Global Cardiovascular Devices Market Size By Device Type, (Diagnostics and Monitoring Devices, Surgical Devices), By End Use (Hospitals, Ambulatory Surgery Centers), By Geographic Scope And Forecast

Cardiovascular Devices Market Size And Forecast

Cardiovascular Devices Market size was valued at USD 63.49 Billion in 2024 and is projected to reach USD 104.08 Billion by 2031, growing at a CAGR of 7.03% during the forecast period 2024-2031.

The global Cardiovascular Devices Market is growing at a rapid pace over the past few years. The growing prevalence of cardiovascular diseases across the globe is one of the significant factors boosting the growth of the Cardiovascular Devices Market. Furthermore, growth in the aging population particularly in developed countries further propels the growth of the market. Apart from this, the rising uptake of innovative treatment technologies to treat cardiovascular disorders also provides a boost for the growth of the Cardiovascular Devices Market.

Global Cardiovascular Devices Market Definition

Cardiovascular devices are the type of devices that are used to diagnose and treat heart disease and related health problems. Cardiac implantable electronic devices, including implantable cardioverter defibrillators (ICD), pacemakers, cardiac loop recorders, and biventricular pacemakers, are some of the cardiovascular devices designed to help control and monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure.

Cardiac and vascular surgery devices such as heart valves, balloons, catheters, and stents also play a key role in managing and treating cardiovascular diseases. People with heart failure, advanced heart disease, and certain genetic arrhythmias are often at risk of life-threatening, irregular, and fast heartbeats which are called ventricular arrhythmias. These people with ventricular arrhythmias may need an implantable cardioverter defibrillator, which delivers an electric shock to restore a normal heart rhythm.

The implantable cardioverter defibrillator is for people who are suffering from ventricular arrhythmias and does not respond to other treatments such as medical therapy and catheter ablation.The U.S. Food and Drug Organization regulates a variety of cardiovascular devices that affect and monitors electrical activity including pacemakers, ablation catheters, cardiac mapping systems, and defibrillators. In addition to this, the FDA tests and evaluates the safety of materials used in cardiovascular devices to avoid potential neural and cardiac toxicity.

Global Cardiovascular Devices Market Overview

The increased prevalence of cardiovascular disease across the globe is one of the primary factors driving the growth of the market. The number of deaths that occurred from cardiovascular diseases is steadily rising over the past few decades. For instance, according to the World Health Organization (WHO), around 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these total deaths, 85% were due to stroke and heart attack. A rising aging population and changing lifestyles are some of the main reasons behind the prevalence of CVD.

With rising cardiovascular diseases and associated diagnosis and treatment, the financial burden of CVD is gradually rising.  For instance, as per the data from American Heart Association, Americans suffer 1.5 million strokes and heart attacks every year, which contributes to more than USD 320 billion in annual healthcare costs and lost productivity. The association also revealed that by 2030, this cost is projected to rise to USD 818 billion, while lost productivity costs to USD 275 billion. Therefore, rising CVD across the globe is driving the demand for cardiovascular devices to treat heart-related disorders. However, the high cost of cardiovascular devices is one of the key factors which could hinder the growth of the market over the forecast period.

Furthermore, the presence of stringent government regulations for the manufacturing and launching of the devices in the market also offers considerable challenges for the key players in the market. Besides, rising awareness about the advanced technologies for the treatment of cardiovascular diseases is one of the factors, which is offering potential opportunities for the key vendors in the market over the forecast period. Innovative treatment technologies in CVD, such as 3D printing and transcatheter aortic valve replacement (TAVR), are expanding the market for medical device manufacturers. 3D-printed heart valves are generally made up of living tissues. This eliminates the need for prosthetic valves for aortic valve disease.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Cardiovascular Devices Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in global Cardiovascular Devices Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Global Cardiovascular Devices MarketSegmentation Analysis

The Global Cardiovascular Devices Market is Segmented on the basis of  Type, Product, By End Use And Geography.

Cardiovascular Devices Market, By Device Type

• Diagnostics and Monitoring Devices
• Surgical Devices

Based on Device Type, the market is segmented into diagnostics and monitoring devices and surgical devices. The diagnostics and monitoring devices segment held the largest market share in the global Cardiovascular Devices Market. It includes various types of devices such as ECG, event monitor, Holter monitor, cardiac CT, etc. Among all the diagnostics and monitoring devices, ECG devices accounted for the major market share. The surgical devices segment is anticipated to grow at a significant growth over the forecast period. It includes devices such as stents, pacemakers, catheters, valves, and other accessories. The demand for stents is increasing across the globe. Stents are used to normalize flow when blood is obstructed in blood vessels. It is increasingly being used to treat the diseases such as those affecting the heart and blood vessels of elderly and middle-aged patients.

 Cardiovascular Devices Market, By End Use

• Hospitals
• Ambulatory Surgery Centers
• Cardiac Centers
• Others

Based on End Use, the market is segmented into hospitals, ambulatory surgery centers, cardiac centers, and others. The hospital segment accounted for the major market share in the global Cardiovascular Devices Market. Rising hospital admissions related to cardiovascular diseases across the globe are one of the key factors driving the growth of the market. The increasing hospitalization is reflecting an actual increase in heart-related disorders, which led to driving the demand for cardiovascular devices.

Cardiovascular Devices Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Geography, the Global Cardiovascular Devices Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America region dominated the global Cardiovascular Devices Market in the year 2020. This is mainly attributed to the highly developed healthcare infrastructure, availability of advanced medical treatments, and high awareness about cardiovascular treatments in the region. Furthermore, the presence of many medical device manufacturing companies in the countries such as the U.S. and Canada further drives the growth of the market. Europe region also accounted for a significant market share in the global Cardiovascular Devices Market in 2021. The growing aging population across the region is one of the key factors, which led to a high risk of heart-related disorders in the region. According to the data published by Eurostat, in 2022, more than one-fifth (21.1 %) of the EU population was aged 65 and over. Apart from this, the Asia Pacific region is expected to grow at the highest CAGR over the forecast period. Growing awareness about medical treatments in the countries such as India and China propels the growth of the market.

Key Players

The “Global Cardiovascular Devices Market” study report will provide valuable insight with an emphasis on the global market including some of the major players Becton, Dickinson and Company, Medtronic, Boston Scientific Corporation, B. Braun Melsungen AG, Cook Medical, Inc., Abbott Laboratories, Inc., St. Jude Medical, Inc., Terumo Cardiovascular Systems Corporation among others.

Our market analysis offers detailed information on major players wherein our analysts provide insight into the financial statements of all the major players, product portfolio, product benchmarking, and SWOT analysis. The competitive landscape section also includes market share analysis, key development strategies, recent developments, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2023, Abbott announced the acquisition of Cardiovascular Systems, a Minnesota-based maker of atherectomy devices. The acquisition will add complementary technologies to Abbott’s leading vascular device offerings.
• In July 2021, Medtronic plc announced that Two AccuRhythm AI algorithms have been approved by the U.S. Food and Drug Administration (FDA) for use with the LINQ II insertable cardiac monitor.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segmen