Pune, India, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global cardiovascular devices market size is prognosticated to reach USD 86.27 billion by 2028 on account of the increasing cases of cardiovascular diseases such as coronary artery disease, heart failure, congenital heart disease, heart attack, cardiomyopathy, and others. The increasing geriatric population and their vulnerability towards various chronic diseases, especially heart diseases is a major factor propelling the cardiovascular devices market growth. This information is published in a recent report by Fortune Business insights™ titled, “Cardiovascular Devices Market Size, Share and Global Trend By Device Type (Diagnostic and Monitoring Devices, and Therapeutic and Surgical Devices), By Application (Coronary Artery Disease (CAD), Cardiac Arrhythmia, Heart Failure, and Others), By End User (Hospitals, Specialty Clinics, and Others), and Geography Forecast till 2028.” According to the report, the market size was USD 50.87 billion in 2020 and is projected to rise at a CAGR of 6.9% between 2021 and 2028.
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Key Industry Developments of Cardiovascular Devices Market Include:
July 2021 – Angel Medical Systems, Inc. announced the first commercial implantation of their flagship product, “The Guardian” device in the U.S. region. This was the first procedure followed by their recent FDA approval.
October 2019 – Biotronik announced the launch of PK Papyrus Covered Coronary Stent in the United States for acute coronary perforations in case of emergency diagnosis.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.9% |
| 2028 Value Projection | USD 86.27 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 54.08 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 155 |
Major Growth Drivers:
Rising Prevalence of Cardiovascular Diseases to Boost Market
The most important factor driving the market is the increasing prevalence of cardiovascular diseases. This, coupled with the advent of technological therapeutics for the diagnosis of heart diseases, is creating lucrative growth opportunities. . Besides this, the increasing awareness and initiatives taken by regional governments are expected to propel the cardiovascular devices market growth. Additionally, major investments are made to cater to the rising demand for cardiovascular surgical devices, and this will help the market 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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What is the Scope of this Report?
The report presents a comprehensive overview of the cardiovascular devices 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 segmentation of the market based on factors such as device type, application, end user, and others are 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.
Why are cardiovascular devices important?
Cardiac devices control irregularities caused by the heart’s electrical system, such as irregular heartbeat and heart rhythm disorders. When medication, changes in lifestyle, or other treatments, medicine do not work, an implantable device may be recommended. Cardiac devices may remedy some heart conditions.
Presence of Major Vendors Strengthening North America Market Share
Geographically, the global c market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is holding the major cardiovascular devices market share, followed by Europe. 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 cardiovascular device market revenue on account of the rise in prevalence of cardiovascular diseases and the regulatory scenario of the market. 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 government will help Asia Pacific market witness steady growth in the forthcoming years.
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Market Segmentations:
| Segmentation | By Device Type
|
By Application
| |
By End-User
| |
By Geography
|
Competitive Landscape –
Major Companies Aiming to Expand Product Portfolio Will Intensify Market Competition
As per the 2018 records, three companies are holding the maximum cardiovascular devices market share, namely Boston Scientific Corporation, Medtronic, and Abbott. High revenue generation from these companies is attributable to the strong product portfolio, including heart valves, advanced stents, and other cardiopulmonary products. Cardiovascular devices market manufacturers are emphasizing on cardiopulmonary production, which will further help to earn high revenues, especially from previously untreatable patients.
List of Significant Cardiovascular Device Vendors are as follows:
- Terumo Cardiovascular Systems Corporation
- Siemens Healthcare GmbH
- B. Braun Melsungen AG
- Johnson & Johnson Services, Inc.
- Abbott
- Medtronic
- Cordis (Cardinal Health)
- LivaNova PLC
- GENERAL ELECTRIC COMPANY (GE Healthcare)
- Edwards Lifesciences Corporation
- Boston Scientific Corporation
- Others
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Table of Content
- 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.
- Europe 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
TOC Continued………
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