assess patients' hearts real time in safety for patient comfort and best surgical results. Additionally, monitoring devices post-surgery will help track the recovery, early detection of complications, and minimize hospital readmission rates. Integration of AI and IoT into these devices improves the accuracy of data, patient engagement, and clinician decision-making. On the other hand, adoption of telehealth and remote patient monitoring technologies is growing and allows the continuation of care outside the clinical setting.
"Asia Pacific to grow with the highest CAGR in the Cardiovascular devices market during the forecast period."
The Asia-Pacific region is also expected to experience maximum growth in the cardiovascular devices market in the next few years due to several key factors. Growth is driven by an increasingly aging population, the growing prevalence of cardiovascular diseases, and increased adoption of minimally invasive procedures, especially in countries such as China, Japan, and India. Increased healthcare expenses and development of health infrastructure promote the availability of high-end interventional cardiology services throughout the region.
Key players in the cardiovascular devices market
Some of the prominent players operating in the cardiovascular devices market include Medtronic Plc (Ireland), Abbott Laboratories (US), Boston Scientific Corporation (US), Terumo Corporation (Japan), GE Healthcare Technologies, Inc. (US), Edward Lifesciences Corporation (US), Siemens Healthineers AG (Germany), Johnson & Johnson (US), Baxter International Inc (US), B. Braun SE (Germany), Getinge AB (Sweden), Koninklijke Philips N.V. (Netherlands), Lepu Medical Technology (Beijing) Co., Ltd (China), Nihon Kohden Corporation (Japan), MicroPort Scientific Corporation (China), Japan Lifeline Co., Ltd. (Japan), AngioDynamics, Inc.(US), LifeTech Scientific Corporation (China), Artivion Inc (US), Sahajanand Medical Technologies Limited (India), OrbusNeich Medical Group Holdings Limited (China), BPL Medical Technologies (India), BiotroniK. (Germany),), W.L. Gore & Associates, Inc (US), Canon medical systems corporation (Japan), Picard Medical Company (US).
The report analyzes the cardiovascular devices market and aims at estimating the market size and future growth potential of this market based on various segments such as products, indication and end user. The report also includes a product portfolio matrix of various cardiovascular device technologies available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall cardiovascular devices market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
A1 INTRODUCTION