The Global Cardiovascular Devices Market was valued at USD 53.45 billion in 2023 and expected to grow at a CAGR of 6.3% during the forecast period. Cardiovascular devices are medical devices designed to treat or diagnose conditions related to the heart and blood vessels. These devices range from simple tools like stethoscopes to complex devices such as artificial hearts.
The huge increase in the prevalence of chronic cardiac illnesses is driving the expansion of the cardiovascular devices market. This gives technologically sophisticated cardiac equipment for diagnostic and surgical applications more impetus to be adopted more widely. Moreover, the notable decline in the cost of vital cardiovascular therapeutic devices, such coronary stents, supports the market's growth, particularly in developing nations like India. For instance, a Harvard T.H. Chan School of Public Health (HSPH) study found that a 43.0% rise in heart surgeries occurred in the Indian state of Maharashtra as a result of a decrease in the cost of coronary stents.
It is projected that major companies in the market will participate heavily in R&D projects, since the demand for these devices will continue to expand rapidly. Heart patients should become better as a result of the novel products that will come from this. It is also projected that such innovative product advancements would lead to a sizable patient population base. In addition, the cardiovascular devices market is expected to expand at a substantial rate over the forecast period due to the significant rise in cardiovascular illnesses in all areas.
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Segments Covered by cardiovascular devices market
By Device Type: Diagnostic & Monitoring and Surgical Devices
By Application: Cardiac Arrhythmia, Coronary Artery Disease, Heart Failure, and Others
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Factors of Growth
- The rising incidence of chronic cardiovascular illnesses worldwide is a major factor driving the global market for cardiovascular devices. Cardiovascular illnesses are the world's biggest cause of death, according to the World Health Organization. Increasing salt intake, increasing tobacco use, an increase in the prevalence of smoking, and increased alcohol use are the main causes of cardiovascular illnesses.
- If heart illness is discovered early on, it can be efficiently treated. Consequently, the growing need for early detection of cardiovascular illnesses is anticipated to propel the expansion of the worldwide cardiovascular devices market. It is also anticipated that the market for cardiovascular devices would increase globally due to the concerning growth in the number of obese people and physical inactivity, which raises the risk of cardiovascular diseases. One of the main drivers of the cardiovascular devices market growth is the increasing number of elderly people worldwide. The risk of cardiovascular-related disorders is increased in the elderly population.
Key Companies of cardiovascular devices market
- B Braun Melsungen AG
- Abbott
- Johnson & Johnson Services, Inc.
- Medtronic
- Boston Scientific Corporation
- LivaNova Plc
- Edwards Lifesciences Corporation
- GE Healthcare
- Siemens Healthcare GmbH
- Terumo Cardiovascular Systems Corporation
The cardiovascular devices market is primarily being driven by three factors: the increasing prevalence of various cardiovascular diseases worldwide, the quick development of technology, and the growing demand for minimally invasive procedures. Cardiomyopathy and stroke are two heart illnesses that are becoming more common, which contributes to heart-related mortality. Cardiovascular illnesses account for the majority of ailments worldwide.
Furthermore, within the past ten years, advancements in technology have led to a major expansion in the indications for cardiac devices. As a result, more patients are being treated with cardiology devices, which has led to exponential improvements in monitoring and therapy. One such development that significantly benefits cardiology is artificial intelligence, which offers better tools for monitoring specific cardiac diseases.
This market is predicted to grow due in part to the large number of patients and the high death rate from coronary artery disease. Obesity and cigarette smoking will also drive up demand for cardiovascular devices, especially those used in interventional cardiology.
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