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Cardiovascular Devices Market Size, Share Global Analysis Report, 2023 – 2030
Cardiovascular Devices Market Size, Share, Growth Analysis Report By Device Type (Therapeutic & Surgical Devices And Diagnostic & Monitoring Devices), By End users (Specialty Clinics And Hospitals), By Applications (Heart Failure, Cardiac Arrhythmia, And Coronary Artery Disease), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030
Industry Insights
[231+ Pages Report] According to the report published by Facts and Factors, the global cardiovascular devices market size is valued at USD 5.8 billion in 2022 and is likely to surpass USD 20.34 billion from 2023-2030. The cardiovascular devices market is expected to grow at a compound annual rate of 13% during the forecast period. The report on the global cardiovascular devices market offers detailed insights into market dynamics like growth factors, opportunities, and challenges in the industry. Also, it provides qualitative analyses of the regional and competitive landscape in the global marketplace.
Market Overview
Cardiovascular devices are medical-grade instruments used to diagnose and treat heart disease and other associated problems. These devices include angioplasty balloon catheters, endovascular grafts, coronary stents, and artificial heart valves. These devices are of immense importance because these instruments save millions of lives each year.
However, the manufacturing and designing of cardiovascular devices are complex. It takes more precision, investment, and research studies to successfully produce these medical instruments.
Key Insights
- As per the analysis shared by our research analyst, the global cardiovascular devices market is estimated to grow annually at a CAGR of around 13% over the forecast period (2023-2030).
- In terms of revenue, the global market size was valued at around USD 5.8 billion in 2022 and is projected to reach USD 20.34 billion by 2030.
- The rising prevalence of cardiovascular disease is likely to boost the gamification market growth.
- Based on the device type, the diagnostic & monitoring devices segment is the fastest-growing segment in the global market.
- Based on the end users, the hospital segment accounts for the largest share of the global market.
- Based on the applications, the heart failure segment is likely to dominate the global market.
- Based on region, Asia Pacific is expected to dominate the market during the forecast period.
Growth Drivers
- The rising prevalence of cardiovascular diseases is likely to drive the growth of the global market.
The surging occurrences of heart diseases like coronary artery diseases (CAD) and heart failure are one of the major factors boosting the growth of the global cardiovascular devices market. These diseases are boosting the number of surgical operations, and increasing the need for cardiovascular devices.
Also, these heart problems require advanced cardiovascular devices. Some of the most used cardiovascular medical devices include coronary or cardiac stents. For instance, cardiovascular disease is known to be the primary cause of death per year. As per the stats from WHO, each year it is estimated to take around 17.9 million lives.
Another growth factor in the global cardiovascular devices market is the growing geriatric population worldwide. Aging causes malfunctioning in the heart and blood vessels which spike the risk of these cardiovascular diseases.
Restraints
- The high cost of cardiovascular procedures and devices is likely to impede the growth of the global market.
The cost of cardiovascular surgical procedures is very high due to the associated surgical complications. Additionally, such complicated surgeries require advanced and precise medical devices, making the process expensive. Therefore, it is not easily accessible to a wide population which is likely to impede the growth of the global cardiovascular devices industry during the forecast period.
Opportunities
- Growing focus on disease diagnostics is likely to offer new opportunities in the global market.
The demand for early diagnosis is increasing owing to the growing burden of cardiovascular diseases. People are now looking forward to taking advanced measures and precautions to save lives and avoid being at a serious stage. However, such advanced diagnosis requires the development of sophisticated and precise medical devices.
Therefore, the growing requirement for such advanced diagnostic cardiovascular devices is expected to create several new lucrative growth opportunities in the global cardiovascular devices market.
Challenges
- Reduction in hospital visits after covid-19 is likely to be the major challenge in the global market.
The advent of Covid-19 has caused a major change in the healthcare sector. People are not willing to visit hospitals for smaller problems. However, it has reduced the hospital's patient pool, which is expected to be a huge challenge in the global cardiovascular devices industry.
Segmentation Analysis
The global cardiovascular devices market can be segmented into categories namely, device type, end users, applications, and region.
By device type, the market can be segmented into therapeutic & surgical devices and diagnostic & monitoring devices. The therapeutic & surgical devices segment can be further bifurcated into heart valves, stents, catheters, cardiac rhythm management devices, and ventricular assist devices. The diagnostic & monitoring devices segment can be further bifurcated into remote cardiac monitoring, electrocardiogram, and others. The diagnostic & monitoring devices segment is the fastest-growing segment in the global market.
By end-users, the market can be segmented into specialty clinics, hospitals, and others. The hospital segment accounts for the largest share of the global cardiovascular devices market.
By applications, the market can be segmented into heart failure, cardiac arrhythmia, and coronary artery disease. The heart failure segment is likely to dominate the global cardiovascular devices market.
Recent Developments:
- Biosense Webster, Inc, a part of Johnson & Johnson October 2022 in Europe, revealed the HELIOSTAR Balloon Ablation Catheter. It is used in the catheter-based cardiac electrophysiological mapping (stimulating and recording) of the atria.
- Medtronic plc, in October 2022, got the FDA approval for widening the tag of a cardiac lead that taps into the natural electrical system of the heart, offering patients the required therapy and avoiding some complications associated with old pacing techniques, like cardiomyopathy.
Report Scope
Report Attribute |
Details |
Market Size in 2022 |
USD 5.8 Billion |
Projected Market Size in 2030 |
USD 20.34 Billion |
CAGR Growth Rate |
13% CAGR |
Base Year |
2022 |
Forecast Years |
2023-2030 |
Key Market Players |
Boston Scientific Corporation, Medical Instruments Spa, LivaNova PLC, Lifetech Scientific, Getinge AB, CardioFocus, Occlutech, Stereotaxis Inc, CardioFocus, AngioDynamics Inc, Japan Lifeline Co. Ltd., Medtronic, Biosense Webster, MicroPort Scientific Corporation, Abbott Laboratories, Lepu Medical Technology(Beijing)Co Ltd, Saphena Medical, Terumo Corporation, Biotronik SE & Co KG, and others. |
Key Segment |
By Device Type, End users, Applications, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Regional Analysis
- Asia Pacific to dominate the global market.
Asia Pacific is likely to register the highest growth rate in the global cardiovascular devices market during the forecast period due to the growing number of cardiovascular diseases in the region and the increasing geriatric population. Also, the growing disposable income of the people is another reason for the growth of the regional market. The development in technology and increase in research and development activities is also likely to support the growth of the regional market in the coming years.
However, Europe holds the second position to be the leading region in the global market due to the growing investments in the region. Also, the growing technological advancements in the region are likely to support the growth of the regional market.
Competitive Analysis
- Boston Scientific Corporation
- Medical Instruments Spa
- LivaNova PLC
- Lifetech Scientific
- Getinge AB
- CardioFocus
- Occlutech
- Stereotaxis Inc
- CardioFocus
- AngioDynamics Inc
- Japan Lifeline Co. Ltd.
- Medtronic
- Biosense Webster
- MicroPort Scientific Corporation
- Abbott Laboratories
- Lepu Medical Technology(Beijing)Co Ltd
- Saphena Medical
- Terumo Corporation
- Biotronik SE & Co KG
The global cardiovascular devices market is segmented as follows:
By Device Type Segment Analysis
- Therapeutic & Surgical Devices
- Diagnostic & Monitoring Devices
By End users Segment Analysis
- Specialty Clinics
- Hospitals
By Applications Segment Analysis
- Heart Failure
- Cardiac Arrhythmia
- Coronary Artery Disease
By Regional Segment Analysis
- 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
Table of Content
Industry Major Market Players
- Boston Scientific Corporation
- Medical Instruments Spa
- LivaNova PLC
- Lifetech Scientific
- Getinge AB
- CardioFocus
- Occlutech
- Stereotaxis Inc
- CardioFocus
- AngioDynamics Inc
- Japan Lifeline Co. Ltd.
- Medtronic
- Biosense Webster
- MicroPort Scientific Corporation
- Abbott Laboratories
- Lepu Medical Technology(Beijing)Co Ltd
- Saphena Medical
- Terumo Corporation
- Biotronik SE & Co KG
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