Cardiovascular Devices Market By Product (Diagnostic-Monitoring: ECG, Holter monitors, Event monitors, Implantable loop recorders, Echocardiogram, PET, MRI, CT, Doppler fetal monitor; Surgical: Pacemakers, Stents, Cannulae, Electrosurgical procedures, Valves, Occlusion devices), And Segment Forecasts To 2024

Report Overview

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.

Product Insights

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.

Regional Insights

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. 

Key Companies & Market Share Insights

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.

Cardiovascular Devices Market Report Scope

Market Segments Covered in the Report

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