Cardiovascular Devices Market

Cardiovascular Devices Market: Overview

Globally, cardiovascular disease is among the most common medical disorders. For example, a study published in February 2022 by the Heart and Stroke Foundation of Canada found that 750,000 Canadians have been diagnosed with heart failure, and 100,000 are afflicted with this deadly ailment each year. Consequently, the market is growing since cardiovascular devices are essential for precisely identifying and treating cardiac conditions. The market's primary drivers also include the need for less intrusive procedures, the rapid advancement of technology, and the rise in reasonably priced and efficient gadgets. 

A cardiovascular device is a medical device used to treat, monitor, and diagnose cardiovascular illness. The increasing incidence of cardiovascular diseases, which are linked to sedentary lifestyles, poor eating habits, and increased stress levels, is one of the primary factors propelling the expansion of the cardiovascular devices market. The market's revenue growth is being propelled by the aging population and technological developments in cardiovascular devices.

A worrying trend in health is highlighted by the growing number of people suffering from cardiovascular conditions such heart failure, arrhythmia, and coronary artery disease. There are several reasons for this increase in the prevalence of cardiovascular diseases. Due to the fact that cardiovascular illnesses tend to increase with age, the aging population is important. The number of people who are naturally more vulnerable to heart-related conditions is rising as the world's population ages.

Atherosclerosis, stroke, heart failure, and arrhythmia are among the most prevalent conditions that fall under the umbrella term of cardiovascular disease. Although the exact causes of cardiovascular disease can differ, smoking, high blood pressure, high cholesterol, diabetes, obesity, and a poor diet are the key risk factors. In recent years, scientists have identified several pharmacological targets from animal research and tested them for the treatment of cardiac disease; they have yielded promising ideas for novel treatments and biomarkers for the diagnosis of the condition. Nevertheless, current therapy approaches are falling behind, and only a small number of novel drugs have received clinical approval. Medical science has developed a number of treatments and diagnostics for cardiovascular disease, but modern technologies need to be integrated with the treatment to improve patient outcomes and help the cardiac devices sector grow.

Cardiovascular Devices Sector: Growth Drivers and Challenges

Growth Drivers

• Growing Minimal Invasive Medical Procedures – The use of minimally invasive surgery (MIS) in various operations grew rapidly between 2003 to 2018.  The application rate of MIS rose from 87% to 92% in cholecystectomy, 21% to 45% in inguinal hernia repair, 9% to 41% in colectomy, 40% to 85% in gastrectomy, and 70% to 90% in Nissen UK.

• Rising Consumption of Tobacco – It is anticipated that tobacco use will accelerate market expansion because it has been connected to poor cardiovascular health. According to the World Health Organization, approximately 22.3% of people worldwide smoked tobacco in 2020, including 36.7% of males and 7.8% of women.

• Increasing Compact Devices and Pacemakers – Growing awareness and developing technology have given rise to user-friendly and compact health measuring devices, and it is anticipated to boost the global cardiovascular devices market. For instance, about 30% of the population in China wears connected health devices such as fitness trackers.

• Rising Awareness and Adoption of Remote Healthcare – Remote interactions and online consultations have become one of the primary ways to seek medical advice, especially since the pandemic. As per the estimations, 75% of hospitals in the U.S. associate with patients and concerned physicians through audio and video consultation.

• Increasing Obese Population – Poor lifestyle choices and eating disorders give rise to obesity, which can severely impact a person’s cardiovascular health. The prevalence of obesity in the U.S. in 2020 rose from 30.5% in 2017 to 41.9% in 2020 as per the Centers for Disease Control and Prevention.

Challenges

• Lack of Reimbursement Policies and Medical Insurance – In the United States, those without insurance have less access to healthcare than those with insurance. In 2021, one in 5 people without insurance neglects vital medical care owing of expense. Moreover, nearly, 27.5 million non-elderly people lacked health insurance in 2021 in the United States.

