With 6.4% CAGR, Cardiovascular Devices Market Growth to Surpass US$ 82.7 Billion till 2023-28

According to IMARC Group, the global cardiovascular devices market size reached US$ 55.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 82.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.

The report has segmented the market by region, device type, application and end user.

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Factors Affecting the Growth of the Cardiovascular Devices Industry:

• Rising Incidences of Cardiovascular Diseases:

The growing demand for cardiovascular devices on account of rising incidences of various cardiovascular diseases, such as coronary artery disease, stroke, and heart failure, among the masses is offering a positive market outlook. People are suffering from these diseases due to unhealthy lifestyles, poor dietary choices, smoking, and sedentary behavior. Additionally, there is an increase in the demand for innovative and effective medical devices to diagnose, treat, and manage these diseases. Furthermore, the wide availability of devices like stents, cardiac catheters, and heart valves is bolstering the market growth worldwide.

• Growing Geriatric Population:

The rising need for cardiovascular devices among the geriatric population, as they are more prone to heart problems, is supporting the growth of the market. Besides this, they often require medical interventions and devices to maintain their heart health and improve their overall quality of life. Furthermore, manufacturers are introducing cardiovascular devices, particularly for those designed to address age-related conditions like atrial fibrillation and heart valve degeneration, which is bolstering the market growth. In line with this, there is an increase in the demand for reliable and safe cardiovascular devices among the geriatric population.

• Increasing Demand for Innovative Devices:

Technological advancements in cardiovascular devices assist in improving their efficacy and safety and provide enhanced patient outcomes. In addition, the introduction of minimally invasive (MI) procedures, such as angioplasty and transcatheter aortic valve replacement (TAVR), benefit in reducing patient recovery times and complications, which is strengthening the market growth. Apart from this, the integration of advanced technologies, such as bioresorbable stents, remote monitoring systems, and artificial intelligence (AI)-driven diagnostics, in cardiovascular devices allow healthcare professionals to make enhanced decision making.

Cardiovascular Devices Market Report Segmentation:

By Device Type:

• Diagnostic and Monitoring Devices
o Electrocardiogram (ECG)
o Remote Cardiac Monitoring
o Others
• Therapeutic and Surgical Devices
o Cardiac Rhythm Management (CRM) Devices
o Catheter
o Stents
o Heart Valves
o Others

Therapeutic and surgical devices represented the largest segment due to the rising demand for minimally invasive (MI) procedures among individuals.

By Application:

• Coronary Artery Disease (CAD)
• Cardiac Arrhythmia
• Heart Failure
• Others

Coronary artery disease (CAD) accounted for the largest market share as there is an increase in the blockage of the coronary arteries among people.

By End User:

• Hospitals
• Specialty Clinics
• Others

Hospitals hold the biggest market share due to the wide range of cardiac services, such as diagnosis, treatment, and surgical procedures for cardiovascular diseases.

Regional Insights:

• North America
o United States
o Canada
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America enjoys the leading position in the cardiovascular devices market on account of the presence of well-established healthcare infrastructure.

Global Cardiovascular Devices Market Trends:

The rising focus on preventive healthcare measures and early detection of cardiovascular issues among individuals is propelling the growth of the market. In addition, governing agencies of various countries are organizing campaigns to generate awareness about the importance of regular check-ups and screenings.

The increasing focus on patient-centric care and personalized medicines is impelling the growth of the market. Apart from this, cardiovascular devices are tailored as per individual patient needs that benefit in improving treatment outcomes and patient satisfaction.

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Leading Companies Operating in the Global Cardiovascular Devices Industry:

• Abbott Laboratories
• B. Braun Melsungen AG
• Biotronik
• Boston Scientific Corporation
• Canon Medical Systems Corporation
• Cardinal Health Inc.
• Edwards Lifesciences Corporation
• General Electric Company
• LivaNova PLC
• Medtronic PLC
• Siemens Healthineers GmbH (Siemens AG)
• Terumo Cardiovascular Systems Corporation (Terumo Corporation). etc.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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