Cardiovascular Devices Market Size to Surpass USD 86.27 billion by 2028, exhibiting a CAGR of 6.9%
Fortune Business Insights
6 min read
As per the report by Fortune Business Insights, the global Cardiovascular Devices Market size is projected to reach USD 86.27 billion in 2028, at a CAGR of 6.9% during the forecast period
Cardiovascular Devices Market
Cardiovascular Devices Market (2021-2028)
Pune, India, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global cardiovascular devices market size was USD 54.08 billion in 2021 and it is predicted to reach USD 86.27 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. The technological advancements in cardiovascular devices, such as the development of artificial intelligence (AI)-powered devices, are expected to create new opportunities for market growth.
Numerous initiatives adopted by public authorities to enable the availability of cardiovascular devices to a large population in developing regions will probably steer the market. There are increasing cases of heart diseases such as coronary artery disease, heart failure, congenital heart disease, heart attack, cardiomyopathy, and others. It can have a tremendous impact on the market. Moreover, the increasing geriatric population and their vulnerability to various chronic diseases, especially heart diseases, are major factors propelling the growth of the market.
Key Industry Development:
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.
The increasing prevalence of cardiovascular diseases is the major driver of the market growth.
The rising demand for minimally invasive procedures is also expected to boost market growth.
The technological advancements in cardiovascular devices, such as the development of artificial intelligence (AI)-powered devices, are expected to create new opportunities for market growth.
The high cost of cardiovascular devices is a major challenge for the market growth.
Discover the Leading Players Featured in the Report:
Major players in the cardiovascular devices market are B. Braun Melsungen AG (Melsungen, Germany), Medtronic (Dublin, Ireland), Abbott (Abbott Park, U.S.), Boston Scientific Corporation (Marlborough, U.S.), Edwards Lifesciences Corporation (Irvine, U.S.), Johnson & Johnson Services, Inc. (New Brunswick, U.S.), GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.), LivaNova PLC (London, U.K.), Siemens Healthcare GmbH (Erlangen, Germany), Terumo Cardiovascular Systems Corporation (Tokyo, Japan).
Rising Prevalence of Cardiovascular Diseases to Boost Market
The most important factor driving the market is the increasing prevalence of heart diseases. This, coupled with the advent of advanced technological diagnostics to diagnose heart diseases, is creating lucrative growth opportunities. Besides this, regional governments' increasing awareness and initiatives are expected to propel the cardiovascular devices market growth. Additionally, major investments are made to cater to the rising demand for cardiovascular surgical devices, which will help the market to gain momentum in the forecast period.
However, the market may be negatively impacted by the inability of vendors to invest in the 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.
Presence of Major Vendors Strengthening North America Market Share
North America is holding the major cardiovascular devices market share, and the region stood at USD 26.35 billion in 2020. 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 revenue on account of the rise in the prevalence of heart diseases and the market's regulatory scenario. 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 governments will help the Asia Pacific market witness steady growth in the forthcoming years.
Competitive Landscape:
Medtronic to Hold the Largest Share Backed by its Diverse Product Portfolio
Medtronic, Abbott, Boston Scientific Corporation, and Edwards Lifesciences are some of the most well-known firms. These businesses have a strong and diverse cardiovascular device portfolio. Medtronic is a market leader due to its diverse array of cardiovascular devices, including diagnostic and surgical equipment such as aortic stent grafts and coronary catheters. Medtronic's Indian subsidiary announced the debut of the Azure pacemaker with BlueSync technology in October 2020, making it the first pacemaker in India to interact with a patient's smartphone or tablet. Boston Scientific Corporation, which makes catheters, guard wires, coronary stents, and imaging equipment, is also a major participant in the market. Boston Scientific Corporation stated in January 2021 that it had reached a formal deal to buy Preventice Solutions, Inc., a business that provides a comprehensive variety of mobile heart health solutions.
FAQ’s
How Big Is The Cardiovascular Devices Market?
The Cardiovascular Devices Market size was USD 54.08 billion in 2021.
How Fast Is The Cardiovascular Devices Market Growing?
The Cardiovascular Devices Market will exhibit a CAGR of 6.9% during the forecast period of 2021-2028.
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