Cardiovascular devices are medical equipment used in the treatment of various cardiovascular disorders and conditions. Some key cardiovascular devices include stents, catheters, heart monitors, pacemakers and implantable cardioverter defibrillators. These devices help in diagnosis, treatment and monitoring of critical cardiovascular diseases. The growing geriatric population worldwide susceptible to hypertension, heart failure and coronary artery diseases is increasing the demand for cardiovascular devices.
The global cardiovascular devices market was valued at US$ 53,020.7 Mn in 2022 and is forecast to reach the value of US$ 89,719.7 Mn by 2030 at a CAGR of 7.80%between 2023 and 2030.
Key Takeaways
Key players operating in the Cardiovascular Devices are Livanova PLC, B. Braun Melsungen AG, Edwards Lifesciences, Biotronik, Medtronic PLC, GE Healthcare, Cardinal Health Inc., Abbott Laboratories, Siemens Healthineers AG, WL Gore and Associates Inc., Boston Scientific Corporation, and Canon Medical Systems Corporation.
Cardiovascular Devices Market Growth offers immense growth opportunities owing to the rising incidence of congenital heart diseases and development of innovative cardiovascular products. The favorable reimbursement scenario for cardiovascular procedures in developed countries is also fueling market growth.
The major players are focusing on emerging markets for accelerated global expansion. Rising healthcare expenditure in developing countries provides enormous growth prospects for cardiovascular devices.
Market Drivers
The increasing prevalence of cardiovascular diseases is the major driver propelling the cardiovascular devices market growth. According to the World Health Organization, cardiovascular diseases account for over 18 million deaths annually across the globe. The rising risk factors such as smoking, obesity and physical inactivity are further augmenting the incidences of various heart conditions requiring cardiovascular devices. The ongoing technological advancements in cardiovascular devices resulting in minimally invasive procedures and flexible product offerings are positively impacting the market expansion.
PEST Analysis
Political: The cardiovascular devices market is regulated by various agencies and regulations. Manufacturers have to comply with standards, certifications and undergo an approval process before marketing the devices.
Economic: Changing economic conditions can impact the demand for cardiovascular devices. Factors like healthcare budgets, out-of-pocket spending influence purchasing decisions.
Social: Globally, aging populations and increasing lifestyle diseases like diabetes, obesity drive cardiovascular diseases. Social awareness about treatments positively affects the market.
Technological: Continuous technological advancements help develop new generations of minimally invasive, surgical and diagnostic devices with better efficacy. Investments in R&D facilitate innovation.
Geographical Regions with High Concentration
North America accounts for a sizeable market share due to presence of sophisticated healthcare infrastructure and large patient base. Availability of reimbursement and awareness boost adoption of devices. Asia Pacific is witnessing rapid growth led by China and India where rising incomes allow greater access to treatments.
Fastest Growing Region
Asia Pacific region is projected to be the fastest growing Cardiovascular Devices Market Regional Analysis during the forecast period. This is attributed to improving healthcare facilities, growing medical tourism, rising health expenditures and increasing incidence of cardiovascular disorders associated with changing lifestyles in developing Asian countries.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace