New York, July 10, 2023 (GLOBE NEWSWIRE) -- The global cardiovascular devices market is estimated to grow at a CAGR of ~7% from 2023 to 2033. The market is estimated to garner a revenue of ~USD 90 billion by the end of 2033, up from a revenue of ~USD 55 billion in the year 2022 backed by the increasing prevalence of cardiovascular diseases, such as coronary heart disease, stroke, and hypertension, along with the growing aging population, which is more vulnerable to these diseases.
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According to World Health Organization, worldwide, cardiovascular diseases (CVDs) account for 32% of all deaths across all ages. 17.9 million people are estimated to have died from CVDs in 2019. Heart attacks and strokes accounted for 85% of these deaths. A majority of CVD deaths occur in countries with low and middle incomes. High levels of salt, tobacco, smoking, and alcohol consumption can lead to a build-up of plaque in the arteries which can result in increased blood pressure and other cardiovascular issues. Early diagnosis of these issues can help reduce the risk of serious complications, such as a heart attack or stroke, and can lead to better outcomes for those affected. Therefore, the rising demand for early diagnosis of cardiovascular diseases is expected to increase the demand for cardiovascular devices over the forecast period.
Global Cardiovascular Devices Market: Key Takeaways
- Fastest market growth is expected in Asia Pacific region
- Growth is expected to be highest in the electrocardiogram (ECG) segment
- North America is expected to grow the most rapidly in terms of market share
Technology Improvements in Cardiology Device Development to Boost Market Growth
Technological advancements, such as the use of minimally invasive devices and the integration of artificial intelligence (AI) into cardiovascular devices intended to improve the care provided to cardiac patients, are anticipated to drive the growth of the cardiovascular devices market in the near future. For instance, a new AI based remote monitoring device introduced by Remo Care Solutions in February 2021 analyzes cardiac patients' real-time cardiovascular conditions. Additionally, in July 2021, Medtronic received United States FDA approval for two AccuRhythm AI algorithms to be used in conjunction with the LINQ II insertable cardiac monitor (ICM). AI-driven devices can detect and monitor a range of cardiac conditions such as arrhythmias and heart failure, allowing for earlier diagnosis and more accurate treatment plans. AI has also enabled the development of more sophisticated and accurate diagnosis and treatment algorithms, which can then be integrated into existing cardiac devices. This not only increases the accuracy of diagnosis and treatment, but also helps reduce the burden on healthcare professionals, as well as providing a more comfortable and convenient experience for patients.
Global Cardiovascular Devices Market: Regional Overview
The global cardiovascular devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Huge Base of Geriatric Population and Growing Obesity Cases to Boost the Market Growth in the Asia Pacific Region
The cardiovascular devices market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033 on account of a growing geriatric population as well as rising obesity rates as a consequence of sedentary lifestyles and unhealthy dietary habits. According to the World Bank, China's population aged 65 and above increased from 12% in 2019 to 13% in 2021. The aging population tends to be less active than younger people, and they are more likely to have chronic diseases that can lead to obesity. Recent studies have shown that the obesity and overweight population in China is expected to reach 190 million and 38 million people, respectively, by 2030, in the age group of 60-89 years of age. Cardiovascular devices such as pacemakers and defibrillators can help obese people with heart diseases by regulating their heart rate and preventing arrhythmias. This can help reduce the risk of heart attacks and other complications. Furthermore, the rapidly growing medical tourism industry, along with increased government investment in the development of sophisticated healthcare facilities in the region, is further anticipated to drive regional cardiovascular devices market growth over the forecast period.
