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The cardiovascular medical devices market share is expected to increase by USD 24.51 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.92%.
The rising incidence of cardiac diseases and expanding insurance coverage are driving the global heart disease treatment devices market. With nearly 10% of those aged 75+ affected by severe aortic stenosis and valve regurgitation in 2019 (NIH), the aging population is increasing demand for cardiovascular medical devices. Hypertension, a significant risk for AF, further boosts this demand. Initiatives like the Million Hearts project and the European Health Insurance Card (EHIC) are improving access to care. Advanced diagnostics and a preference for minimally invasive procedures are also propelling market growth.
Study Period | 2022 |
Base Year For Estimation |
2021 |
CAGR | 8.92% |
Forecast period |
2022-2026 |
Fastest Growing Region |
38% of North America |
The report analyzes the market's competitive landscape and offers information on several market companys, including:
? Company Overviews
? Key News and Updates
? Products and Services
? Market-leading Offerings
? Focused Segments
The cardiovascular medical devices market forecast report offers in-depth insights into key companies profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
This statistical study of the cardiovascular medical devices market encompasses successful business strategies deployed by the key companys. The market is fragmented and the companys are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market companys should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Our segment comprises two primary segments, each with its respective sub-segments for further detailed analysis within specific national markets. Furthermore, our market coverage extends across geographic regions, with comprehensive breakdowns to provide in-depth insights.The Cardiovascular Devices Market is expanding rapidly, addressing the significant burden of cardiovascular diseases. With rising heart-related mortality rates due to heart failure, stroke, and cardiomyopathy, the demand for affordable and effective devices is critical. Organizations like the Heart and Stroke Foundation and the World Health Organization emphasize the need for innovative cardiology devices.Technological advancements, including artificial intelligence and AI-based electrocardiogram technology, are enhancing the accuracy of diagnostic monitoring devices like ECGs and Holter monitors. Minimally invasive procedures using coronary artery stents and other tools improve patient outcomes and reduce recovery times. Emerging nations are increasing their healthcare resources and production and healthcare facilities to combat the fatal condition of heart disorders.Efforts to combat congenital heart disease (CHD) and other cardiovascular diseases are bolstered by healthcare resources and production and healthcare facilities worldwide. The market continues to grow as it meets the global demand for life-saving cardiovascular devices.
By Product Analysis
The market share growth by the diagnostic and monitoring systems segment will be significant during the forecast period. The significant increase in the number of cardiac ablation cases will drive the market growth through this segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cardiovascular medical devices market size and actionable market insights on post COVID-19 impact on each segment.
38% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for cardiovascular medical devices market in North America. Market growth in this region will be faster than the growth of the market in ROW.
The increasing number of interventional cardiovascular cases to monitor and reduce CVDs will facilitate the cardiovascular medical devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for companys, which will assist in creating efficient business plans.
the pandemic also led to an increase in the use of e-commerce channels, which, in turn, led to a rise in the demand for cardiovascular medical devices through online channels. Thus, the market in North America witnessed a mixed impact in 2020 and Q1 2021 to some extent. Like many other pharmaceutical products, cardiovascular medical devices were made available to the public through both online and offline channels. Owing to these factors, the regional market will register growth during the forecast period.
Technavio categorizes the cardiovascular medical devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cardiovascular medical devices market during the forecast period.
The rising incidence of cardiac diseases and growth of insurance providers is notably driving the market growth, although factors such as the high cost of cardiovascular procedures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Market Driver
The rising incidence of cardiac diseases and the growth of insurance providers are some of the key drivers for supporting cardiovascular medical devices' market growth. The incidence of heart diseases is increasing in developed as well as developing countries. The prevalence of heart valve diseases is also rising due to the increased life expectancy in the elderly population. It is one of the most serious and common valve diseases and is likely to increase with advancing age. Thus, the growing prevalence of heart valve diseases such as CHD, aortic stenosis, and mitral heart valve diseases is likely to increase the demand for heart disease treatment devices, including cardiovascular medical devices. Such an increase in heart valve diseases will drive market growth during the forecast period.
Key Market Trend
Business strategies to emerge in the market is another factor contributing to the cardiovascular medical devices market growth. For instance, Stryker reprocesses single-use medical devices such as cardiovascular diagnostic catheters through its department named Stryker Sustainability Solutions. Though reprocessed single-use devices can raise questions on their medical safety, the products are processed and sterilized in such a way, which decreases the chances of infection. Reprocessing of single-use cardiovascular medical devices can help to reduce the cost burden on hospitals, which also helps to reduce the cardiovascular procedure cost. Both patients and end-users (hospitals and clinics) can benefit from it. Thus, such business strategies may drive market growth during the forecast period.
Key Market Challenge
The high cost of cardiovascular procedures is hindering the cardiovascular medical devices market growth. To insert the balloon catheter along with the stent, the cardiologist widens the arteries. An embolic protection device is used to close the artery after the procedure is done. The estimated cost associated with stenting ranges between USD12,000 and USD38,000, which includes the cost of products and procedures. In such cases, the estimated cost of the stents will be around USD2,000-USD4,000. These devices do not have a proper reimbursement, restricting people from undergoing stenting, as they need to pay from out-of-pocket for the overall expenses. Hence, the high cost of devices leads people to opt for alternatives such as therapeutic drugs for treating embolism which is limiting the market growth.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The market is crucial in addressing various heart disorders and cardiac illnesses like heart attacks, coronary disease, and atrial fibrillation. The prevalence of conditions such as clogged arteries has led to the development of advanced cardiology devices and cardiovascular therapeutics. Innovations like AI-based electrocardiogram technology, AccuRhythm AI algorithms, and the LINQ II insertable cardiac monitor are enhancing diagnostic capabilities. Diagnostic monitoring devices such as ECGs, event monitors, implantable loop recorders, echocardiograms, PET scans, MRI, cardiac CT, and Doppler fetal monitors provide critical insights into heart health.
The market is also witnessing the introduction of affordable and effective devices for minimally invasive procedures, including pacemakers, catheters and accessories, cannulae, and electrosurgical procedures. Essential surgical tools such as valves, occlusion devices, and the dlip-delivery system for mitral valve repair are improving patient outcomes. Cardiovascular and soft tissue repair patches are becoming integral in surgical interventions, offering enhanced recovery options.
The home healthcare sector is growing, driven by devices like wireless ECG and wearable smart devices. The CardioMEMS HF System and decentralized clinical trials are expanding treatment options. The implementation of cardiovascular information systems is streamlining patient data management, while cardiovascular ultrasound imaging advances provide precise imaging for better diagnostics. Factors like poor eating habits and disease awareness are increasing demand, while the medical tourism sector offers new opportunities. Key entities, including the Heart and Stroke Foundation, emphasize the importance of cardiovascular devices to combat heart failure and other fatal conditions.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.92% |
Market growth 2022-2026 |
USD 24.51 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.99 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, Canada, Germany, China, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abbott Laboratories, BIOTRONIK SE and Co. KG, Boston Scientific Corp., Canon Inc., Cardinal Health Inc., Edwards Lifesciences Corp., General Electric Co., Medtronic Plc, Siemens AG, and W. L. Gore & Associates Inc. |
Market dynamics |
Parent market analysis Market growth and Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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