Global Cardiovascular Devices Market Report and Forecast 2024-2032

Global Cardiovascular Devices Market Size

The global cardiovascular devices market was valued at USD 56.5 billion in 2023, driven by increasing incidence of cardiovascular conditions across the globe. The market is expected to grow at a CAGR of 6.36% during the forecast period of 2024-2032, with the values likely to reach USD 98.4 billion by 2032.

Global Cardiovascular Devices Market Outlook

• One of the major trends include increasing incidence of mergers between key companies to enhance imaging solutions.

• Asia Pacific region expected to experience significant growth, likely to be driven by growth of medical tourism in countries like India, China, and South Korea.

• The market is witnessing an influx of artificial intelligence and machine learning driven devices to improve patient outcomes.

Global Cardiovascular Devices Market Overview

The huge rise in the prevalence of chronic heart disease is driving the growth of the global market for cardiovascular devices. This increase in demand is encouraging more healthcare providers to use cutting-edge cardiac technology for diagnostic and surgical applications. Additionally, the market has grown because of the declining costs of essential cardiovascular treatment devices, especially in developing countries like India.

Data based on the UK Biobank report, underscored the critical importance of investing in research and development efforts aimed at promoting cardiovascular health (CVH) and preventing cardiometabolic diseases. The findings reveal that maintaining ideal CVH significantly reduces the risk of all-cause and cardiometabolic disease-related mortality, leading to substantial gains in life expectancy. For instance, among participants with cardiometabolic disease, having ideal CVH was associated with life expectancy gains of 5.50 years  for males and 4.20 years for females, at an index age of 45 years. As a result, rising market is predicted to be significantly impacted by surge in investments and fundings as well.

Global Cardiovascular Devices Market Growth Drivers

Rising Prevalence of Chronic Cardiac Diseases

Globally, the prevalence of chronic heart disease has significantly increased, which has raised demand for cardiovascular devices. Numerous reasons, such as sedentary lifestyles, improper diet, and an aging population are driving this trend. According to projections from the American Heart Association, in 2020, the percentage of global deaths attributed to cardiovascular disease escalated from 28.9% to 36.3%.  Furthermore, in terms of years of lives lost, cardiovascular disease is anticipated to transition from the fourth to the foremost position in ranking. This is leading to an increased application of cardiovascular devices, intended to combat the burden of rising cardiac morbidities.

Advancements in Technology to Meet the Increasing Cardiovascular Devices Market Demand

Technological advancements in cardiovascular medicines have ushered in a transformative era, where innovations like minimally invasive procedures, advanced imaging techniques, and the integration of artificial intelligence  (AI) are revolutionizing both surgical and diagnostic approaches. Notably, AI or machine learning  algorithms have become indispensable tools in the diagnosis and treatment of acute stroke. It helps by automating the detection of intracranial hemorrhage and large vessel occlusions on CT scans, while also accurately identifying early ischemic changes without the need for diffusion-weighted MRI.

Reduced Prices of Cardiovascular Therapeutic Devices

The decreased prices of crucial cardiovascular therapeutic devices, such as coronary stents, have made treatments more accessible, particularly in developing countries. This affordability has led to increased adoption rates and a broader patient population seeking cardiac interventions.

Global Cardiovascular Devices Market Trends

Global Cardiovascular Devices Market Segmentation

Market Breakup by Device Type

• Diagnostic and Monitoring Devices
  • Electrocardiography (ECG)
  • Remote Cardiac Monitoring
  • Others

• Therapeutic and Surgical Devices
  • Pacemakers
  • Stents
  • Heart Valve
  • Others

Market Breakup by Application

• Coronary Artery Disease

• Heart Failure

• Others

Market Breakup by End User

• Hospitals

• Specialty Clinics

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Cardiovascular Devices Market Share

Market Segmentation Based on Device Types Poised for Growth

In terms of device types, the market segmentation includes diagnostic and monitoring devices, along with therapeutic and surgical devices. Diagnostic and monitoring devices encompass electrocardiography (ECG), remote cardiac monitoring, and other advanced technologies. The increasing prevalence of cardiovascular diseases, coupled with the rising demand for early detection and continuous monitoring, is expected to drive significant growth in this segment. On the other hand, therapeutic and surgical devices such as pacemakers, stents, heart valves, and other interventional tools are vital for treating various cardiovascular conditions. The adoption of minimally invasive procedures and advancements in device technologies are likely to propel the market share of this segment.

Market Breakdown by Applications set to Drive Market Growth

Market segmentation based on applications in the cardiovascular devices market includes coronary artery disease, heart failure, and other related conditions, reflecting the escalating global burden of these diseases and the demand for effective diagnostic and therapeutic interventions. The ARIC study estimates an annual incidence of 605,000 new myocardial infraction attacks and 200,000 recurrent attacks, with 170,000 categorized as silent events. Disparities in care are evident, as an analysis of the National inpatient sample revealed that females are less likely to undergo coronary intervention compared to males, with a consequent higher risk of mortality. Consequently, the market share based on application areas is projected to be contribute a significant value to the market.

Global Cardiovascular Devices Market Analysis by Region

North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are all included in the regional market analysis. With their sophisticated healthcare systems and presence of top medical device producers, North America and Europe are expected to hold a sizable portion of the market. Its supremacy is partly attributed to the existence of well-established healthcare systems and advantageous payment regulations. However, due to reasons like rising healthcare costs, and easier access to cutting-edge healthcare services, Asia Pacific is expected to experience significant growth. Countries like India and China are emerging as key markets due to their large patient populations and growing investments in healthcare infrastructure development. Additionally, collaborations between healthcare providers and technology companies are expected to accelerate market growth in the region.

Leading Players in the Global Cardiovascular Devices Market

The key features of the market report include patent analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Boston Scientific Corporation

• Abbott

• Medtronic

• B. Braun SE

• Cardinal Health

• TERUMO CORPORATION

• Edwards Lifesciences Corporation

• GE HealthCare

• Siemens Healthcare Private Limited

• LivaNova PLC

• W. L. Gore & Associates, Inc.

• Shanghai MicroPort Medical (Group) Co., Ltd.

• AngioDynamics

• BD

• Koninklijke Philips N.V.

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Key Questions Answered in the Global Cardiovascular Devices Market

• What was the global cardiovascular devices market value in 2023?
• What is the global Cardiovascular Devices Market Forecast outlook for 2024-2032?
• What factors contribute to global cardiovascular devices market demand?
• What are the major global cardiovascular devices market trends?
• What are the different categories of cardiovascular devices in terms of diagnostic and monitoring?
• What therapeutic and surgical devices are commonly used in cardiovascular interventions?
• How do these device types contribute to the overall market landscape?
• What are the primary applications for cardiovascular devices beyond coronary artery disease and heart failure?
• Which healthcare facilities primarily utilize cardiovascular devices, and why?
• What are the regional differences in the adoption and utilization of cardiovascular devices?
• How do market dynamics vary across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
• Are these specific trends or challenges unique to each geographical region in the cardiovascular devices market?
• What is patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, and merges & acquisitions among the key market players shaping the market dynamics?