Cardiac Care Medical Equipments Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[237+ Pages Report] According to Facts and Factors, the Global Cardiac Care Medical Equipments Market size was worth USD 24,819.50 million in 2021 and is estimated to grow to about USD 35,406.69 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.10% over the forecast period. The report analyzes the Cardiac Care Medical Equipments market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Cardiac Care Medical Equipments market.

Market Overview

Compared to other illnesses or diseases, heart-related illnesses and disorders cause the greatest number of fatalities. There are many different types of cardiac disorders, including coronary heart disease, cerebrovascular disease, rheumatic heart disease, congenital heart disease, peripheral arterial disease, deep vein thrombosis, and pulmonary embolism. The primary causes of disorders related to the heart are poor diet, tobacco use, alcohol abuse, physical inactivity, and ageing.

The prevalence of heart conditions, ailments, diseases, unhealthy lifestyles, and an increase in the number of elderly people are some of the factors contributing to the growth of the global market for cardiac care medical equipment. Due to numerous regulatory restrictions and patient requirements, hospitals are encouraging home healthcare systems and remote patient monitoring systems, which is anticipated to fuel the expansion of the cardiac care medical equipment market.

The price of key cardiovascular therapeutic devices like coronary stents has significantly decreased, which has helped this industry grow, especially in emerging markets like India. This is projected to lead to the release of innovative goods and improve cardiac patients' conditions. Some of the factors impeding the growth of the cardiac care medical equipment market include high maintenance costs and strict regulatory product approval procedures.

COVID-19 Impact:

COVID-19 has had a detrimental effect on the worldwide market since elective cardiovascular treatments have been postponed globally as hospital visits have decreased. Even though only a small number of surgeries are urgent, some of them have to be rescheduled because of the COVID-19 outbreak. Reduced diagnostic procedures worldwide as a result of resources set aside for the COVID-19 pandemic have had a detrimental effect on the market. Since the pandemic started, routine medical examinations and diagnoses have been postponed.

Key Insights

• Cardiac Care Medical Equipments Market share value at a CAGR of 6.10% over the forecast period.
• The prevalence of heart conditions, ailments, diseases, unhealthy lifestyles, and an increase in the number of elderly people are some of the factors contributing to the growth of the global market for cardiac care medical equipment.
• By type, the cardiac monitoring and diagnostic devices segment will dominate the market in 2021.
• By application, the hospital segment will dominate the market in 2021.
• North America will dominate the Global Cardiac Care Medical Equipments Market in 2021.

Growth Drivers

• The rise in the prevalence of cardiovascular diseases is likely to pave the way for global market growth

One of the main factors driving the market’s expansion is the increase in the incidence of chronic cardiovascular disorders such as heart failure and coronary artery disease (CAD). Heart attacks, atrial fibrillation, coronary heart disease, and the widening of clogged arteries are just a few of the major cardiac conditions that these devices help address. The global need for advanced cardiac care devices is increased by the prevalence of cardiac illnesses.

Restraints

• Increasing barriers in R&D activities may hamper the global market growth

A strong R&D environment is a barrier to the creation of advanced, new heart problems. Due to the inefficient procedures inside the reimbursement models, a number of significant firms are concentrating on their ability to invest in future R&D programs related to cardiac devices. Without following regulatory requirements, the leading companies’ innovative products cannot be released on the market for commercial usage, costing manufacturers a sizable amount of money.

Opportunities

• The increasing availability of efficient devices brings up several growth opportunities

The adoption of modern technology in these countries is a result of their accessibility. The market has been helped by efforts that were adopted in response to the increase in demand for these devices in emerging nations. Investors are concentrating on increasing the accessibility of affordable cardiovascular equipment in nations like China, Mexico, India, and others. As a result, a significant market share for cardiovascular devices is anticipated in the next years.

Segmentation Analysis

The global Cardiac Care Medical Equipments market is segregated on the basis of type, product, application, sales channel, and region.

By product, the market is classified into Holter Monitors, Catheters, Defibrillators, ECG, and Others. The prevalence of cardiovascular diseases (CVD), for which long-term ECG monitoring is required, has increased. The availability of wireless ECG has allowed medical professionals to promptly monitor and diagnose patients from a distance. The global popularity of ECG is rising as a result of its portable and compact designs. Event monitors make it possible to save data, which greatly increases the penetration of these systems into point-of-care and at-home healthcare applications.

By application, the market is classified into Hospitals, Clinics and Others. The hospital segment will dominate the market in 2021 because there are more community hospitals and hospitals with several specialties, especially in developing nations. As a result, the aforementioned factors and the increased focus of healthcare organizations and the government on routine patient diagnosis and timely treatment have raised public awareness, which has subsequently fueled market expansion over the projection period. The need for skilled medical experts to implant crucial cardiovascular devices like stents is another factor contributing to the development. Hospitals aid in lowering patient's unpleasant reactions during important medical treatments.

Report Scope

Recent Developments

• In July 2021 - according to Angel Medical Systems, Inc., the Guardian device, the firm's flagship product, has completed its first commercial implantation in the United States. For this initial procedure, they made use of the most recent FDA approval they got.
• In March 2021, the U.S. FDA approved the first non-surgical heart valve treatment for pediatric and adult patients with a native or surgically repaired right ventricular outflow tract (RVOT). To treat patients with severe pulmonary heart regurgitation, the device was specially created.

Regional Landscape

• The rising prevalence of cardiovascular disease is likely to help North America dominate the global market

North America dominates the Global Cardiac Care Medical Equipments Market in 2021. This region's dominance was mostly related to the widespread use of advanced surgical procedures, growing consumer knowledge of commercially available goods, and the availability of a sizable target patient base. As a result of government penalties imposed on hospitals for patient readmissions, more people are choosing to use home healthcare equipment, which significantly increases the need for cardiac care medical equipment.

Over the forecast period, Asia Pacific regional market is expected to be the fastest-growing region in the Cardiac Care Medical Equipments market in 2021. China and Japan are expected to share the top spot in the Asia Pacific market. Due to sedentary lives and poor eating habits, China is thought to have the biggest population of elderly people worldwide and the greatest obesity rates. These elements are anticipated to make heart disorders more common in this nation, which will benefit the expansion of the Asia Pacific market. It is anticipated that the developing medical tourism sector in this region will increase the demand for cardiac care medical equipment in nations like Japan, China, Malaysia, Thailand, and India.

Competitive Landscape

Key players within the global Cardiac Care Medical Equipments market include 

• Teleflex 
• Getinge 
• Berlin Heart 
• Boston Scientific 
• Medtronic 
• LivaNova 
• Cardiac Science 
• GE Healthcare 
• Philips Healthcare 
• Biotronik Inc. 
• St. Jude Medical 
• Thoratec Corporation 
• Abbott. 

GlobalCardiac Care Medical Equipments market is segmented as follows:

By Type

• Cardiac rhythm management devices
• Cardiac prosthetic devices
• Peripheral vascular devices
• Electrophysiology
• Interventional cardiac medical devices
• Cardiac monitoring and diagnostic devices

By Product

• Holter Monitors
• Catheters
• Defibrillators
• ECG
• Others

By Application

• Hospitals
• Clinics
• Others

By Sales Channel

• Direct Channel
• Distribution Channel

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America