“Cardiovascular Devices Market | DataM Intelligence”
The Europe market is anticipated to generate the second-largest revenue of USD million by the end of 2030. The market is further segmented by country into the United Kingdom, Germany, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe
Cardiovascular Devices Market Outlook
Cardiovascular devices are used to diagnose heart diseases and treat related health problems. The cardiovascular devices market is segmented by device type and geography.
Market Size Growth Rate:
According to the DataM market research report, the global cardiovascular devices market size was valued at USD billion in 2021, it is projected to reach USD billion by 2029, with growth at a CAGR of 6.8% over the forecast period 2022-2029.
Major factors driving the market is the growing global burden of various coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac-related deaths. Furthermore, technologies used in the development of cardiology devices have improved majorly over the past decade, and indications for these devices have expanded. This has led to a rising number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes.
The most common illnesses identified to affect people worldwide are cardiovascular disorders, which are also the main causes of mortality. According to statistics from the World Health Organization (WHO) for 2020, ischemic heart disease is to blame for 16% of all fatalities worldwide. According to a February 2020 article titled “Heart failure (HF) in France: Chronic Heart Failure Therapeutic Management and Risk of Cardiac Decompensation in Real-Life Setting,” approximately one million people in France would be affected by HF. Despite well-defined treatment management, there are nearly 70,000 HF-related deaths and more than 150,000 hospitalizations.
Additionally, during the past ten years, technologies employed in the development of cardiac devices have advanced dramatically, and their indications have grown. As a result, more patients are being treated with cardiology devices, which has resulted to exponential improvements in therapeutic and monitoring outcomes. One such development is artificial intelligence, which has significantly enhanced the field of cardiology’s ability to diagnose specific heart diseases. For instance, GE Healthcare’s ultra-edition package of vivid cardiovascular ultrasound systems, which includes new features based on artificial intelligence (AI) that enable clinicians to acquire faster, more repeatable exams consistently, received the 510k clearance from the US Food and Drug Administration in October 2020.
The market for cardiovascular devices is predicted to be significantly hampered by strict regulatory restrictions. Additionally, the gadgets’ producers will suffer a large financial loss if the regulatory bodies’ requirements are not met and they are not permitted for sale. The possibility of a device recall, which is higher in the case of cardiovascular devices, exists when products do not meet USFDA requirements and could have a detrimental effect on the market under consideration. For example, the USFDA issued a Class I recall for Abbott’s NC Trek RX and NC Traveler RX Coronary Dilatation Catheters on February 24, 2020, due to balloon deflation (diameters 4.0mm, 4.5mm, and 5.00mm).
Advancements in cardiovascular medical device technologies drive the preference for minimally invasive procedures. These developments are instrumental in positioning less invasive procedures as the operating method of choice because they rely heavily on using catheters and other specialized medical equipment designed to be inserted into the body through small incisions for therapeutic interventions and diagnostic measurements.
For instance, novel innovations like smart balloon catheter systems are equipped with electronics, sensors and mechanisms. They are consistently redesigned to deliver ablation therapy, blood flow data, hematological data and electrical stimulation through a single device.
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COVID-19 Impact Analysis:
The development of cardiovascular devices was disrupted in 2020 by the COVID-19 pandemic. The market for cardiovascular medical devices has also suffered from the cancellation of elective treatments as a result of COVID-19-related regulations, particularly in 2020. A global epidemic has caused some cardiovascular surgeries to be postponed or delayed, while others are still regarded as urgent. As a result, for some patients, prescription drugs and lifestyle modifications may be recommended rather of cardiovascular operations. Due to healthcare resources being allocated to COVID-19 patients, there has been a decline in the diagnosis of cardiovascular disease. Many medical device businesses have experienced losses in their cardiovascular devices sector as a result of the epidemic. For instance, in its 2020 projection, Medtronic disclosed a 33 percent drop in its cardiac and vascular business area.
Recent Developments in the Industry:
- Japan’s Ministry of Health, Labor, and Welfare granted Medtronic PLC permission to sell and reimburse for the Micra AV Transcatheter Pacing System in January 2022. (TPS). With this approval, more patients in Japan, one of the biggest markets in the world, will be qualified to receive the Micra TPS, the smallest pacemaker ever created.
