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United Kingdom Cardiovascular Devices Market - Growth, Trends, and Forecasts (2023-2028)

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  • 110 Pages
  • April 2023
  • Region: United Kingdom
  • Mordor Intelligence
  • ID: 5764466
Over the next five years, the market for cardiovascular devices in the United Kingdom is expected to register a CAGR of 7.2%.

The COVID-19 pandemic was an unprecedented health concern and adversely affected various surgical procedures, including cardiac surgery. For instance, as per the National Library of Medicine article published in February 2021, there was a greater than 50% drop in the number of patients presenting to cardiology and those diagnosed with myocardial infarction. All areas of cardiology service provision sustained significant reductions in the United Kingdom. Thus, COVID-19 had a significant impact on the market. Additionally, as per an article published by the National Library of Medicine in March 2022, remote monitoring of cardiac implantable electronic device patients has become increasingly popular in clinical practice, especially during the COVID-19 pandemic. Remote monitoring has demonstrated the ability to enhance health outcomes during a high-stress period like the COVID-19 pandemic and is integrated with conventional healthcare services, which are expected to further increase the demand for cardiovascular devices. Due to trade restrictions enforced by the government, the COVID-19 pandemic impacted market growth in the initial phase of the pandemic. However, the rules were later lifted, import and export activities resumed around the world, and the growing business initiative to accelerate cardiac device development is expected to drive market growth over the post-pandemic era.

The rising prevalence of cardiovascular diseases, as well as technological advancements in devices, are driving the growth of the cardiovascular device market in the United Kingdom over the forecast period.For instance, as per the July 2021 report of the British Heart Foundation, about 7.6 million people in the United Kingdom live with heart and circulatory diseases, of which 4 million were male and 3.6 million were female. Also, as per the same source, in 2022, around twice as many people will be living with heart and circulatory diseases in the UK than with cancer and Alzheimer’s disease combined. Healthcare costs relating to the heart and circulatory diseases are estimated at USD 11.05 billion (GBP 9 billion) each year. CVD’s cost to the UK economy is estimated to be USD 23.32 billion (GBP 19 billion) each year. Additionally, according to the WHO in September 2021, cardiovascular disease refers to diseases that affect the heart and circulatory system; it is an illness that afflicts many individuals in the United Kingdom. Such a high incidence of cardiovascular disease is likely to increase the demand for the cardiac device in the coming years.

Cardiovascular devices are one of the most reliable and efficient options for monitoring heart disease. According to the British Heart Foundation update, in August 2022, in the UK, there will be as many as 100,000 hospital admissions each year due to heart attacks, and around 1.4 million people alive in the UK will have survived a heart attack. Additionally, as per the same source, more than 900,000 people in the UK are living with heart failure, and each day 13 babies are diagnosed with a congenital heart defect in the UK. Also, there are more than 30,000 out-of-hospital cardiac arrests in the UK each year, with a survival rate of less than 1 in 10. Such a high prevalence of cardiac disease is expected to raise the demand for cardiac devices, eventually driving the market's growth.

Therefore, owing to the factors listed above, it is anticipated that the studied market will witness growth over the analysis period. However, stringent regulatory frameworks are likely to impede market growth.

UK Cardiovascular Devices Market Trends

Cardiac Rhythm Management Devices Segment is Expected to Hold a Significant Share in the Market

Cardiac rhythm management (CRM) devices, including pacemakers, implantable defibrillators, cardiac resynchronization therapy, etc., are one of the most commonly used devices in cases of cardiac arrhythmia. The rising aging population in the country is expected to act as a key contributor to this segment. According to the World Ageing Population report, the number of people aged 65 and over is expected to increase by 1.6% over 2021-22 to a total of 12.7 million, accounting for 18.9% of the total UK population. The elderly population is likely to be affected by cardiovascular diseases. Hence, the aforementioned factors are expected to spur market growth.

Furthermore, there were a growing number of inpatient episodes with the main diagnosis of circulatory system disease in the UK. This growth is backed by the presence of advanced healthcare infrastructure and a continuous rise in the prevalence of cardiovascular cases in the country. The United Kingdom has a significant number of cardiovascular diseases, including congestive heart failure, stroke, heart failure, atrial fibrillation, and other heart patients. According to the British Heart Foundation (BHF), more than 7 million people will be living with cardiovascular diseases in September 2021, and approximately 152,465 will have died as a result of these diseases. The critical factors that are leading to cardiovascular disease are congestive heart failure, stroke, and other heart diseases such as harmful stress, depression, excessive consumption of alcohol, excessive smoking, hypertension, diabetes, obesity, and a poor diet that includes cholesterol. Thus, all these factors are increasing the demand for cardiac rhythmic management devices, which is driving the growth of the market.

Remote Cardiac Monitoring is Expected to hold a Significant Market Share over the Forecast Period

Remote cardiac monitoring is used to observe cardiac activity. Continuous monitoring of the heart is mandatory to assess a patient’s condition if they suffer from CVD. Cardiac monitoring devices record and display pressure and electrical waveforms of the cardiovascular system for measurement and treatment. The increasing cases of cardiovascular diseases, the rising aging population's high risk of cardiac disease, the increasing usage of remote monitoring, and rapid technological advancements in the United Kingdom are expected to drive the growth of cardiac monitoring devices in the United Kingdom. For instance, according to the report by the Census Bureau, in November 2022, over 11 million people, or 18.6% of the total population, were aged 65 years or older. As the aging population increases, the incidence of cardiovascular diseases is high, and there is a continuous need for the proper detection and diagnosis of cardiac diseases; hence, it is expected to show growth in remote cardiac monitoring over the forecast period.

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 May 2022, a cardiac remote monitoring program will be launched in London. Implementations of remote monitoring technology in the UK are expected to reduce risk and improve care for up to 8,000 patients waiting for heart surgery.

Therefore, due to the above-mentioned factors, remote cardiac monitoring is expected to grow in the United Kingdom over the forecast period of the study.

UK Cardiovascular Devices Market Competitor Analysis

The United Kingdom cardiovascular devices market is moderate in nature due to the presence of companies operating globally as well as regionally. The competitive landscape includes an analysis of international as well as local companies that hold market shares and are well known, including Livanova, B. Braun, Abbott Laboratories, Boston Scientific Corporation, and Biotronik, among others.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

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 Growing Burden of Cardiovascular Diseases
4.2.2 Technological Advancement in the Devices
4.3 Market Restraints
4.3.1 Stringent Regulatory Framework
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 By Device Type
5.1.1 Diagnostic and Monitoring Market 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
6.1 Company Profiles
6.1.1 Livanova
6.1.2 B. Braun SE
6.1.3 Abbott Laboratories
6.1.4 Boston Scientific Corporation
6.1.5 Biotronik
6.1.6 Cardinal Health
6.1.7 GE Healthcare
6.1.8 Medtronic Plc
6.1.9 Siemens Healthineers AG
6.1.10 W. L. Gore & Associates, Inc.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Livanova
  • B. Braun SE
  • Abbott Laboratories
  • Boston Scientific Corporation
  • Biotronik
  • Cardinal Health
  • GE Healthcare
  • Medtronic Plc
  • Siemens Healthineers AG
  • W. L. Gore & Associates, Inc.