Cardiovascular
Cardiovascular Devices Market 2023 Industry Analysis, Opportunities, Technology, Demand, Top Players and Growth Forecast 2031
Our comprehensive research on the Global Cardiovascular Devices Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global cardiovascular devices market size was US$ 47.1 billion in 2021. The global cardiovascular devices market is forecast to grow to US$ 72.28 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.40% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The growing prevalence of heart-related diseases will primarily drive the global cardiovascular devices market forward,
Among Americans, around one individual dies every 40 seconds due to cardiovascular disease. A study by the American College of Cardiology states that cardiovascular disease (CVD) resulted in 8,00,000 deaths in the US in the year 2017.
The rising rate of sedentary lifestyle adoption, majorly due to work from home culture and unhealthy routine habits, will contribute to the growth of the global cardiovascular devices market. Furthermore, growing cases of hypertension, smoking, and rising consumption of alcohol will escalate the growth of the global cardiovascular devices market during the study period.
The growing geriatric population and technology advancements will benefit the global cardiovascular devices market. In addition, rising healthcare expenditure and trending home healthcare will benefit the global cardiovascular devices market.
The growing popularity of wireless ECG to diagnose and monitor the patient remotely on time will surge the growth of the global cardiovascular devices market during the forecast period.
The rising number of FDA approvals and partnerships will offer ample growth opportunities for the global cardiovascular devices market. For instance, Cook Medical received approval from U.S. Food and Drug Administration (FDA) in February 2019 for Zenith endovascular aortic dissection system. In addition, Sahajanand Medical Technologies inked a partnership with Cardinal Health in March 2018 with the aim to present Cardinal Health access to the Indian cardiology market. Such events are likely to benefit the global cardiovascular devices market in the coming years.
COVID-19 Impact Analysis
The COVID-19 pandemic had a negative impact on the global cardiovascular devices industry. Various patients suffered from critical heart diseases, which increased the demand for effective treatment. However, the manufacturing disruptions during the first phase of the pandemic altered the growth landscape of the global cardiovascular devices market. Moreover, regular check-ups and diagnoses were either postponed or cancelled for a long time. As a result, it impacted the growth of the global cardiovascular devices market.
Regional Analysis
North America is forecast to hold the largest share in the global cardiovascular device market. It is owing to the rising awareness related to the commercially available products, growing penetration of advanced surgical products, increasing rate of geriatric population, and unhealthy lifestyle of the population. Further, the trending home healthcare is forecast to offer ample growth opportunities for the regional market.
The Asia-Pacific cardiovascular devices market is forecast to register strong growth due to growing healthcare expenditure, favorable initiatives by government bodies, and the rising prevalence of cardiac disease. In addition, the high investments by healthcare bodies for the latest equipment and rising R&D activities will further fuel the growth of the market.
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Competitors in the Market
- Abbott Laboratories
- Medtronic PLC
- Boston Scientific Corporation
- Cardinal Health Inc.
- Edward Lifesciences
- Biosense Webster, Inc.
- Cook Medical
- Sahajanand Medical Technologies
- Siemen AG,
- General Electronic Company
- B. Braun Melsungen AG
- Koninklijke Philips N.V.
- St. Jude Medical, Inc.
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Cardiovascular Devices industry experienced notable growth in its workforce. Starting in January, employment within the Cardiovascular Devices sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Cardiovascular Devices output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sectors production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Cardiovascular Devices output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Cardiovascular Devices market, remains both its largest producer and consumer. Remarkably, Chinas market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nations GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Cardiovascular Devices market.
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Market Segmentation
The global cardiovascular devices market segmentation focuses on Device, End-User, and Region.
Based on Device Type
- Electrocardiography (ECG)
- Cardiac Catheter
- Heart Valve, Pacemaker
- Defibrillator
- Event Monitor
- Guidewire
- Others
Based on End-User
- Cardiac Centers
- Ambulatory
- Surgery Centers
- Hospitals
Based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Cardiovascular Devices Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Cardiovascular Devices Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Cardiovascular Devices Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Cardiovascular Devices Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Cardiovascular Devices market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Cardiovascular Devices market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Cardiovascular Devices business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
? Assisting businesses in gauging the viability of new or existing products or services.
? Facilitating business enterprises in the identification and cultivation of novel market segments.
? Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
? Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
? Analyzing market trends to aid businesses in devising adaptive strategies.
? Guiding businesses in the optimal placement of their products.
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