- Federal Minister for Health Greg Hunt announced in January 2022 funding for two new research centres through Australia’s Medical Research Future Fund (MRFF) and the MTPConnect Targeted Translation Research Accelerator Scheme.
As per the research analysis, the global cardiovascular devices market is segmented by device type into diagnostic and monitoring devices, electrocardiogram (ECG), remote cardiac monitoring, other, therapeutic and surgical devices, cardiac assist devices, cardiac rhythm management devices, by application into coronary heart disease (CAD), cardiac arrhythmia, heart failure, other and by end user into hospitals, specialty clinics, other.
- On the basis of type, the electrocardiogram (ECG) sub-segment is estimated to grow at highest CAGR of % during the forecast period (2022-2029). A new generation of portable and compact ECGs is pushing their increased acceptance on the diagnostic and monitoring front, particularly in the home healthcare market. The prevalence of cardiovascular diseases (CVD), for which long-term ECG monitoring is required, has increased. Additionally, the availability of wireless ECG has allowed medical professionals to promptly monitor and diagnose patients from a distance. For instance, in September 2020, the AI-based cardiology diagnostics business Cardiologs and MicroPort CRM agreed to an exclusive distribution arrangement in France for the resale of the latter’s cloud analysis solution for Holter ECGs.
The global cardiovascular devices market is segmented into major countries including North America, Europe, South America, Asia Pacific, and Middle East and Africa.
North America Cardiovascular Devices Market:
The United States in North America dominates the cardiovascular devices market due to the high prevalence of cardiovascular diseases, the high adoption rate of minimally invasive procedures, the presence of reimbursements, the rising geriatric population, and the high demand for continuous and home-based monitoring. According to the American Heart Association’s statistics published in January 2019, nearly half of Americans have cardiovascular disease, including hypertension, coronary heart disease, etc. Also, as per the Centers for Disease Control and Prevention (CDC) ‘s Article titled ‘Heart Disease Facts,’ updated in September 2020, heart disease is the leading cause of death in the United States. The same source also reports that about 805,000 Americans have a heart attack every year.
In addition, a few of the key market players in the country are developing novel products and technologies to compete with the existing products, while others are acquiring and partnering with other companies trending in the market. For instance, in September 2020, Abbott restarted its LIFE-BTK clinical trial to evaluate the safety and effectiveness of the company’s new Esprit BTK Everolimus Eluting Resorbable Scaffold System. This is the first investigational device exemption (IDE) trial in the United States to evaluate a fully bioresorbable stent to treat blocked arteries below the knees or critical limb ischemia (CLI) in people battling advanced stages of peripheral artery disease (PAD).
The Europe market is anticipated to generate the second-largest revenue of USD million by the end of 2030. The market is further segmented by country into the United Kingdom, Germany, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe.
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The cardiovascular devices market is competitive. However, it is expected to grow rapidly in the next couple of years with intense competition among the players and a rising number of cases. Few key players are already being observed adopting strategies, such as collaboration for the development of therapies and drugs, which may make the market crowded with new products in the next couple of years.
Major key companies which are contributing to the growth of the market include Abbott Laboratories, Boston Scientific Corporation, Edwards Lifesciences, Cardinal Health Inc., Medtronic PLC, B. Braun Melsungen AG, Siemens Healthcare GmbH, Terumo Cardiovascular Systems Corporation, GE Healthcare.
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global cardiovascular devices market segmentation by device type, application, end user, and region highlighting the key commercial assets and players.
- By Device Type: Diagnostic and Monitoring Devices, Electrocardiogram (ECG), Remote Cardiac Monitoring, Other, Therapeutic and Surgical Devices, Cardiac Assist Devices, Cardiac Rhythm Management Devices
- BY Application: Coronary Heart Disease (CAD), Cardiac Arrhythmia, Heart Failure, Other
- By End User: Hospitals, Specialty Clinics, Other
- By Region: North America, South America, Europe, Asia Pacific and Middle East and Africa
- Identify commercial opportunities in the global cardiovascular devices market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as, porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
- Excel data sheet with thousands of data points of global cardiovascular devices market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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Source: Financial Content