• Unavailability of Investors for R&D

• Lack of Awareness about Devices and their Operation

Cardiovascular Devices Market Growth Factors

Rise in the Prevalence of Cardiovascular Diseases to Boost the Global Market

In terms of expenses and medical services, the most common cause of patient growth is heart disease. One of the main factors driving the growth of the cardiovascular devices market is the increase in the prevalence of chronic cardiovascular illnesses like heart failure and coronary artery disease (CAD). Coronary or cardiac stents are among the most important cardiovascular devices. These devices aid in the treatment of potentially fatal cardiac problems, including atrial fibrillation, coronary heart disease, heart attacks, and constricted artery opening. The global need for sophisticated cardiac devices is increased by the frequency of cardiac disorders.

As per the Centers for Disease Control and Prevention (CDC) data published in November 2023, in the U.S., the percentage of adult individuals diagnosed with coronary heart disease was 4.9% in 2022. Also, cardiovascular diseases are the leading cause of death in the U.S., eventually contributing to 695,547 deaths in 2022. According to the World Health Organization, heart diseases cause an estimated 17.9 million deaths each year.

Moreover, the surge in approvals for new devices by regulatory authorities also provides major momentum to the growth of the market. Numerous initiatives adopted by public authorities to enable the availability of cardiovascular devices to a large population in developing regions will probably steer the market during the forecast period.

Increasing Availability of Efficient Devices to Drive Market

The pervasiveness of heart diseases globally has a noticeable increase, which drives the demand for efficient heart devices. Accessibility of advanced devices has led to the adoption of these devices in these countries. In addition, adopted initiatives catering to the rise in demand for these devices in emerging economies have boosted the market. Moreover, investors are focused on expanding the availability of economical cardiovascular devices in countries such as India, China, Mexico, and others. This, in turn, is expected to attract huge cardiovascular devices market share in the upcoming years.

For instance, in January 2023, UltraLinQ Healthcare Solutions introduced a new cardiac monitoring product at the Arab Health 2023. It includes an end-to-end system, which allows specialist clinics and hospitals to offer Holter services to patients remotely at home and to patients visiting their clinics.

Cardiovascular Devices Market Segmentation Analysis

By Device Type Analysis

Therapeutic and Surgical Devices to Hold Dominant Share during the Forecast Period

Based on the device type, the market is segmented into diagnostic and monitoring devices, and therapeutic and surgical devices. The diagnostic and monitoring devices segment can be further sub-segmented into electrocardiogram (ECG), remote cardiac monitoring, and others. The therapeutic and surgical devices segment can be further sub-segmented into ventricular assist devices (VAD), cardiac rhythm management (CRM) devices, catheters, stents, heart valves, and others.

The therapeutic and surgical devices segment is anticipated to observe significant growth in the upcoming years due to the increasing number of local & regional players in the global market to serve the growing demand for advanced cardiac devices for therapeutic purposes. Furthermore, new product launches by major players would also drive the market.

For example, in December 2020, Abbott announced the launch of its clip-delivery system to treat patients suffering from mitral regurgitation. The diagnostic and monitoring devices segment is predicted to record a lower growth rate than the other segment but still has a considerable global market share.

By Application Analysis

Coronary Artery Disease (CAD) Segment to Account for the Maximum Share

By applications, the global market is categorized into coronary artery disease (CAD), cardiac arrhythmia, heart failure, and others.

Coronary artery disease (CAD) has the highest revenue in 2023 and is anticipated to remain the dominant segment in the forecast period. This is primarily because a significant number of cardiovascular devices such as coronary stents are used to treat coronary artery disease (CAD) involving the narrowing of arteries which leads to other cardiac conditions such as heart attacks.

Cardiac arrhythmia is also expected to drive steady growth due to a surge in the adoption rate of pacemakers with futuristic technology to treat this condition. For instance, the Indian subsidiary of Medtronic launched the Azure pacemaker enabled with BlueSync technology. Heart failure cases are also expected to observe positive growth due to devices such as ventricular assist devices (VAD) for treating the disease.

By End User Analysis

Hospitals Segment to Retain its Leading Position in the Forecast Period

By end user, the global market is segmented into hospitals, specialty clinics, and others. In terms of revenue, the hospitals segment is considered the leading segment in 2023, owing to the requirement of trained medical professionals to insert critical cardiovascular devices such as stents. Furthermore, hospitals also help in the reduction of adverse reactions in patients during critical medical procedures.

