PUBLISHER: The Business Research Company | PRODUCT CODE: 1387545
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387545
“Cardiovascular Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiovascular devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiovascular devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cardiovascular devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cardiovascular devices play a crucial role in the monitoring and management of irregular heartbeats and heart rhythm disorders.
The cardiovascular devices market encompasses various key categories, including cardiovascular surgery devices and equipment, cardiac rhythm management (CRM) devices and equipment, interventional cardiology devices and equipment, defibrillator devices and equipment, peripheral vascular devices and equipment, prosthetic heart valve devices and equipment, electrophysiology devices and equipment, as well as cardiac assist devices and equipment. Defibrillators are instrumental devices that restore a normal heartbeat by delivering an electric pulse or shock to the heart. They are utilized to prevent or correct arrhythmias, which involve irregular, slow, or fast heartbeats. The sources of funding for these devices can be either public or private, while the products used include instruments/equipment and disposables. These devices serve a range of end-users, including hospitals and clinics, diagnostic laboratories, and other healthcare facilities.
The cardiovascular devices market research report is one of a series of new reports from The Business Research Company that provides cardiovascular devices market statistics, including cardiovascular devices industry global market size, regional shares, competitors with a cardiovascular devices market share, detailed cardiovascular devices market segments, market trends and opportunities, and any further data you may need to thrive in the cardiovascular devices industry. This cardiovascular devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The cardiovascular devices market size has grown strongly in recent years. It will grow from $66.15 billion in 2023 to $72.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historical period can be primarily attributed to factors such as the prevalence of lifestyle-related diseases, the aging population, the increasing adoption of minimally invasive procedures and implantable devices, improved healthcare access, and the regulatory approvals of cardiovascular devices.
The cardiovascular devices market size is expected to see strong growth in the next few years. It will grow to $98.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be linked to factors such as the expansion of personalized medicine, the adoption of remote monitoring, the growth of emerging markets, the integration of artificial intelligence (AI), and the shift towards value-based healthcare. Key trends expected in the forecast period include the utilization of wearable cardiovascular devices, the increased prevalence of minimally invasive interventions, the development of bioresorbable devices, the use of remote consultations and telesurgery, and the focus on sustainability and eco-friendly devices.
The rise in the incidence of cardiovascular disorders is a significant contributing factor to the expansion of the cardiovascular device market. Cardiovascular disorders encompass a range of medical conditions affecting the heart and blood vessels, including various diseases and circulatory system disorders. Cardiovascular devices are used to aid individuals with weak or failing hearts in supporting heart function and blood flow. For example, in June 2023, the Immigration and Checkpoints Authority, a government agency in Singapore, reported 6,884 deaths attributed to heart and hypertensive diseases in 2022, marking a 10.35% increase from the 6,238 deaths recorded in 2021. Hence, the growing prevalence of cardiovascular disorders is poised to stimulate the growth of the cardiovascular device market.
The growing healthcare expenditures are expected to drive the expansion of the cardiovascular device market. Healthcare expenditures encompass the total amount allocated to healthcare-related services, products, and activities over a specified period, often on individual, community, national, or global levels. Increased healthcare spending facilitates the adoption of advanced cardiovascular devices and technologies, resulting in enhanced patient care and outcomes. For example, in May 2023, the Office for National Statistics, a UK-based statistics authority, reported a 9.4% increase in healthcare spending in the UK in nominal terms and a 9.7% increase in real terms. The total healthcare expenditure in the UK in 2021 amounted to $367.25 billion (£280.7 billion), with pharmaceutical expenditure reaching $51.84 billion (£39.6 billion) in 2021. Moreover, spending on preventive care surged to $45.93 billion (£35.1 billion) in 2021, more than doubling from the previous year. Hence, the rise in healthcare expenditure is set to propel the growth of the cardiovascular device market in the future.
Major companies in the cardiovascular devices market are introducing innovative products like the balloon ablation catheter to enhance their market profitability. The balloon ablation catheter is the first radiofrequency balloon ablation catheter designed for catheter-based cardiac electrophysiological mapping, which involves both stimulating and recording the atria. For example, in October 2022, Biosense Webster, a US-based company specializing in diagnosing and treating heart rhythm disorders, launched the HELIOSTAR Balloon Ablation Catheter. This catheter is equipped with unique one-shot balloon technology, enabling pulmonary vein isolation in just 12 seconds. It offers customized energy delivery and integrates a 3D mapping solution for improved performance.
Leadless pacemakers are becoming a viable option for specific medical conditions, particularly bradycardia, due to their minimally invasive nature compared to traditional pacemakers. A leadless pacemaker is a self-contained device that is implanted directly into the right ventricle of the heart, eliminating the need for incisions, leads, or a surgical pocket. Moreover, the implantation procedure for leadless pacemakers is typically completed in under 30 minutes, with minimal post-procedural restrictions. These devices are gaining favor because they reduce complications associated with lead placement, including cardiac perforation, pneumothorax, and lead dislodgement. Medtronic and Abbott are the two major companies involved in the manufacturing of leadless pacemakers.
Major companies operating in the cardiovascular devices market include Medtronic PLC, Boston Scientific Corporation, Abbott Laboratories, Edwards Lifesciences Corporation, Johnson & Johnson, Terumo Corporation, Getinge AB, Teleflex Incorporated, Becton, Dickinson and Company, Siemens Healthineers AG, Fresenius SE & Co. KGaA, GE HealthCare Technologie Inc., Stryker Corporation, B. Braun Medical Pvt. Ltd., Baxter International Inc., Danaher Corporation, Fujifilm Holdings Corporation, Canon Medical Systems Corporation, MicroPort Scientific America Inc., W L Gore & Associates Inc., AngioDynamics Inc., CryoLife Inc., Endologix LLC, Lombard Medical Limited, Avinger Inc., Abiomed Inc., Biosensors International Group Ltd., Biotronik SE and Co. KG, CeloNova BioSciences Inc., LeMaitre Vascular Inc., Nano Therapeutics Pvt. Ltd.
North America was the largest region in the global cardiovascular devices market in 2023. Western Europe was the second largest region in the global cardiovascular devices market. Africa. was the smallest region in the global cardiovascular devices market. The regions covered in the cardiovascular devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cardiovascular devices market report are: Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The cardiovascular devices market consists of sales of biventricular devices, and implantable cardiac loop recorders that are used for monitoring and treatment of cardiovascular disorders. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.