Cardiovascular Devices Market Size & Growth | Report 2021, 28

Cardiovascular Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device [Electrocardiography (ECG), Pacemaker, Stent, Defibrillator, Cardiac Catheter, Guidewire, Heart Valve, Event Monitor, and Others]; Application (Coronary Heart Disease, Sudden Cardiac Arrest, Stroke, Cerebrovascular Heart Disease, and Others), and End User (Hospitals, Ambulatory Surgery Centers, and Cardiac Centers)

Publication Month : Apr 2022

  • Report Code : TIPHE100000826
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 217
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The cardiovascular devices market is expected to grow from US$ 48,106.47 million in 2021 to US$ 76,526.68 million in 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028.

The growth of the market is due to the increasing prevalence of cardiovascular diseases and the rising number of product launches & approvals. However, the high cost of products and procedures is expected to restrict the market growth during the forecast period. Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality globally. CVDs are disorders of the heart and blood vessels and lead to several medical conditions, such as cerebrovascular disease, coronary heart disease, and rheumatic heart disease. A few of the major lifestyle factors that lead to CVDs and difficulties are tobacco use, unhealthy diet, and physical inactivity, which increases the risk of heart attacks and strokes. Moreover, the other risk factors for cardiovascular diseases (CD) are high blood pressure, diabetes, and increased level of cholesterol levels. CVDs are among the top ten leading causes of death across the world; it affects more people than any other disease. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally.

The cardiovascular devices market is segmented into device, application, and end user. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The cardiovascular device market report offers insights and in-depth analysis of the market, emphasizing market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.       

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Cardiovascular Devices Market: Strategic Insights

cardiovascular-devices-market
Market Size Value inUS$ 48,106.47 million in 2021
Market Size Value byUS$ 76,526.68 million in 2028
Growth rateCAGR of 6.9% from 2021 to 2028.
Forecast Period2021- 2028
Base Year2021
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Lucrative Regions for Cardiovascular Devices Market

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Market Insights


Significantly Increasing Prevalence of Cardiovascular Diseases Drives Cardiovascular Device Market

Cardiovascular diseases (CVDs) are likely to remain the largest cause of morbidity and mortality across the world. According to the European Cardiovascular Disease Statistics 2017, CVD causes 3.9 million deaths in Europe and more than 1.8 million deaths in the European Union (EU) every year. The disease accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. The European Society of Cardiology reported that patients suffering from atrial fibrillation are at a five-times greater risk of getting a stroke, and 20–30% of total stroke cases in Europe are caused due to atrial fibrillation. As per a study conducted by the European Society of Cardiology in 2016, in the EU, ~7.6 million people aged 65 and above had atrial fibrillation, and the number is estimated to increase by 89% to reach ~14.4 million by 2060. As per the report "Beyond The Burden: The Impact of Atrial Fibrillation in the Asia Pacific" by Biosense Webster, published in 2019, more than 16 million people in Asia Pacific suffer from atrial fibrillation, and the number is expected to reach ~72 million by 2050.

Device-Based Insights

Based on device, the global cardiovascular device market is segmented into an electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. In 2021, the event monitor segment held the largest share of the market. However, the electrocardiography (ECG) segment of the cardiovascular devices market is expected to grow at a highest CAGR of 8.0% from 2021 to 2028.

Cardiovascular Devices Market, by Product (during 2021–2028)

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Application-Based Insights

Based on the application, the cardiovascular devices market is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. In 2021, the coronary heart disease segment held the largest share of the market. However, the stroke segment is expected to grow at the fastest rate during the coming years, owing to rising aneurysms among patients.

End User-Based Insights

Based on end user, the cardiovascular devices market is segmented into hospitals, cardiac centers, and ambulatory centers. In 2021, the hospitals segment held the largest share of the market. Furthermore, the hospitals segment is expected to grow at the fastest rate during the coming years due to its advantages.

 

Product launches and collaborations are highly adopted strategies by the global cardiovascular device market players. A few of the recent key market developments are listed below:

  • In January 2019, Medtronic plc. announced the launch of its MyCareLink Heart mobile app that supports the peacemakers that are used to communicate directly with patients' smartphones and tablets.
  • In January 2021, Medtronic plc announced the launch of its MyCareLink Heartmobile app to support the world's first and only portfolio of pacemakers that can communicate directly with patients' smartphones and tablets. It is compatible with Medtronic BlueSync technology-enabled pacemakers. The MyCareLink Heart mobile app is designed to securely and wirelessly send device data to the Medtronic CareLink network via smart technology, eliminating the need for a dedicated bedside monitor or other remote monitoring hardware.
  • In July 2021, Abbott announced the US launch of Jot Dx, the company’s latest insertable cardiac monitor (ICM). Jot Dx ICM is supported by SyncUP, a personalized service that delivers one-on-one training and education to help patients connect and stay connected to their ICM.
  • In February 2022, Boston Scientific Corporation announced that it acquired Baylis Medical Company Inc., which offers advanced transseptal access solutions and guidewires, sheaths, and dilators used to support catheter-based left-heart procedures

The COVID-19 pandemic forced many companies in the global cardiovascular devices market to discontinue business operations for short term to follow new government regulations to control the spread of COVID-19. This directly impacted the revenue flow of the global market. Furthermore, the manufacturing of industrial products stopped, owing to the lack of raw materials and workforce during the lockdown period. Moreover, no new consignments were received by companies that operate in this sector. Hence, the COVID-19 outbreak affected the market growth due to the lockdown measures in the countries and the delay in manufacturing and production of raw materials, process materials, and intermediate products used in pharmaceutical & biotechnological companies. The market is anticipated to witness a slow recovery during the forecast period.

Cardiovascular Devices Market – Market Segmentation

The global cardiovascular devices market is segmented into device, application, and end user. Based on device, the market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and other devices. Based on application, it is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. Based on end user, the market is segmented into hospitals, cardiac centers, and ambulatory centers. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.  

Company Profiles

  • Boston Scientific Corporation.
  • Medtronic.
  • GE Healthcare
  • Koninklijke Philips N.V
  • Siemen Healthineers
  • Abbott
  • Johnson and Johnson Services, Inc.
  • B.Braun Melsungen
  • BD
  • Edwards Lifesciences Corporation
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Device; Application, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is Cardiovascular device?

Cardiovascular devices are the medical devices designed for monitoring, preventing, diagnosing, and treating diseases associated to cardiovascular system or heart related diseases. The various cardiovascular devices available in the market include electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and many more. These devices aid in regular heart functioning in patients with heart abnormalities.

Which device led the cardiovascular devices market?

The event monitor segment held the largest revenue share in 2021.

Who are the key players in the cardiovascular devices market?

The cardiovascular devices market majorly consists of the players such as Medtronic
Boston Scientific Corporation; Abbott; Biosense Webster, INC.; General Electric Company; Koninklijke Philips N.V.; Siemens Healthineers AG; BD; B. Braun Melsungen AG; Edwards Lifesciences Corporation among others.

Which application segment is fastest growing?

As per application, the stroke segment is accounted to grow at the fastest CAGR in the market during the forecast period.

The List of Companies - Cardiovascular Devices Market 

  1. Medtronic
  2. Boston Scientific Corporation
  3. Abbott
  4. Biosense Webster, INC.
  5. General Electric Company
  6. Koninklijke Philips N.V.
  7. Siemens Healthineers AG
  8. BD
  9. B. Braun Melsungen AG
  10. Edwards Lifesciences Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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