For example, the Cardiovascular Care Center at the Charlton Memorial Hospital announced that they had added a new electrophysiology lab. They also announced the complete renovation of the cardiac catheterization lab for elective as well as emergency treatments. Adding to it, specialty clinics are expected to be a rapidly growing segment during the forecast period with a comparatively significant CAGR.

Regional Insights

• North America dominated the largest market

North America, particularly the United States, exhibits a higher incidence of cardiovascular diseases compared to other regions. This elevated prevalence is attributed to lifestyle factors such as sedentary habits, poor dietary choices, and a heightened occurrence of risk factors like obesity and diabetes, contributing to an increased burden of cardiovascular diseases in the population. Additionally, advancements in the technologies utilized for cardiology devices have witnessed significant progress over the past decade, due to expanded indications for these devices.

As a result of these advancements, cardiology devices are increasingly being used to treat a growing number of patients, with exponentially better therapeutic and monitoring results. Interestingly, artificial intelligence is a noteworthy development that has improved cardiology by improving the ability to detect particular cardiac diseases. The US FDA, for instance, approved two AccuRhythm AI algorithms developed by Medtronic in July 2021 for use with the LINQ II insertable cardiac monitor (ICM). By using artificial intelligence to evaluate heart rhythm event data gathered by LINQ II, the AccuRhythm AI improves the precision of information given to doctors. Better identification and treatment of irregular cardiac rhythms are made possible by this advancement.

The adoption of medical devices in the Asia-Pacific (APAC) region accounted for the fastest growth due to the increasing dominance of local vendors. Countries such as India, Japan, and China are major contributors to the market revenue in APAC. The key drivers of the market in this region are the growing number of cardiovascular procedures, driven by an aging population, resulting in the market growth of cardiovascular devices. Countries like India, China, Thailand, Singapore, and South Korea have become medical tourism hot spots. It has prompted many industry players to focus on expanding their operations in these countries. With their rapid emergence, these countries are expected to dominate the market during the forecast period.

Key Market Players & Competitive Insights

The cardiovascular devices market is characterized by competition, with recognized players relying on high-quality products, advanced technology, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.

Some of the major players operating in the global market include:

• Abbott Laboratories

• B. Braun Melsungen AG

• Biosensors International Group (acquired by Blue Sail Medical Co., Ltd)

• Biotronik SE & Co.KG

• Boston Scientific Corporation

• C. R. Bard, Inc.

• Cook Medicals

• Lepu Medicals

• Liaoning Biomedical Materials

• Medtronic Plc

• Meril Life Sciences

• MicroPort Scientific Corporation

• Terumo Corporation

• Translumina GmbH

• Vascular Concepts

• Jude Medical, Inc.

• Edward lifesciences corporation

KEY INDUSTRY DEVELOPMENTS:

• November 2023 - Cardio Diagnostics Holdings and Vizient announced their partnership for AI cardiovascular tests.

• February 2023 – Abbott announced its plans to acquire Cardiovascular Systems, Inc. (CSI) to expand its market presence in the cardiovascular space.

• September 2022 – GE Healthcare introduced Optima IGS 320 – an AI-powered, made-in-India Cath lab to advance cardiac care in India.

• July 2021 – Angel Medical Systems, Inc. announced the first commercial implantation of their flagship product, “The Guardian” device in the U.S. region. This was the first procedure followed by their recent FDA approval.

• April 2021 – Phoenix Cardiac Devices, Inc. announced that they received a CE Mark for their product, BACE (Basal Annuloplasty of the Cardio externally) device. This approval helps in the commercialization of BACE in the European Union.

• March 2021 – U.S. FDA announced the approval of the world’s first non-surgical heart valve treatment for pediatric and adult patients suffering from a native or surgically repaired right Ventricular outflow tract (RVOT). The device was specifically developed to treat patients with severe pulmonary heart regurgitation.

Cardiovascular Devices Market Report Scope:-