The Cardiovascular Devices Market 2023 Size Forecast to 2030 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
The global cardiovascular devices market size was USD 50.87 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with cardiovascular devices witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market witnessed a huge decline of -4.6% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 54.08 billion in 2021 to USD 86.27 billion in 2028 at a CAGR of 6.9% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over. Cardiovascular Devices Market Size, Share & COVID-19 Impact Analysis, By Device Type (Diagnostic and Monitoring Devices {Electrocardiogram, Remote Cardiac Monitoring, and Others}, and Therapeutic and Surgical Devices {Ventricular Assist Devices (VAD), CRM Devices, Catheters}), By Application (Coronary Artery Diseases, Cardiac Arrhythmia, Heart Failure), By End-User (Hospitals, Specialty Clinics), and Regional Forecast, 2021-2028
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Market Growth Drivers:
The increasing occurrence of heart diseases in patients is the highest in regards to cost and healthcare services. The rise in the occurrence of chronic cardiovascular diseases like heart failure and coronary artery disease (CAD) is one of the key factors which promote the market growth. One of the most critical cardiovascular devices is Coronary or cardiac stents. These devices help treat life-threatening cardiac conditions such as heart attack, coronary heart diseases, atrial fibrillation, and the opening of narrowed arteries. The prevalence of cardiac diseases augments the need for advanced heart devices in the world.
As per the Centers for Disease Control and Prevention (CDC) estimates in 2019, cardiovascular diseases are the leading cause of death in the U.S. region, eventually contributing to an estimate of 1 in 4 deaths every year. 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.
Report & Research
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Statistical Analysis :
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Who are the Major Cardiovascular Devices Market Vendors?
- B. Braun Melsungen AG (Melsungen, Germany)
- Medtronic (Dublin, Ireland)
- Abbott (Abbott Park, U.S.)
- Boston Scientific Corporation (Marlborough, U.S.)
- Edwards Lifesciences Corporation (Irvine, U.S.)
- Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
- GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.)
- LivaNova PLC (London, U.K.)
- Siemens Healthcare GmbH (Erlangen, Germany)
- Terumo Cardiovascular Systems Corporation (Tokyo, Japan)
- Other Prominent Players
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 – 2029].
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