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Market Overview
The global Cardiovascular Devices market was valued at USD 53.45 billion in 2023 and expected to grow at a CAGR of 6.3% during the forecast period. Cardiovascular devices are medical devices designed to treat or diagnose conditions related to the heart and blood vessels. These devices range from simple tools like stethoscopes to complex devices such as artificial hearts. Here is an overview of some of the most commonly used cardiovascular devices:
Stethoscope: A stethoscope is a simple, non-invasive tool used to listen to the sounds of the heart and lungs. It consists of a chest piece, tubing, and earpieces.
Electrocardiogram (ECG or EKG): An ECG is a non-invasive test that records the electrical activity of the heart. It is used to diagnose and monitor heart conditions such as arrhythmias and heart attacks.
Holter monitor: A Holter monitor is a portable device that records the heart's electrical activity over a period of 24-48 hours. It is used to diagnose heart rhythm problems that may not show up on a standard ECG.
Pacemaker: A pacemaker is a small device that is implanted under the skin of the chest to help regulate the heart's rhythm. It sends electrical signals to the heart when it is beating too slowly or irregularly.
Implantable Cardioverter Defibrillator (ICD): An ICD is a device that is implanted under the skin of the chest to help prevent sudden cardiac arrest. It can detect and correct abnormal heart rhythms by delivering an electrical shock to the heart.
Cardiac catheterization: Cardiac catheterization is a procedure in which a thin, flexible tube is inserted into a blood vessel in the arm or leg and threaded up to the heart. It is used to diagnose and treat a variety of heart conditions, including coronary artery disease.
Coronary stent: A coronary stent is a small mesh tube that is inserted into a narrowed or blocked artery in the heart. It helps to keep the artery open and improve blood flow.
Artificial heart: An artificial heart is a mechanical device that is used to replace the function of a failing heart. It is typically used as a temporary measure until a donor heart becomes available.
Heart-lung machine: A heart-lung machine is a device that temporarily takes over the functions of the heart and lungs during heart surgery. It oxygenates the blood and pumps it through the body while the heart is stopped.
These are just a few examples of the many different types of cardiovascular devices that are available. Each device serves a specific purpose and can be used to help diagnose, monitor, or treat a wide range of heart and blood vessel conditions.
Report Scope
Report Attributes | Description |
Market Size in 2023 | USD 53.45 Billion |
Market Forecast in 2031 | USD 97.63 Billion |
CAGR % 2023-2031 | 6.3% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Device Type: Diagnostic & Monitoring and Surgical Devices; By Application: Cardiac Arrhythmia, Coronary Artery Disease, Heart Failure, and Others |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, Terumo Cardiovascular Systems Corporation |
Impact of COVID
The COVID-19 pandemic has had both positive and negative impacts on the Cardiovascular Devices market. The COVID-19 pandemic has had a significant impact on the healthcare industry as a whole, including the cardiovascular device market. Here are some of the ways in which the pandemic has affected the use and development of cardiovascular devices:
Delayed or cancelled procedures: Due to the pandemic, many non-urgent procedures, including some cardiovascular procedures, were delayed or cancelled. This has resulted in a decrease in demand for certain cardiovascular devices.
Increased demand for certain devices: On the other hand, the pandemic has also led to an increase in demand for certain cardiovascular devices. For example, the use of ECMO (extracorporeal membrane oxygenation) devices, which are used to support patients with severe respiratory failure, has increased during the pandemic.
Disruption in supply chain: The pandemic has disrupted supply chains for medical devices, including cardiovascular devices. This has led to shortages of some devices and delayed the development and distribution of others.
Telemedicine and remote monitoring: The pandemic has accelerated the adoption of telemedicine and remote monitoring technologies, which allow healthcare providers to monitor patients remotely. This has led to an increased use of remote monitoring devices for cardiovascular conditions.
Research and development: The pandemic has also had an impact on research and development of cardiovascular devices. Many clinical trials have been delayed or disrupted, and the pandemic has caused a shift in priorities for research and development in the industry.
