Fort Collins, Colorado, Oct. 19, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Cardiovascular Devices Market size was valued at USD 54.7 Billion in 2022 and is expected to have a market size of USD 91.2 Billion by 2032 with a CAGR of 5.3%.
The factors that drive the cardiovascular market include an increasing prevalence of the disease, an aging population, technological advancements, healthcare expenditure, and lifestyle aspects. Cardiovascular diseases like coronary artery disease, heart failure, and arrhythmias are among the leading causes of death worldwide. The growing incidence of these diseases compels the demand for cardiovascular devices, such as pacemakers, implantable cardioverter-defibrillators (ICDs), and stents.
Rising healthcare expenditure, particularly in developing countries, is expected to boost the demand for cardiovascular devices as governments and private organizations invest more in healthcare infrastructure, thus, the availability of cardiovascular devices is likely to increase. The increasing geriatric population is significantly impacting the market. As the global population ages, the demand for cardiovascular devices is anticipated to increase as older individuals are more likely to suffer from cardiovascular diseases and require a frequent medical intervention.
Advancements in technology have led to the development of more sophisticated and effective cardiovascular devices. For example, using minimally invasive procedures for heart surgery has reduced the need for traditional open-heart surgery, leading to faster recovery times and reduced healthcare costs. Unhealthy lifestyle factors such as poor diet, lack of exercise, and smoking are major risk factors for cardiovascular diseases. As more people adopt these lifestyle factors, the demand for cardiovascular devices is expected to rise. Demographic, technological, and lifestyle factors drive the cardiovascular devices market.
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Segmentation Overview:
The global cardiovascular devices market has been segmented into device type, application, end-user, and region. Implantable cardioverter-defibrillators (ICDs) held a significant position in the market. Implantable cardioverter-defibrillators are devices used to detect and treat life-threatening heart rhythms, particularly in patients with a history of cardiac arrest or ventricular arrhythmias. Asia Pacific is expected to be the fastest-growing market for cardiovascular devices, driven by factors such as the growing incidence of cardiovascular diseases, increasing healthcare expenditure, and expanding healthcare infrastructure. Countries like China and India are expected to foster market growth in the following years.
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Cardiovascular Devices Market Report Highlights:
- The global cardiovascular devices market growth is anticipated at a CAGR of 5.3% by 2032.
- The growing prevalence of cardiac diseases, technological advancements, and rise in healthcare expenditure are expected to steer the market growth in the following years.
- The rising incidence of coronary artery disease and the increasing demand for stents to treat coronary artery disease fuel the market growth.
- Pacemakers currently dominate the market with a considerable market share. These implanted devices regulate the heartbeat, specifically for patients with bradycardia (a slow heart rate).
- Some prominent players in the cardiovascular devices market report include Abbott, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, B Braun Melsungen AG, GE Healthcare, Siemens Healthcare GmbH, Terumo Cardiovascular Systems Corporation, LivaNova Plc, and Edwards Lifesciences Corporation.
Industry Trends and Insights:
- In 2023, researchers at FAMU-FSU College of Engineering developed an advanced technology designed with soft and stretchable electronic components that focuses on measurement accuracy by cardiac monitoring devices.
- The widespread adoption of minimally invasive surgical procedures is less painful with a short recovery period and passes low risks. Therefore, interventional cardiology developments have notably emerged as a viable treatment option in the past few years.
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Cardiovascular Devices Market Segmentation:
- By Device Type: Diagnostics and monitoring devices, therapeutic and surgical devices.
- By Application: Cardiac arrhythmia, coronary artery disease, heart failure, others.
- By End-user: Hospitals, specialty clinics, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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