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Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 143 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4764007
The cardiovascular devices market was valued at about USD 53,260.79 million in 2021, and it is expected to register a CAGR of 6.42% over the forecast period, 2022-2027.

The COVID-19 pandemic impacted the production of cardiovascular devices. Furthermore, the delay of elective procedures due to COVID-19-related measures had adversely affected the cardiovascular medical devices market, especially in 2020. While some cardiovascular procedures are considered urgent, others have been postponed and delayed since the beginning of the global pandemic. Hence, lifestyle changes and medication can be temporarily prescribed instead of cardiovascular procedures for some patients. Another factor negatively impacting the market is the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. Many medical device companies have experienced losses in their cardiovascular device businesses due to the pandemic. For example, Medtronic announced a 33% reduction in its cardiac and vascular business sectors in its 2020 quarterly financial results.

However, there are several drivers that are expected to boost the market over the forecast period. The major factor driving the market is the rising global burden of various coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac-related deaths. Cardiovascular diseases are found to be most prevalent across the world, and they are the leading causes of death. As per the 2020 updates of the World Health Organization (WHO), ischemic heart disease is responsible for 16% of the world’s total deaths. As per the article titled “Heart failure (HF) in France : chronic heart failure therapeutic management and risk of cardiac decompensation in real-life setting”, published in February 2020, in France, around one million persons would be affected by heart failure (HF); there are nearly 70,000 deaths related to HF, and more than 150,000 hospitalizations despite well-defined treatment management.

Moreover, technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such advancement having a significant positive impact on cardiology with improved capabilities to diagnose certain heart conditions. For instance, in October 2020, GE Healthcare received the United States Food and Drug Administration's 510k clearance for its ultra-edition package of vivid cardiovascular ultrasound systems, which include new features based on artificial intelligence (AI) that enable clinicians to acquire faster, more repeatable exams consistently.

However, the stringent regulatory policies and high cost of instruments and procedures are the factors restraining the growth of the cardiovascular devices market.

Key Market Trends

The ECG Sub-segment Dominates the Diagnostic and Monitoring Devices Segment

On the diagnostic and monitoring front, a new generation of portable and compact ECGs is driving its greater adoption, especially in the home healthcare segment. There has been an increase in the incidence of cardiovascular diseases (CVD), wherein long-term ECG monitoring is necessary. Moreover, with the introduction of wireless ECG, doctors can monitor and diagnose patients remotely on time, which further fuels the market. For instance, in September 2020, Cardiologs, an artificial intelligence (AI) cardiology diagnostics company, entered an exclusive distribution agreement in France with MicroPort CRM for the reselling of its cloud analysis solution for Holter ECGs.

Among the new technologies in cardiac devices, wearable smart devices equipped with heart-monitoring capabilities, such as bands, watches, and rings, have become the norm for many people globally. In September 2020, Fitbit received the United States Food and Drug Administration's clearance for its heart-monitoring electrocardiogram (EKG) app on Fitbit’s new Sense smartwatch. The feature can track heart rhythms and look for signs of atrial fibrillation, the most common type of irregular heartbeat. Additionally, in October 2019, iRhythm, a digital healthcare company, launched its Zio system in the United Kingdom to support the identification and clinical diagnoses of cardiac arrhythmias, such as atrial fibrillation (AF). The Zio system is a small wearable heart monitor that attaches to the patient’s chest for a period of up to 14 days. With the rapid pace of technological advancements in cardiac monitoring and diagnostic devices, the future of cardiovascular devices looks promising.

The United States is Expected to Dominate the Market Over the Forecast Period

The United States 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 some kind of cardiovascular disease, including hypertension, coronary heart disease, etc. Also, according to 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 every year, about 805,000 Americans have a heart attack.

Additionally, 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).

Furthermore, supportive awareness initiatives to create disease awareness are projected to support the market for cardiovascular devices in the North American region. For instance, in 2020, Mexico joined the HEARTS initiative to strengthen primary healthcare for CVD. Promoted by the Pan American Health Organization/World Health Organization (PAHO/WHO), the initiative aims to improve the prevention and control of hypertension at the primary care level. Thus, owing to the abovementioned factors, the studied market in the North American region is expected to register significant growth over the forecast period.

Competitive Landscape

The cardiovascular devices market is consolidated and highly competitive. The major players have established themselves in specific segments of the market. Furthermore, the companies are competing in the emerging regions with global players and with established local players. Key players are developing and launching novel products and technologies to compete with the existing products, while others are acquiring and partnering with other companies trending in the market. Some of the major players include Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc., Edwards Lifesciences, and Medtronic PLC.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapid Technological Advancements
4.2.2 Increasing Burden of Cardiovascular Diseases
4.2.3 Increased Preference for Minimally Invasive Procedures
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies and Product Recalls
4.3.2 High Cost of Instruments and Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 Device Type
5.1.1 Diagnostic and Monitoring Devices Electrocardiogram (ECG) Remote Cardiac Monitoring Other Diagnostic and Monitoring Devices
5.1.2 Therapeutic and Surgical Devices Cardiac Assist Devices Cardiac Rhythm Management Devices Catheters Grafts Heart Valves Stents Other Therapeutic and Surgical Devices
5.2 Geography
5.2.1 North America United States Canada Mexico
5.2.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.2.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.2.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.2.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Cardinal Health Inc.
6.1.4 GE Healthcare
6.1.5 WL Gore & Associates Inc.
6.1.6 Medtronic PLC
6.1.7 Biotronik
6.1.8 Siemens Healthineers AG
6.1.9 Canon Medical Systems Corporation
6.1.10 Edwards Lifesciences
6.1.11 B. Braun Melsungen AG
6.1.12 Livanova

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Boston Scientific Corporation
  • Cardinal Health Inc.
  • GE Healthcare
  • WL Gore & Associates Inc.
  • Medtronic PLC
  • Biotronik
  • Siemens Healthineers AG
  • Canon Medical Systems Corporation
  • Edwards Lifesciences
  • B. Braun Melsungen AG
  • Livanova