New York, May 22, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Consegic Business Intelligence, the global Cardiac Medical Device Market is expected to witness significant growth at a remarkable CAGR of 6.8% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for cardiac medical devices in hospitals and diagnostic centers. In addition, the increasing investment activities for highly advanced cardiac medical device research will further accelerate the demand for cardiac medical devices during the forecast period.
Global cardiac medical device market is poised for strong expansion and is expected to reach USD 99,349.84 Million by 2030. The market, which was valued at USD 59,100.00 Million in 2022, is predicted to grow at a compound annual growth rate of 6.8% during the period 2023-2030. The report highlights the increasing adoption of cardiac medical devices for coronary artery disease, which is proliferating the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the cardiac medical device market.
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Global Cardiac Medical Device Market Size, Share & Trends Analysis, By Product Type (Diagnostic & Monitoring (ECG, Holter Monitors, Event Monitors, and Others) and Therapeutic & Surgical Devices (Pacemakers, Stents, Catheters & accessories, and Others)), Application (Cardiac Arrhythmia, Coronary Artery Disease, Heart Failure, and Others), End User (Hospitals, Clinics, Diagnostic Centers, and Others), and By Region, Forecast Period 2023 – 2030.
Consegic Business Intelligence Pvt. Ltd. provided an inclusive research report on the Cardiac Medical Device market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as product type, application, end user, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
The deployment of cardiac medical devices is increasing in hospitals as the device is ideal for monitoring and detecting heart diseases. Additionally, there is a growing demand for Ai enabled cardiac medical device material in hospitals to ensure efficient treatment of heart diseases. Hence, the demand for cardiac medical devices is increasing in hospitals, which, in turn, is accelerating market growth.
For instance, in April 2022, Sri Sathya Sai Sanjeevani Children's Heart Hospital was inaugurated and with the launch of a new heart hospital in Fiji, the demand for cardiac medical devices increases, thereby accelerating the market growth.
The recent technological innovations associated with cardiac medical devices will boost the product offering for cardiac medical devices in the upcoming years. This, in turn, will create a lucrative growth opportunity for the cardiac medical device market during the projected forecast period.
For illustration, in January 2022, Philips launched clinical-grade ECG for cardiac diseases designed to enhance patient recruitment, compliance, and retention by minimizing the need for site visits during clinical trials. Thus, the introduction of new products will accelerate the growth of the market in the upcoming years.
Global Cardiac Medical Device Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 99,349.84 Million |
| CAGR (2023-2030) | 6.8% |
| By Product Type | Diagnostic & Monitoring (ECG, Holter Monitors, Event Monitors, and Others) and Therapeutic & Surgical Devices (Pacemakers, Stents, Catheters & accessories, and Others) |
| By Application | Cardiac Arrhythmia, Coronary Artery Disease, Heart Failure, and Others |
| By End User | Hospitals, Clinics, Diagnostic Centers, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Boston Scientific Corporation, Abbott, Medtronic, Cardinal Health, General Electric (GE Healthcare), W. L. Gore & Associates, Inc., Biotronik, Siemens Healthcare GmbH, Canon Medical Systems Corporation, and B. Braun SE |
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Key Market Takeaways
- The global cardiac medical device market size is estimated to exceed USD 99,349.84 million by 2030 with an astonishing CAGR of 6.8% during the forecast period (2023-2030).
- North America accounted for the highest market share at 38.55% and was valued at USD 22,783.05 million in 2022, and is expected to reach USD 38,527.87 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 70.75% during the base year of 2022.
- Based on product type, the therapeutic & surgical devices segment accounted for the highest share contribution to the cardiac medical device market statistics in 2022.
- In the context of applications, the coronary artery disease segment is expected to contribute significant shares to the growth of cardiac medical device market statistics during the forecast period.
- By end user, the hospital segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific is expected to boost the market demand for cardiac medical devices due to the increasing investments in the development of new cardiac medical devices in countries such as India, Japan, China, and others.
