Cardiovascular Devices Market to Hit USD 110.39 Billion by 2029 with 7.3% CAGR | MarketsandMarkets Trademark

The prominent players operating in the global cardiovascular devices market are Medtronic Plc (Ireland), Abbott Laboratories (US), Boston Scientific Corporation (US), Terumo Corporation (Japan), GE Healthcare Technologies, Inc. (US)
The global cardiovascular devices market [https://www.marketsandmarkets.com/Market-Reports/cardiovascular-devices-market-72205881.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=cardiovasculardevicesmarket], valued at US$ 72.83 billion in 2023, is forecasted to grow at a robust CAGR of 7.3%, reaching US$ 77.71 billion in 2024 and an impressive US$ 110.39 billion by 2029.

The growth of the cardiovascular devices market is primarily due to the increasing prevalence of CVD, the aging population, and the growing prevalence of risk factors like diabetes, hypertension, obesity, and sedentary lifestyle. Technological improvements, such as bioresorbable stents, drug-eluting stents, bioresorbable occluder and imaging systems, are significantly enhancing procedural efficacy and patient outcomes, making cardiovascular devices appealing and accessible. Countries in emerging economies are also focused on modernizing healthcare infrastructure with favourable investments in healthcare systems expected to fuel the adoption of cardiovascular devices. Additionally, the growing preference of patients towards minimally invasive procedures and remote monitoring owing to procedural benefits such as rapid diagnosis, shorter hospital stays rapid recovery time is also expected to boost the demand for these devices during the forecast period.

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Based on Product type, the cardiovascular devices market has been segmented into cardiac imaging & diagnostic device, Cardiac rhythm management device, Interventional cardiology device, Cardiac assist device, Electrophysiology device, External support device and Monitoring device. Among these segments, the cardiac imaging and diagnostic device would hold a significant market share in 2023. This can be attributed to widespread applications of these devices in monitoring and treating cardiovascular conditions coupled with rising prevalence of cardiovascular diseases. Devices such as ECGs, cardiac MRI machines, and CT scanners can be used to diagnose heart conditions such arrhythmias, heart failure, and coronary artery disease. An ECG provides real-time activity of the heart, allowing for the early diagnosis of abnormalities; a cardiac CT scan allows for a detailed visualization of the coronary artery blockage. Wearable cardiac monitors such as Holter monitors, and portable ECGs facilitate continuous monitoring and allow for timely interventions in the case of arrhythmias or other cardiac events. Furthermore, the need for precise diagnostic procedures has grown as a result of the increasing prevalence of cardiovascular illnesses brought on by an aging population, sedentary lifestyles, and other risk factors including obesity and diabetes.

Based on indication type, the cardiovascular devices market is segmented into coronary artery disease, arrhythmias, structural heart disease, congestive heart failure, inflammatory heart disease and other cardiovascular indicatios. The other cardiovascular indications include, health check-ups, fitness and wellness tracking, monitoring during surgeries and post recovery. The most important share is held by arrhythmias, given the high prevalence and its clinical impact . With population aging, and hypertension, obesity, and diabetes becoming more frequent comorbidities, lead to conditions like atrial fibrillation (AFib), the most common form of arrhythmia. Arrhythmias may cause severe complications, such as stroke, heart failure, and sudden cardiac death, thus increasing the demand for proper diagnostic and therapeutic solutions. The sophisticated devices, such as ICDs, pacemakers, and cardiac mapping systems, have a major role in managing arrhythmias, thereby creating immense growth opportunities in the market.

Based on end user, the cardiovascular devices market is segmented into hospitals & clinics, Diagnostic laboratories, Ambulatory surgical centers and other. The other end users include research organizations, CROs, Fitness centers and home care settings. In 2023, hospitals took the largest share in cardiovascular devices market. The majority of monitoring and interventional cardiology procedures are conducted in hospital settings, where specialized facilities and equipment are readily available to handle complex procedures safely. Hospitals are equipped with catheterization labs, or cath labs, that provide the necessary environment for a range of interventions, such as angioplasty and stenting, coronary artery bypass grafting (CABG), and transcatheter aortic valve replacement (TAVR). These settings also ensure immediate access to critical care services and emergency interventions if needed

In 2023, North America accounted for the largest share of the cardiovascular devices market, followed by Europe and Asia Pacific. Cardiovascular devices in North America is experiencing rapid advancements, driven by technological innovations and increasing demand for minimally invasive procedures. The region has seen notable progress in catheter-based technologies, imaging techniques, and stent designs, which together enhance the accuracy, safety, and success rates of interventions. Drug-eluting stents (DES), bioresorbable vascular scaffolds and occludes, and newer iterations of drug-coated balloons are widely used, with more advanced versions continually emerging to improve patient outcomes. Additionally, sophisticated imaging techniques, such as optical coherence tomography (OCT) and intravascular ultrasound (IVUS), allow cardiologists to visualize blood.

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The prominent players operating in the global cardiovascular devices market are Medtronic Plc (Ireland), Abbott Laboratories (US), Boston Scientific Corporation (US), Terumo Corporation (Japan), GE Healthcare Technologies, Inc. (US), Edward Lifesciences Corporation (US), Siemens Healthineers AG (Germany), Johnson & Johnson (US), Baxter International Inc (US), B. Braun SE (Germany), Getinge AB (Sweden), Koninklijke Philips N.V. (Netherlands), Lepu Medical Technology (Beijing) Co., Ltd (China), Nihon Kohden Corporation (Japan), MicroPort Scientific Corporation (China), Japan Lifeline Co., Ltd. (Japan), AngioDynamics, Inc.(US), LifeTech Scientific Corporation (China), Artivion Inc (US), Sahajanand Medical Technologies Limited (India), OrbusNeich Medical Group Holdings Limited (China), BPL Medical Technologies (India), BiotroniK. (Germany),), W.L. Gore & Associates, Inc (US), Canon medical systems corporation (Japan), Picard Medical Company (US).

Abbott Laboratories (US): Abbott Laboratories is a well-known player in the cardiovascular devices market. The company offers a wide variety of innovative cardiovascular health solutions. Its products include leadless pacemaker systems, implantable cardioverter defibrillators, cardiac resynchronization therapy devices, left ventricular assist devices, among many others. Abbott adapts the strategy according to the conditions of each market, using direct sales or distributors to efficiently reach customers. Abbott is very well placed having a much larger global presence, catering to the cardiovascular devices market, which is of utmost importance, by expanding its network of subsidiaries.

Boston Scientific Corporation (US): Boston Scientific is a leader in cardiovascular devices with innovative solutions towards advancing cardiovascular health and improving patient outcomes. It has extensive portfolio of cardiovascular devices, such as drug-eluting stents up to balloon catheters, delivering accuracy and effectiveness. Boston Scientific focuses on minimally invasive technologies which enables optimization of procedural efficiency as well as recovery times to ensure safety. Well established R&D at a global level, the company ensures providing revolutionary innovations at times, catering to the needs of both the healthcare professionals and patients.

Medtronic (US): Medtronic is one of the most recognized leaders in the cardiovascular devices market, offering extensive solutions for the treatment of heart and vascular diseases with innovative products. It covers drug-eluting stents, balloon catheters, guide wires, and systems for transcatheter aortic valve replacement. Its portfolio also includes structural heart interventions and peripheral vascular solutions. The company aims at developing minimally invasive techniques in order to enhance patient outcome and procedure efficiency. It has a global presence, therefore ensuring extensive access to its life-saving technologies, thus making Medtronic a trusted name in cardiovascular care.

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