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Rise in Healthcare Expenditure to Drive the Growth in the North America Region
The cardiovascular devices market in the North American region is estimated to garner the highest CAGR by the end of 2033, backed by the rising adoption of technologically advanced cardiovascular devices, and an increasing number of initiatives taken by governments to raise awareness about the importance of preventive healthcare combined with growing healthcare expenditure. According to the Centers for Medicare & Medicaid Services, the total cost of health care in the United States rose by 9.7% by 2020, reaching USD 4.1 trillion, or USD 12,350 per person. As people are living longer, there is an increased demand for healthcare services, which has resulted in a rise in healthcare expenditure. This, in turn, has led to an increase in the purchase of cardiovascular devices such as pacemakers, stents, and other medical equipment to help manage and treat cardiovascular diseases. Moreover, with aging populations, comes a greater prevalence of chronic diseases such as cardiovascular diseases that require long-term medical care and treatments. As a result, healthcare providers have had to purchase more medical equipment to meet the increasing demand for these services, thus driving up healthcare expenditure.
Cardiovascular Devices Segmentation by Device Type
- Diagnostic and Monitoring Devices
- Electrocardiogram (ECG)
- Remote Cardiac Monitoring
- Others
- Therapeutic and Surgical Devices
- Ventricular Assist Devices (VAD)
- Cardiac Rhythm Management Devices
- Catheters
The Electrocardiogram (ECG) segment is anticipated to hold the largest revenue by the end of 2033. ECGs are more accurate than traditional methods of diagnosing (cardiovascular diseases) CVDs and can detect irregularities in heart rhythm and structure much earlier, allowing for earlier interventions. Additionally, the portability and affordability of the latest ECG devices have enabled easy monitoring of heart health at home, increasing the chances of early detection and prevention of CVDs. Moreover, the introduction of wireless ECG equipment has provided the ability to monitor and diagnose patients in real-time, which is expected to contributed to the growth of the segment. For instance, the Koninklijke Philips N.V. introduced a 12-lead electrocardiogram (ECG) solution for home-based decentralized clinical trials in January 2022. This new solution is designed to make it easier for clinical trial participants to monitor their heart health in the comfort of their own homes. It combines a 12-lead ECG system with a mobile app, allowing participants to capture and share real-time ECG data with their healthcare team.
Cardiovascular Devices Segmentation by Application
- Coronary Artery Diseases
- Cardiac Arrhythmia
- Heart Failure
The coronary artery disease segment is anticipated to hold the largest revenue by the end of 2033. Coronary artery diseases are the most common type of cardiovascular disease, and they are becoming increasingly more prevalent as lifestyles become more sedentary and unhealthy. In accordance with the Centers for Disease Control and Prevention, coronary artery disease accounted for 382,820 deaths in 2020. In the United States, there are about 20.1 million adults over the age of 20 who have CAD. Approximately 2 out of 10 deaths from CAD occurred among adults under 65 in 2020. Coronary artery disease is the leading cause of death in the world and is usually caused by a buildup of plaque in the arteries. Cardiovascular devices can help to reduce the risk of further plaque buildup, as well as helping to strengthen the heart muscle, making it easier for the heart to pump blood.
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Cardiovascular Devices Segmentation by End User
- Hospitals
- Specialty Clinics
- Others
Few of the well-known market leaders in the cardiovascular devices market that are profiled by Research Nester are B Braun Melsungen AG, Abbott, Johnson & Johnson Services, Inc., Terumo Corporation, Edwards Lifesciences Corporation, Medtronic plc, Boston Scientific Corporation, LivaNova PLC, GE Group, Siemens Healthcare GmbH, and other key market players.
Recent Development in the Global Cardiovascular Devices Market
- A study conducted by Abbott revealed data from a series of five late-breaking presentations that showed that minimally invasive devices were effective in treating heart diseases associated with structural disorders such as valve disease and openings in the heart. It also showed that these devices, such as Mitraclip and Triclip, have a high success rate and can be used to reduce the need for open-heart surgery.
- The GE Group has partnered with Boston Scientific Corporation with the aim of providing end-to-end solutions for interventional cardiac care for the Indian population. By enhancing and allowing easy access to cardiac care, the Medtech association is addressing country-wide disease burdens.
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