Global Cardiac Medical Device Market Segmentation Details:
Based on Product Type, the therapeutic & surgical devices segment contributed the largest shares to the market growth in 2022 due to the increasing development and launches associated with therapeutic & surgical devices for the cardiac medical devices market. For instance, in October 2020, Medtronic launched a new range of pacemakers named Azure Pacemaker equipped with BlueSync technology that can communicate directly with cardiac patients' smartphones and tablets.
Based on Application, the coronary artery disease accounted for the largest market share in the year 2022. The cardiac medical device is an ideal solution for coronary artery disease to significantly reduces morbidity and mortality rate in patients. For illustration, in October 2022, Medtronic introduced a coronary stent system named Onyx Frontier drug-eluting stent. The product is utilized in the treatment of coronary artery disease.
Based on End User, the hospital segment is anticipated to offer substantial shares in the global cardiac medical device market growth during the forecast period, owing to the growth in the development of new heart hospitals. For instance, in March 2022, Pertamina Royal Biringkanaya Hospital was inaugurated in eastern Indonesia. The hospital provides various treatments for cardiac diseases. Thus, the deployment of cardiac medical devices is increasing, thereby fueling the market growth.
Based on region, in the year 2022, North America accounted for the largest share contribution to the market growth due to the presence of significant cardiac treatment providers and the well-established healthcare industry. For illustration, in February 2022, Abbott received U.S. Food and Drug Administration (FDA) approval for the expansion of the CardioMEMS HF System, a cardio medical device for the treatment of various types of heart-related diseases. Hence, the development of a new range of cardiac medical devices in the North American region is augmenting market growth.
Competitive Landscape
As per the research, Merck KGaA, Harikrishna Enterprise, Halides Chemicals Pvt. Ltd., and Hairui Chemical are major market players that comprise the latest market circumstances. These companies are substantially leveraging new technologies to boost the production activities associated with Cardiac Medical Device. Further, the Cardiac Medical Device market is expected to grow steadily due to rising demand from pharmaceutical intermediate, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the forecast years. Additionally, the trend toward increasing strategic collaborations for cardiac medical devices is anticipated to increase the competition in the market.
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Recent Developments
- In December 2022, Abbott launched a minimally invasive device to treat heart valve diseases in the Indian market. Thus, the development of a new range of products will foster market growth.
- In February 2021, Remo Care Solutions launched a new AI-enabled remote monitoring device for cardiac patients. The product analyzes the cardiovascular conditions of the patients in real time.
- In December 2020, Koninklijke Philips N.V. acquired BioTelemetry, Inc. to integrate the patient monitoring services of Philips with cardiac diagnostics in hospitals.
List of Major Global Cardiac Medical Device Market:
- Boston Scientific Corporation
- Abbott
- Medtronic
- Cardinal Health
- General Electric (GE Healthcare)
- W. L. Gore & Associates, Inc.
- Biotronik
- Siemens Healthcare GmbH
- Canon Medical Systems Corporation
- B. Braun SE
Global Cardiac Medical Device Market Segmentation:
- By Product Type
- Diagnostic & Monitoring
- ECG
- Holter Monitors
- Event Monitors
- Others
- Therapeutic & Surgical Devices
- Pacemakers
- Stents
- Catheters & accessories
- Others
- Diagnostic & Monitoring
- By Application
- Cardiac Arrhythmia
- Coronary Artery Disease
- Heart Failure
- Others
- By End User
- Hospitals
- Clinics
- Diagnostic Centers
- Others
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Frequently Asked Questions in the Cardiac Medical Device Market Report
- What was the market size of the cardiac medical device industry in 2022?
- In 2022, the market size of cardiac medical device was USD 59,100.00 million
- What will be the potential market valuation for the cardiac medical device industry by 2030?
- In 2030, the market size of cardiac medical device will be expected to reach USD 99,349.84 million.
- What are the key factors driving the growth of the cardiac medical device market?
- Rising technological innovations associated with cardiac medical devices are propelling the market growth.
- What is the dominating segment in the cardiac medical device market by application?
- In 2022, the coronary artery disease segment accounted for the highest market share of 41.05% in the overall cardiac medical device market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the Cardiac Medical Device market's growth in the coming years?
- Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
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