The global cardiovascular devices market size was estimated to be USD 58.16 billion in 2023 and is expected to reach at USD 138.8 billion by 2033 with a CAGR of 8.23% during the forecast period 2023-2033. Increasing technological advancements, growing prevalence of cardiovascular diseases, rising demand for minimally invasive procedures, surge in need of compact devices, increasing geriatric population, growing demand for the early diagnosis of the cardiovascular diseases, rising innovative product launches by major market players, surge in development of cardiology devices, and rising artificial intelligence based technological advancements in cardiology are some of the key factors boosting the market growth.
Rising artificial intelligence based technological advancements in cardiology is predicted to boost the market growth during the forecast period. For instance, in July 2021, Medtronic has obtained clearance from the United States FDA for two AccuRhythm AI algorithms that can be utilized with the LINQ II insertable cardiac monitor (ICM). By leveraging artificial intelligence (AI), AccuRhythm AI enhances the precision of heart rhythm event data collected by LINQ II, enabling physicians to receive more accurate information for improved diagnosis and treatment of abnormal heart rhythms.
By Device, Diagnostic and monitoring devices was the highest revenue-grossing segment in the global cardiovascular devices market in 2022 owing to rising prevalence of cardiovascular disease (CVD), increasing demand for wearable smart gadgets with built-in cardiac monitoring, including bands, watches, & rings, growing collaborations within major market players, and surge in launch of advanced devices. For instance, in February 2021, VivaLNK has introduced a wearable solution for ECG monitoring, specifically designed to wirelessly record ECG and heart rate data while conducting a six-minute walk test (6MWT). Additionally, Therapeutic and surgical devices is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of bypass surgeries, rising demand for cardiac rhythm management devices, stents, & catheters, increasing awareness regarding the cardiovascular diseases, and growing development of innovative products.
By Application, Coronary artery disease was the highest revenue-grossing segment in the global cardiovascular devices market in 2022 owing to rising prevalence of the coronary artery diseases and increasing popularity of the stents in the treatment of coronary artery disease. Additionally, Cardiac arrhythmia is predicted to grow at fastest CAGR during the forecast period owing to the growing demand for the pacemakers, rising investments in the development of innovative pacemakers, and increasing innovative product approvals by regulatory bodies. For instance, For instance, in April 2022, The United States FDA has granted approval to Abbott for its Aveir leadless pacemaker, designed for the treatment of patients with bradycardia (slow heart rhythms) in the United States.
By End-user, Hospitals was the highest revenue-grossing segment in the global cardiovascular devices market in 2022 owing to increasing prevalence of cardiovascular diseases and surge in number of patients visiting hospitals due to cardiovascular attacks. Additionally, Homecare is predicted to grow at fastest CAGR during the forecast period owing to the rising technological advancements and increasing development of wireless ECG devices. For instance, in January 2022, Royal Philips has unveiled the industry's inaugural comprehensive, decentralized clinical trial solution for at-home use, offering a 12-lead electrocardiogram (ECG) solution.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of cardiovascular diseases, rising adoption of minimally invasive procedures, increasing reimbursement policies, surge in geriatric population, growing demand for continuous & home-based monitoring, rising awareness initiatives by market players, increasing development of novel products, surge in technological advancements, and growing advancement in patient care. For instance, in February 2022, Abbott has obtained expanded indication approval from the FDA in the United States for the CardioMEMS HF System. This approval enables the system to be utilized in the management of patients in earlier stages of heart failure, providing enhanced care for such individuals. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of cardiovascular diseases, rising initiatives for disease awareness, growing product approvals by regulatory bodies, and increasing launch of technologically advanced pacemaker. For instance, in October 2020, The Azure pacemaker with BlueSync technology has been unveiled by India Medtronic Private Limited. This pacemaker, unique to India, is the first and only device of its kind that enables direct communication with patients' smartphones and tablets.
Rising artificial intelligence based technological advancements in cardiology is predicted to boost the market growth during the forecast period. For instance, in July 2021, Medtronic has obtained clearance from the United States FDA for two AccuRhythm AI algorithms that can be utilized with the LINQ II insertable cardiac monitor (ICM). By leveraging artificial intelligence (AI), AccuRhythm AI enhances the precision of heart rhythm event data collected by LINQ II, enabling physicians to receive more accurate information for improved diagnosis and treatment of abnormal heart rhythms.
