Pune, India, Sept. 06, 2021 (GLOBE NEWSWIRE) -- The global cardiovascular devices market size is prognosticated to reach USD 86.27 billion by 2028 from USD 54.08 billion in 2021, exhibiting a CAGR of 6.9% during the forecast period. There are increasing cases of heart diseases such as coronary artery disease, heart failure, congenital heart disease, heart attack, cardiomyopathy, and others. It can have a tremendous impact on the market. Moreover, the increasing geriatric population and their vulnerability to various chronic diseases, especially heart diseases, are major factors propelling the growth of the market. This information is published in a recent report by Fortune Business insights™ titled, “Cardiovascular Devices Market, 2021-2028.” According to the report, the market size was USD 50.87 billion in 2020.
Key Industry Developments Include:
June 2021: Cardiovascular Systems, Inc. introduced OrbusNeich JADE percutaneous transluminal angioplasty (PTA) over-the-wire balloon catheters.
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Market Segments:
Based on device type, the market is segmented into diagnostic and monitoring devices and therapeutic and surgical devices. The diagnostic and monitoring devices segment can be further sub-segmented into electrocardiogram (ECG), remote cardiac monitoring, and others. The therapeutic and surgical devices segment can be further sub-segmented into ventricular assist devices (VAD), cardiac rhythm management (CRM) devices, catheters, stents, heart valves, and others. By application, the global market for these devices is categorized into coronary artery disease (CAD), cardiac arrhythmia, heart failure, and others. Based on end-user, the global market is classified into hospitals, specialty clinics, and others. Geographically, the global market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.
COVID-19 Pandemic:
COVID-19 has had a detrimental influence on the cardiovascular devices industry due to the worldwide postponement of elective cardiovascular operations since hospital visits have decreased. While few procedures are considered urgent because of the ongoing COVID-19 epidemic, several have been rescheduled. Percutaneous coronary intervention (PCI) for an acute heart attack, for example, is deemed urgent by the American College of Cardiology (ACC) and the Society for Cardiovascular Angiography and Interventions (SCAI). In contrast, PCI for stable ischemic heart disease can be deferred.
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What is the Scope of this Report?
The report presents a comprehensive overview of the market, primarily focusing on factors boosting, repelling, and challenging the market. It also offers key industry insights into the market and current cardiovascular devices market trends and opportunities. Besides this, the report lists the names of significant players and the key strategies adopted by them to gain a competitive edge in the market. Detailed market segmentation based on factors such as device type, application, and end-user is available in the report. Furthermore, the report throws light on the significant developments in the market and is available for sale on the company website.
Rising Prevalence of Cardiovascular Diseases to Boost Market
The most important factor driving the market is the increasing prevalence of heart diseases. This, coupled with the advent of advanced technological diagnostics to diagnose heart diseases, is creating lucrative growth opportunities. Besides this, regional governments' increasing awareness and initiatives are expected to propel the cardiovascular devices market growth. Additionally, major investments are made to cater to the rising demand for cardiovascular surgical devices, which will help the market to gain momentum in the forecast period.
However, the market may be negatively impacted by the inability of vendors to invest in research and development of cardiovascular systems following its inefficiency with reimbursement models. Nevertheless, the advent of advanced safety and remote monitoring in the latest devices is likely to create lucrative growth opportunities for the market in the long run.
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Presence of Major Vendors Strengthening North America Market Share
North America is holding the major cardiovascular devices market share, and the region stood at USD 26.35 billion in 2020. This is on account of the presence of major manufacturers in Canada and the U.S. On the other side, the market in Asia Pacific is likely to earn significant revenue on account of the rise in the prevalence of heart diseases and the market's regulatory scenario. To cite an example, the government of India confirmed a reduction in stent prices as compared to the international market such as the U.S. Such steps taken by the regional governments will help Asia Pacific market witness steady growth in the forthcoming years.
