USD 20.34 Billion Growth in Cardiovascular Devices Market Size - Industry Analysis, Market Trends, Market Growth, Opportunities, Comprehensive Research Report [2023-2030]
NEW YORK, May 17, 2023 /PRNewswire/ -- As per Facts and Factors study, the global cardiovascular devices market size is valued at USD 5.8 billion in 2022 and is expected to reach USD 20.34 billion during the forecast period. The market is expected to grow at a compound annual rate of 13% during 2023-2030.
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Cardiovascular Devices Market: Overview
Cardiovascular devices are medical-grade instruments used to diagnose and treat heart disease and other associated problems. These devices include angioplasty balloon catheters, endovascular grafts, coronary stents, and artificial heart valves. These devices are of immense importance because these instruments save millions of lives each year.
However, the manufacturing and designing of cardiovascular devices are complex. It takes more precision, investment, and research studies to successfully produce these medical instruments.
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- As per the analysis shared by our research analyst, the global cardiovascular devices market is estimated to grow annually at a CAGR of around 13% over the forecast period (2023-2030).
- In terms of revenue, the global market size was valued at around USD 5.8 billion in 2022 and is projected to reach USD 20.34 billion by 2030.
- The rising prevalence of cardiovascular disease is likely to boost the gamification market growth.
- Based on the device type, the diagnostic & monitoring devices segment is the fastest-growing segment in the global market.
- Based on the end users, the hospital segment accounts for the largest share of the global market.
- Based on the applications, the heart failure segment is likely to dominate the global market.
- Based on region, Asia Pacific is expected to dominate the market during the forecast period.
Facts and Factors published the latest report titled "Cardiovascular Devices Market Size, Share, Growth Analysis Report By Device Type (Therapeutic & Surgical Devices And Diagnostic & Monitoring Devices), By End users (Specialty Clinics And Hospitals), By Applications (Heart Failure, Cardiac Arrhythmia, And Coronary Artery Disease), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.
Global Cardiovascular Devices Market: Growth Drivers
- The rising prevalence of cardiovascular diseases is likely to drive the growth of the global market.
The surging occurrences of heart diseases like coronary artery diseases (CAD) and heart failure are one of the major factors boosting the growth of the global cardiovascular devices market. These diseases are boosting the number of surgical operations, and increasing the need for cardiovascular devices.
Also, these heart problems require advanced cardiovascular devices. Some of the most used cardiovascular medical devices include coronary or cardiac stents. For instance, cardiovascular disease is known to be the primary cause of death per year. As per the stats from WHO, each year it is estimated to take around 17.9 million lives.
Another growth factor in the global cardiovascular devices market is the growing geriatric population worldwide. Aging causes malfunctioning in the heart and blood vessels which spike the risk of these cardiovascular diseases.
Global Cardiovascular Devices Market: Restraints
- The high cost of cardiovascular procedures and devices is likely to impede the growth of the global market.
The cost of cardiovascular surgical procedures is very high due to the associated surgical complications. Additionally, such complicated surgeries require advanced and precise medical devices, making the process expensive. Therefore, it is not easily accessible to a wide population which is likely to impede the growth of the global cardiovascular devices industry during the forecast period.
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Cardiovascular Devices Market: Opportunities
- Growing focus on disease diagnostics is likely to offer new opportunities in the global market.
The demand for early diagnosis is increasing owing to the growing burden of cardiovascular diseases. People are now looking forward to taking advanced measures and precautions to save lives and avoid being at a serious stage. However, such advanced diagnosis requires the development of sophisticated and precise medical devices.
Therefore, the growing requirement for such advanced diagnostic cardiovascular devices is expected to create several new lucrative growth opportunities in the global cardiovascular devices market.
Cardiovascular Devices Market: Challenges
- Reduction in hospital visits after covid-19 is likely to be the major challenge in the global market.
The advent of Covid-19 has caused a major change in the healthcare sector. People are not willing to visit hospitals for smaller problems. However, it has reduced the hospital's patient pool, which is expected to be a huge challenge in the global cardiovascular devices industry.
Global Cardiovascular Devices Market: Segmentation
- The global cardiovascular devices market can be segmented into categories namely, device type, end users, applications, and region.
By device type, the market can be segmented into therapeutic & surgical devices and diagnostic & monitoring devices. The therapeutic & surgical devices segment can be further bifurcated into heart valves, stents, catheters, cardiac rhythm management devices, and ventricular assist devices. The diagnostic & monitoring devices segment can be further bifurcated into remote cardiac monitoring, electrocardiogram, and others. The diagnostic & monitoring devices segment is the fastest-growing segment in the global market.
By end-users, the market can be segmented into specialty clinics, hospitals, and others. The hospital segment accounts for the largest share of the global cardiovascular devices market.
By applications, the market can be segmented into heart failure, cardiac arrhythmia, and coronary artery disease. The heart failure segment is likely to dominate the global cardiovascular devices market.
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List of Key Players in Cardiovascular Devices Market:
- Boston Scientific Corporation
- Medical Instruments Spa
- LivaNova PLC
- Lifetech Scientific
- Getinge AB
- Stereotaxis Inc
- AngioDynamics Inc
- Japan Lifeline Co. Ltd.
- Biosense Webster
- MicroPort Scientific Corporation
- Abbott Laboratories
- Lepu Medical Technology(Beijing)Co Ltd
- Saphena Medical
- Terumo Corporation
- Biotronik SE & Co KG
Key questions answered in this report:
- What are the growth rate forecast and market size for Cardiovascular Devices Market?
- What are the key driving factors propelling the Cardiovascular Devices Market forward?
- What are the most important companies in the Cardiovascular Devices Market Industry?
- What segments does the Cardiovascular Devices Market cover?
- How can I receive a free copy of the Cardiovascular Devices Market sample report and company profiles?
Market size value in 2022
USD 5.8 Billion
Revenue forecast in 2030
USD 20.34 Billion
CAGR of almost 13% 2023-2030
2016 – 2021
By Device Type, End users, Applications, and Region
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2023 to 2030
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Boston Scientific Corporation, Medical Instruments Spa, LivaNova PLC, Lifetech Scientific, Getinge AB, CardioFocus, Occlutech, Stereotaxis Inc, CardioFocus, AngioDynamics Inc, Japan Lifeline Co. Ltd., Medtronic, Biosense Webster, MicroPort Scientific Corporation, Abbott Laboratories, Lepu Medical Technology(Beijing)Co Ltd, Saphena Medical, Terumo Corporation, Biotronik SE & Co KG, and others.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
- Asia Pacific to dominate the global market.
Asia Pacific is likely to register the highest growth rate in the global cardiovascular devices market during the forecast period due to the growing number of cardiovascular diseases in the region and the increasing geriatric population. Also, the growing disposable income of the people is another reason for the growth of the regional market. The development in technology and increase in research and development activities is also likely to support the growth of the regional market in the coming years.
However, Europe holds the second position to be the leading region in the global market due to the growing investments in the region. Also, the growing technological advancements in the region are likely to support the growth of the regional market.
Global Cardiovascular Devices Market is segmented as follows:
Cardiovascular Devices Market: By Device Type Outlook (2023-2030)
- Therapeutic & Surgical Devices
- Diagnostic & Monitoring Devices
Cardiovascular Devices Market: By End users Outlook (2023-2030)
- Specialty Clinics
Cardiovascular Devices Market: By Applications Outlook (2023-2030)
- Heart Failure
- Cardiac Arrhythmia
- Coronary Artery Disease
Cardiovascular Devices Market: By Region Outlook (2023-2030)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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