Cardiovascular devices are used to diagnose and treat heart disease and related health problems. Cardiovascular medical devices such as artificial heart valves, coronary stents, endovascular grafts and angioplasty balloon catheters save countless lives each year and can dramatically improve the quality of life of millions of people. While, cardiac implantable electronic devices are designed to help control or monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure. More people worldwide are using ECGs for diagnostic and monitoring purposes. An ECG is often used alongside other tests to help diagnose and monitor conditions affecting heart. There are several types of devices available.
Market Statistics:
The Global Cardiovascular Devices Market is estimated to account for US$ 56,417.2 Mn in terms of value by the end of 2023.
Drivers:
Increase in demand for cardiovascular devices across the globe is expected to drive growth of the global cardiovascular devices market during the forecast period. For instance, the rising burden of cardiovascular diseases across the globe is increasing or has increased demand for cardiovascular diagnostics and treatment devices. In September 2022, GE Healthcare announced the launch of its first ‘Made in India’, ‘Artificial Intelligence (AI)-powered’ Cath lab - Optima IGS 320 to advance cardiac care in India. The new generation of interventional imaging software in Optima enables clinical versatility to guide non-invasive procedures with greater precision. It also helps reduce the burden on interventionalists and may increase their attention on the procedure.
Opportunities:
High prevalence of cardiovascular diseases and rising geriatric population worldwide is expected to provide significant growth opportunities for players in the global cardiovascular devices market. Increasing rates of cardiovascular disease necessitate continuous monitoring. The development of cardiovascular devices has allowed for real-time patient monitoring and diagnosis. Heart disease is the leading cause of death in the U.S. According to the American Heart Association, in 2020, over 19.1 million deaths were attributed to CVD globally. The highest mortality rates attributable to CVD in 2020 were in Eastern Europe and Central Asia, with higher levels also seen in North Africa and the Middle East, Central Europe, sub-Saharan Africa, and South and Southeast Asia.
Restraints:
Stringent regulatory policies, product recalls, and high cost of cardiovascular devices and cardiac procedures are expected to hamper growth of the global cardiovascular devices market during the forecast period. For instance, the complications and additional surgical procedures associated with cardiac surgeries increase the overall cost of a cardiovascular procedure as well as cardiovascular devices. The high-cost cardiovascular stents with prices ranging from US$ 300-450 for each stent, makes it difficult to afford. However, average cost of heart procedures is less in low- and middle-income countries, as compared to developed countries. The majority of cardiovascular devices are regulated as medical devices in an independent sub-category.
Global Cardiovascular Devices Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of COVID-19 has emerged as a major cause of morbidity and mortality worldwide. COVID-19 is often more severe in people 60+yrs or with health conditions such as heart disease. People who have a heart condition are at high risk of becoming seriously ill if they become infected with the coronavirus. Several studies have also linked exposure to COVID-19 with higher risk of adverse cardiovascular outcomes, even after recovery from the acute illness. In short, the pandemic had a positive impact on the growth of the cardiovascular devices market.
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Key Takeaways:
The global cardiovascular devices market was valued at US$ 53,020.7 Mn in 2022 and is forecast to reach a value of US$ 89,719.7 Mn by 2030 at a CAGR of 7.80% between 2023 and 2030.
Among device type, therapeutic and surgical devices segment held dominant position in the global cardiovascular devices market in 2022, accounting for 80.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increase in focus on disease diagnosis and rise in use of electrocardiograms (ECGs) is one of the key trends expected to boost the growth of the global biosurgery market. Due to rise in burden of cardiovascular diseases, demand for early diagnosis is also increasing, which in turn has increased the demand for cardiovascular devices worldwide. More people are using ECGs for diagnostic and monitoring purposes and are especially popular in the home healthcare market. Moreover, market players are focusing on developing or launching wearable ECG monitors to capture ECG and heart rate. This trend is also expected to continue during the forecast period.
Competitive Landscape:
Major players operating in the global cardiovascular devices market include
Livanova PLC, B. Braun Melsungen AG, Edwards Lifesciences, Biotronik, Medtronic PLC, GE Healthcare, Cardinal Health Inc., Abbott Laboratories, Siemens Healthineers AG, WL Gore & Associates Inc., Boston Scientific Corporation, and Canon Medical Systems Corporation.
Recent Developments:
In June 2021, Medtronic PLC announced the launch of Micra AV, a miniaturized, self-contained pacemaker that delivers advanced pacing technology to the atrioventricular (AV) block patients, via a minimally invasive approach.
In January 2021, Boston Scientific acquired wearable cardiac sensor maker, Preventice Solutions, the maker of various wearable cardiac sensors for remote patient monitoring.
In September 2020, Fitbit received the U.S. Food and Drug Association’s (FDA’s) approval, along with the CE mark, for the ECG app, to help identify cases of irregular heart rhythm.
In February 2020, Abbott received CE Mark for the Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D). The devices have heart rhythm management capabilities, along with a new set of benefits for people in Europe with the abnormal heart rhythms and risk of heart failure.
