According to a new research study by Global Insight Services (GIS), the global cardiovascular devices market is expected to grow rapidly over the next 10 years to reach a value of more than the US $91.9 billion by 2031.
Cardiovascular devices are used to diagnose and treat heart disease and related health problems. Besides, momentous innovations in the area of cardiovascular devices are anticipated to create lucrative opportunities for the cardiovascular devices market players in the upcoming years.
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Cardiovascular Devices Market: Key Trends and Drivers
The cardiovascular devices control irregularities caused by the heart’s electrical systems, such as irregular heartbeat and heart rhythm disorders. When medication, lifestyle changes, or other treatments do not work, an implantable device may be recommended. Certain factors that are boosting the cardiovascular devices market growth include a rise in the use of ambulatory and home services for cardiac monitoring, the increasing prevalence of cardiovascular disorders, favorable reimbursement policies, and technological advancements.
In addition, the development of the global cardiovascular devices market is also attributed to the rising demand for high-performance and effective cardiovascular systems all over the world. The rise in awareness regarding the benefits of the cardiovascular devices market is expected to positively impact the revenue growth of the market over the forecast period. In addition, developments in cardiovascular devices positively contribute to the growth of the global cardiovascular devices market. Further, the rising demand for cardiovascular devices from emerging economies to treat patients suffering from cardiovascular devices effectively is expected to cater to the growth of the cardiovascular devices industry. Besides, the rise in the number of hospitals in addition to small and medium-sized companies is increasing the demand for cardiovascular devices. Furthermore, technological advancements in cardiovascular devices are anticipated to offer lucrative opportunities for the market players.
Cardiovascular Devices Market: Restraints & Challenges
One of the factors impeding the global cardiovascular devices market growth is the stringent regulatory requirements that delay the approval of cardiac devices. In addition, the other concern & risk connected to the market is that the therapeutic radiation used in cancer treatment affects the operation of patients with implantable cardiac rhythm devices. This device uses complementary metal-oxide-semiconductor (CMOS) which are susceptible to damage by the therapeutic doses of radiation. This factor is one of the major factors that limits the scope of using cardiac devices, as the implants are highly sensitive and their malfunctioning may have serious consequences. Besides, the high cost of these devices along with limited insurance coverage is restraining the growth of the market.
Cardiovascular devices Market Report Findings
The therapeutic and surgical devices segment is likely to hold dominant cardiovascular devices market share and grow at a substantial CAGR during the forecast period.
On the basis of type, it is segmented into diagnostic & measuring devices, and therapeutic & surgical devices. The diagnostic & measuring devices is sub-segmented into electrocardiogram (ECG), remote cardiac monitoring, and others. Likewise, the therapeutic & surgical devices segment is also sub-segmented into cardiac rhythm management, catheter, stents, heart valves, and others. The demand for diagnostic & measuring cardiovascular devices is expected to grow significantly in the forecast period. The growth of this segment can be attributed to the increasing demand for minimally invasive surgeries is growing the application of surgical instruments in the treatment of coronary artery disease.
The cardiovascular devices segment is anticipated to hold a majority of the cardiovascular devices market size throughout the study period.
By application, it is divided into cardiac rhythm management, coronary vascular, structural heart, peripheral vascular, and others. The demand in the cardiovascular devices market for peripheral vascular is expected to grow significantly in the forecast period. Cardiac rhythm management is expected to hold a significant share of the market due to the rise in the deployment of cardiovascular devices in small, medium, and large organizations globally. In addition, there has been an increase in demand for efficient and reliable peripheral vascular and structural heart devices in several regions globally. Thus, the demand in the cardiovascular devices market would rise during the forecast period.
In 2021, the hospital segment held the dominant place in the cardiovascular devices market.
A variety of surgeries such as interventional cardiac procedures, open-heart surgery, and occlusion procedures are performed in the hospital cardiac departments. The rise in spending on healthcare infrastructure in emergent economies has resulted in the usage of cutting-edge cardiac devices in these facilities. In addition, numerous hospitals globally are funding to expand the cardiology unit. Therefore, due to the high procedural volume along with a preference for well-resourced facilities by patients, the hospital segment will witness robust growth in the upcoming years.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the cardiovascular devices market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America accounts for the largest market share in the cardiovascular devices market as the U.S. and Canada are investing in the R&D of these devices. In addition, factors such as rapid development in the healthcare industry, and growing demand for effective cardiovascular devices are anticipated to propel the growth of the Asia-Pacific cardiovascular devices market. Besides, the presence of numerous medium to large players in North America and European countries is also attributable to rapid revenue growth. Thus, the demand for the cardiovascular devices market would have a positive influence in the forecast period.
Competitive Landscape
The major players operating in the global cardiovascular devices industry report include Abbott Laboratories, B. Braun Melsungen AG, Becton, Dickinson and Company, Biotronik SE & Co. KG, Boston Scientific Corp., Cardinal Health Inc., Cook Medical, Koninklijke Philips N.V., Medtronic plc., and Terumo Corporation.