By Device, Diagnostic and monitoring devices was the highest revenue-grossing segment in the global cardiovascular devices market in 2022 owing to rising prevalence of cardiovascular disease (CVD), increasing demand for wearable smart gadgets with built-in cardiac monitoring, including bands, watches, & rings, growing collaborations within major market players, and surge in launch of advanced devices. For instance, in February 2021, VivaLNK has introduced a wearable solution for ECG monitoring, specifically designed to wirelessly record ECG and heart rate data while conducting a six-minute walk test (6MWT). Additionally, Therapeutic and surgical devices is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of bypass surgeries, rising demand for cardiac rhythm management devices, stents, & catheters, increasing awareness regarding the cardiovascular diseases, and growing development of innovative products.
By Application, Coronary artery disease was the highest revenue-grossing segment in the global cardiovascular devices market in 2022 owing to rising prevalence of the coronary artery diseases and increasing popularity of the stents in the treatment of coronary artery disease. Additionally, Cardiac arrhythmia is predicted to grow at fastest CAGR during the forecast period owing to the growing demand for the pacemakers, rising investments in the development of innovative pacemakers, and increasing innovative product approvals by regulatory bodies. For instance, For instance, in April 2022, The United States FDA has granted approval to Abbott for its Aveir leadless pacemaker, designed for the treatment of patients with bradycardia (slow heart rhythms) in the United States.
By End-user, Hospitals was the highest revenue-grossing segment in the global cardiovascular devices market in 2022 owing to increasing prevalence of cardiovascular diseases and surge in number of patients visiting hospitals due to cardiovascular attacks. Additionally, Homecare is predicted to grow at fastest CAGR during the forecast period owing to the rising technological advancements and increasing development of wireless ECG devices. For instance, in January 2022, Royal Philips has unveiled the industry's inaugural comprehensive, decentralized clinical trial solution for at-home use, offering a 12-lead electrocardiogram (ECG) solution.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of cardiovascular diseases, rising adoption of minimally invasive procedures, increasing reimbursement policies, surge in geriatric population, growing demand for continuous & home-based monitoring, rising awareness initiatives by market players, increasing development of novel products, surge in technological advancements, and growing advancement in patient care. For instance, in February 2022, Abbott has obtained expanded indication approval from the FDA in the United States for the CardioMEMS HF System. This approval enables the system to be utilized in the management of patients in earlier stages of heart failure, providing enhanced care for such individuals. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of cardiovascular diseases, rising initiatives for disease awareness, growing product approvals by regulatory bodies, and increasing launch of technologically advanced pacemaker. For instance, in October 2020, The Azure pacemaker with BlueSync technology has been unveiled by India Medtronic Private Limited. This pacemaker, unique to India, is the first and only device of its kind that enables direct communication with patients' smartphones and tablets.
Segmentation: Cardiovascular Devices Market Report 2022 - 2033
Cardiovascular Devices Market Analysis & Forecast by Device 2022 - 2033 (Revenue USD Bn)
Therapeutic and Surgical Devices
- Cardiac Assist Devices
- Cardiac Rhythm Management Devices
- Catheters
- Grafts
- Heart Valves
- Stents
- Others
Diagnostic and Monitoring Devices
- Electrocardiogram (ECG)
- Remote Cardiac Monitoring
- Others
Cardiovascular Devices Market Analysis & Forecast by Application 2022 - 2033 (Revenue USD Bn)
- Heart Failure
- Coronary Artery Disease
- Cardiac Arrhythmia
- Others
Cardiovascular Devices Market Analysis & Forecast by End-user 2022 - 2033 (Revenue USD Bn)
- Homecare
- Ambulatory Surgical Centres
- Hospitals
- Specialty Clinics
Cardiovascular Devices Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Cardiovascular Devices Market: Device Estimates & Trend Analysis
8. Cardiovascular Devices Market: Application Estimates & Trend Analysis
9. Cardiovascular Devices Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Cardiovascular Devices Market
12. Europe Global Cardiovascular Devices Market
13. Asia Pacific Global Cardiovascular Devices Market
14. Latin America Global Cardiovascular Devices Market
15. MEA Global Cardiovascular Devices Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- B Braun Melsungen AG
- Abbott
- Johnson & Johnson Services Inc.
- Medtronic
- GE Healthcare
- Terumo Cardiovascular Systems Corporation
- LivaNova Plc
- Boston Scientific Corporation
- Siemens Healthcare GmbH
- Edwards Lifesciences Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 58.16 Billion |
| Forecasted Market Value ( USD | $ 138.8 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