Overall, the COVID-19 pandemic has had a mixed impact on the cardiovascular device market. While some devices have seen increased demand, others have seen a decrease in demand due to delayed or cancelled procedures. The pandemic has also disrupted supply chains and research and development efforts in the industry. However, the adoption of telemedicine and remote monitoring technologies may have long-term benefits for the use of cardiovascular devices.
Device Type Insights
Diagnostic and Monitoring Devices: This segment held the largest market share in 2020, accounting for approximately 40% of the total cardiovascular devices market. The increasing prevalence of cardiovascular diseases and the growing demand for non-invasive diagnostic techniques are the key factors driving the growth of this segment.
Surgical Devices: This segment held the second-largest market share in 2020, accounting for approximately 35% of the total cardiovascular devices market. The increasing adoption of minimally invasive surgical techniques and the rising geriatric population are the major factors driving the growth of this segment.
Cardiac Rhythm Management Devices: This segment held the third-largest market share in 2020, accounting for approximately 25% of the total cardiovascular devices market. The increasing prevalence of arrhythmia and heart failure and the rising demand for implantable devices are the key factors driving the growth of this segment.
Application Insights
Coronary Artery Disease: This segment held the largest market share in 2020, accounting for approximately 45% of the total cardiovascular devices market. The high prevalence of coronary artery disease and the increasing adoption of minimally invasive procedures are the key factors driving the growth of this segment.
Cardiac Arrhythmia: This segment held the second-largest market share in 2020, accounting for approximately 30% of the total cardiovascular devices market. The increasing incidence of cardiac arrhythmias and the growing demand for implantable devices to treat these conditions are the major factors driving the growth of this segment.
Heart Failure: This segment held the third-largest market share in 2020, accounting for approximately 20% of the total cardiovascular devices market. The rising prevalence of heart failure and the increasing demand for heart failure devices such as ventricular assist devices (VADs) are the key factors driving the growth of this segment.
Others: This segment held a smaller market share in 2020, accounting for approximately 5% of the total cardiovascular devices market. However, this segment is expected to witness significant growth during the forecast period due to the rising prevalence of other cardiovascular diseases and conditions such as hypertension and venous thromboembolism.
Regional Insights
North America: This region held the largest market share in 2020, accounting for approximately 40% of the total cardiovascular devices market. The presence of advanced healthcare infrastructure, increasing prevalence of cardiovascular diseases, and high adoption of technologically advanced devices are the key factors driving the growth of this region.
Europe: This region held the second-largest market share in 2020, accounting for approximately 30% of the total cardiovascular devices market. The increasing geriatric population, rising prevalence of cardiovascular diseases, and growing demand for minimally invasive procedures are the major factors driving the growth of this region.
Asia-Pacific: This region held the third-largest market share in 2020, accounting for approximately 20% of the total cardiovascular devices market. The rapidly expanding healthcare infrastructure, increasing disposable incomes, and growing awareness about cardiovascular diseases are the key factors driving the growth of this region.
Latin America: This region held a smaller market share in 2020, accounting for approximately 5% of the total cardiovascular devices market. However, the region is expected to witness significant growth during the forecast period due to the increasing incidence of cardiovascular diseases and the growing demand for advanced medical devices.
Middle East & Africa: This region held a smaller market share in 2020, accounting for approximately 5% of the total cardiovascular devices market. However, the region is expected to witness steady growth during the forecast period due to the increasing investments in healthcare infrastructure and rising prevalence of cardiovascular diseases.
Competitive Analysis
Some of the major companies operating within the market are B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, Terumo Cardiovascular Systems Corporation. These players are focusing on product innovation, expansion, and partnerships to strengthen their market position and meet the growing demand for Cardiovascular Devices globally.
Recent News
In Feb 2023, Abbott has acquired Cardiovascular Systems, Inc. (CSI), a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease. The acquisition of CSI will add new, complementary technologies to Abbott's leading vascular device offerings
In July 2022, Anumana partners with Novartis to develop AI cardiovascular disease detection tools to detect cardiovascular diseases.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
Business Model
Production Capacity, Revenue, Sales, Gross Margin
Key Business Strategy
SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
Company Share Analysis from 2018-2022
Company Analysis by Revenue and Sales
Company Production Capacity, Gross Margin
Company Share Analysis by Application/End Use
Company Share Analysis by Product/Specification
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