During the forecast period of 2023-2033, the global cardiovascular devices market is expected to reach an estimated value of ~USD 90.0 billion by 2033, by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 55.0 billion in the year 2022. Major key factors propelling the growth of cardiovascular devices market worldwide are the rising of cardiovascular disease, and growing healthcare expenditure globally.
Market Definition of Cardiovascular Devices
A cardiac device refers to different types of medical instruments used for the diagnosis and treatment of heart diseases, and related issues. There are several types of devices available that keep a check on the heart’s ability to beat with a normal rhythm. Moreover, they are aids in monitoring the diseases and surgical interventions. Cardiac devices control irregularities caused by the heart’s electrical system, such as an irregular heartbeat and heart rhythm disorders. When medication, lifestyle changes, or other treatments do not work, an implantable device may be recommended.
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Global Cardiovascular Devices Market: Growth Drivers
The growth of the global cardiovascular devices market can majorly be attributed to the increasing number of people suffering from cardiovascular diseases, followed by a surging consumption of tobacco. Nearly 22.3 percent of the people around the world were consuming tobacco in the year 2020 across the globe. On the other hand, the higher success rate of the peacemakers’ implantations for the treatment of cardiac problems are further expected to boost the market’s growth. For instance, pacemakers are successful, with a success rate of more than 90 percent.
The global cardiovascular devices market is also estimated to grow majorly on account of the following:
Higher incidence of cardiovascular diseases across the globe
Increasing cases of cardiovascular diseases among the geriatric population
Rising demand for compact cardiovascular devices
Increasing health expenditure
Surging sedentary lifestyles
Rising awareness and adoption of remote healthcare worldwide
Global Cardiovascular Devices Market: Restraining Factor
There is an unavailability of vendors to invest in R&D for these devices, and a lack of reimbursement policies in the market are some of the factors expected to be the major hindrance for the growth of the global cardiovascular devices market during the forecast period.
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Global Cardiovascular Devices Market Segmentation
By End User (Hospitals, Specialty Clinics, and Others)
The hospitals segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the developed and advanced healthcare infrastructure, improved access to healthcare facilities, and growing adoption of innovative healthcare devices, and the rising practice of a sedentary lifestyle. More than 90,000 people are hospitalized every year owing to heart attacks in United Kingdom every year.
By Application (Coronary Artery Diseases, Cardiac Arrhythmia, and Heart Failure)
By Device Type (Diagnostic and Monitoring Devices {Electrocardiogram, Remote Cardiac Monitoring, and Others}, and Therapeutic and Surgical Devices {Ventricular Assist Devices (VAD), Cardiac Rhythm Management Devices, and Catheters})
By Region
The North America cardiovascular devices market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Rising prevalence of cardiovascular diseases, increasing healthcare expenditure, and growing adoption of advanced devices in the region are some of the major factors anticipated to drive the growth of the market in North America during the forecast period. Nearly 850,000 people have a heart attack in the United States every year according to the reported data.
The market research report on global cardiovascular devices also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Cardiovascular Devices Market
Some of the key players of the global cardiovascular devices market are B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Terumo Corporation, Edwards Lifesciences Corporation, Medtronic plc, Boston Scientific Corporation, LivaNova PLC, GE Group, Siemens Healthcare GmbH., and others.
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