Medtronic to Hold the Largest Share Backed by its Diverse Product Portfolio
Medtronic, Abbott, Boston Scientific Corporation, and Edwards Lifesciences are some of the most well-known firms. These businesses have a strong and diverse cardiovascular device portfolio. Medtronic is a market leader due to its diverse array of cardiovascular devices, including diagnostic and surgical equipment such as aortic stent grafts and coronary catheters. Medtronic's Indian subsidiary announced the debut of the Azure pacemaker with BlueSync technology in October 2020, making it the first pacemaker in India to interact with a patient's smartphone or tablet. Boston Scientific Corporation, which makes catheters, guard wires, coronary stents, and imaging equipment, is also a major participant in the market. Boston Scientific Corporation stated in January 2021 that it had reached a formal deal to buy Preventice Solutions, Inc., a business that provides a comprehensive variety of mobile heart health solutions.
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List of Significant Companies in the market:
- B. Braun Melsungen AG (Melsungen, Germany)
- Medtronic (Dublin, Ireland)
- Abbott (Abbott Park, U.S.)
- Boston Scientific Corporation (Marlborough, U.S.)
- Edwards Lifesciences Corporation (Irvine, U.S.)
- Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
- GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.)
- LivaNova PLC (London, U.K.)
- Siemens Healthcare GmbH (Erlangen, Germany)
- Terumo Cardiovascular Systems Corporation (Tokyo, Japan)
- Other Prominent Players
Cardiovascular Devices Market Segmentation:
By Device Type
- Diagnostic and Monitoring Devices
- Electrocardiogram (ECG)
- Remote Cardiac Monitoring
- Others
- Therapeutic and Surgical Devices
- Ventricular Assist Devices (VAD)
- Cardiac Rhythm Management (CRM) Devices
- Catheter
- Stents
- Heart Valves
- Others
By Application
- Coronary Artery Disease (CAD)
- Cardiac Arrhythmia
- Heart Failure
- Others
By End User
- Hospitals
- Specialty Clinics
- Others
By Region
- North America (the U.S. and Canada)
- Europe (UK, Germany, France, Scandinavia and the Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico and the Rest of Latin America)
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Cardiovascular Diseases, By Key Countries, 2020
- Technological Advancements in Cardiovascular Devices
- New Product Launches
- Analysis of Key Cardiovascular Devices Deals
- Key Industry Developments
- Pipeline Analysis
- Reimbursement Scenario by Key Countries
- Analysis of Patient's Digital Health Adoption
- Impact of COVID-19 on the Market
- Global Cardiovascular Devices Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device Type
- Diagnostic and Monitoring Devices
- Electrocardiogram (ECG)
- Remote Cardiac Monitoring
- Others
- Therapeutic and Surgical Devices
- Ventricular Assist Devices (VAD)
- Cardiac Rhythm Management (CRM) Devices
- Catheter
- Stents
- Heart Valves
- Others
- Diagnostic and Monitoring Devices
- Market Analysis, Insights and Forecast – By Application
- Coronary Artery Disease (CAD)
- Cardiac Arrhythmia
- Heart Failure
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Cardiovascular Devices Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Device Type
- Diagnostic and Monitoring Devices
- Electrocardiogram (ECG)
- Remote Cardiac Monitoring
- Others
- Therapeutic and Surgical Devices
- Ventricular Assist Devices (VAD)
- Cardiac Rhythm Management (CRM) Devices
- Catheter
- Stents
- Heart Valves
- Others
- Diagnostic and Monitoring Devices
- Market Analysis – By Application
- Coronary Artery Disease (CAD)
- Cardiac Arrhythmia
- Heart Failure
- Others
- Market Analysis – By End User
- Hospitals
- Specialty Clinics
- Others
- Market Analysis – By Country
- U.S.
- By Application
- Coronary Artery Disease (CAD)
- Cardiac Arrhythmia
- Heart Failure
- Others
- By Application
- Canada
- By Application
- Coronary Artery Disease (CAD)
- Cardiac Arrhythmia
- Heart Failure
- Others
- By Application
- U.S.
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