The global cardiovascular devices market was valued over 33 billion in 2015 and is projected to grow at a CAGR of 6.6% over the forecast period. The prevalence of chronic heart ailments and sedentary lifestyles has been steadily rising thus engendering a high incidence of cardiac diseases.
China Diagnostics and Monitoring Devices Market, By Type, 2014 - 2024 (USD Million)
In addition, the growing geriatric population worldwide is fueling the number of cases diagnosed with heart disorders due to the high susceptibility of this population pool to developing cardiac diseases. As a result, the huge target population is positively impacting the growth of the cardiovascular market.
Moreover, the government is imposing penalties on hospitals and healthcare facilities to limit patient readmissions in the U.S. As a result, hospitals are promoting home healthcare and remote patient monitoring services, hence triggering the demand for cardiac monitoring systems. On the other hand, factors such as high device maintenance costs coupled with stringent regulatory product approval procedures are hindering the growth of the global cardiovascular devices vertical.
The global cardiovascular devices market has been segmented into diagnostic & monitoring devices and surgical devices. The diagnostic and monitoring device segment is further segmented into ECG, Holter monitors, event monitors, implantable loop recorders, echocardiograms, PET scans, MRI, cardiac CT, and doppler fetal monitors. This segment is anticipated to exhibit a moderate growth rate during the forecast period.
ECG dominated the diagnostic and monitoring device space with the largest revenue share in 2015. Portable and compact designs of ECG are increasing their adoption globally. In addition, event monitors enable data storage, which is pushing the penetration of these systems in-home healthcare and point-of-care applications to a great extent.
The surgical devices segment is further categorized as pacemakers, stents, catheters and accessories, guidewires, cannulae, electrosurgical procedures, valves, and occlusion devices. The stents segment, among other surgical devices, accounted for the largest market share in 2015. Preference of stents over bypass surgeries is primarily driving their dominance. Furthermore, rising demand for minimally invasive surgeries is increasing the application of stents in the treatment of coronary artery disease.
North America dominated the cardiovascular devices market with the largest revenue share in 2015. The dominance of this region was mainly attributed to the high adoption of advanced surgical treatments, rising awareness regarding commercially available products, and the presence of a considerably-sized target patient pool. Moreover, increasing adoption of home healthcare devices as a result of government penalties enforced on hospitals for patient readmissions is propelling the demand for diagnostic and monitoring cardiovascular systems, enormously.
Asia Pacific is expected to witness the fastest growth during the forecast period with Japan anticipated to lead the overall Asia Pacific market, followed by China. China is estimated to have the largest geriatric population in the world with the highest obesity rates owing to sedentary lifestyles and unhealthy dietary habits. These factors are expected to increase the prevalence of cardiac diseases in this country, hence positively impacting the growth of the Asia Pacific market. In addition, the booming medical tourism industry in this region is expected to fuel the demand for cardiovascular systems in countries such as Japan, China, Malaysia, Thailand, and India.
Global cardiovascular devices sector is highly fragmented with many local manufacturers competing with international companies. Thus, global players are adopting strategies such as mergers, acquisitions, and collaborations to expand their product offerings and customer base, thereby expanding their market share. For instance, in June 2015, Medtronic plc acquired CardioInsight Technologies, Inc. to broaden its atrial fibrillation product offerings. Similarly, Medtronic, Inc. acquired Covidien plc in January 2015. Acquisition of Covidien has not only broadened Medtronic’s product portfolio but also expanded its customer base and geographic reach.
Major players operating in the cardiovascular devices vertical include but are not limited to Medtronic; Becton, Dickinson and Company; Cardinal Health, Inc.; Boston Scientific Corporation; B. Braun Melsungen AG; Abbott Laboratories, Inc.; Cook Medical, Inc.; Terumo Cardiovascular Systems Corporation; and St. Jude Medical, Inc.
Report Attribute |
Details |
Market size value in 2020 |
USD 47.2 billion |
Revenue forecast in 2024 |
USD 121 billion |
Growth Rate |
CAGR of 6.6% from 2016 to 2024 |
Base year for estimation |
2015 |
Historical data |
2013 - 2015 |
Forecast period |
2016 - 2024 |
Quantitative units |
Revenue in USD million and CAGR from 2016 to 2024 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product type, region |
Regional scope |
North America; Europe; APAC; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; Japan; China; Brazil; Mexico; South Africa |
Key companies profiled |
Medtronic; Becton, Dickinson and Company; Cardinal Health, Inc.; Boston Scientific Corporation; B. Braun Melsungen AG; Abbott Laboratories, Inc.; Cook Medical, Inc.; Terumo Cardiovascular Systems Corporation; St. Jude Medical, Inc. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth and provides an analysis of the market trends in each of the sub-markets from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the cardiovascular devices market on the basis of product type and region:
Product Outlook (Market revenue in USD Million, 2013 - 2024)
Diagnostic and Monitoring
ECG
Holter Monitors
Event Monitors
Implantable Loop Recorders
Echocardiogram
Pet Scan
MRI
Cardiac CT
Doppler Fetal Monitors
Surgical Devices
Pacemakers
Stents
Catheters and accessories
Guidewires
Cannulae
Electrosurgical Procedures
Valves
Occlusion Devices
Regional Outlook (Market Revenue in USD Million, 2013 - 2024)
North America
The U.S.
Canada
Europe
The U.K.
Germany
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
Middle East and Africa
South Africa
b. The global cardiovascular devices market size was estimated at USD 44.2 billion in 2019 and is expected to reach USD 47.2 billion in 2020
b. The global cardiovascular devices market is expected to grow at a compound annual growth rate of 6.0% from 2019 to 2027.
b. North America dominated the cardiovascular devices market with a share of 39.14% in 2019. This is attributable to the high adoption of advanced surgical treatments, rising awareness regarding commercially available products, and the presence of a considerably-sized target patient pool.
b. Some key players operating in the cardiovascular devices market include Medtronic; Becton, Dickinson and Company; Cardinal Health, Inc.; Boston Scientific Corporation; B. Braun Melsungen AG; Abbott Laboratories, Inc.; Cook Medical, Inc.; Terumo Cardiovascular Systems Corporation; and St. Jude Medical, Inc.
b. Key factors that are driving the market growth include increased prevalence of chronic heart ailments due to sedentary lifestyles along with the introduction of technologically advanced surgical procedures.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
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