According to the deep-dive market assessment study conducted by Growth+Reports, the global cardiovascular devices market was pegged at ~US$ 55.31 billion in 2021. The market is expected to witness a CAGR of ~6.5% from 2022 to 2030.
The increasing burden of various coronary artery diseases, including cardiomyopathy and stroke, responsible for deaths globally is eventually increasing the economic burden. Cardiovascular disease is the most common disease affecting people worldwide and is also the number one cause of death. Moreover, over the past decade, the technology used to develop cardiac devices has evolved dramatically, increasing disease reporting and treatment uptake. Hence, more patients are being treated with cardiac devices, dramatically improving treatment and monitoring outcomes. One of these developments is artificial intelligence. This has greatly improved the ability to diagnose specific heart diseases. In addition, the number of cases identified with heart disease is increasing as the aging population worldwide is increasingly prone to developing heart disease. As a result, a large target group will have a positive effect on the development of the cardiovascular market. However, the cardiovascular device market is constrained by strict regulatory guidelines and high equipment and procedural costs.
Cardiovascular diseases are the leading cause of death globally. This in turn increases the economic burden on developed and developing countries, costing millions to the healthcare system. According to the WHO 2021 factsheet, around 17.9 million individuals lose their lives every year from cardiovascular disease. Thus, to curb this issue government is supporting many research organizations in developing innovative preventive and treatment measures to tackle this disease. For instance, Million Hearts, 2022 a national initiative led by the CDC and Centers for Medicare & Medicaid Services, aims to prevent 1 million heart attacks and strokes in 5 years.
The increasing elderly population worldwide also contributes to the growth of the cardiovascular devices market. The age-associated diseases already require diagnosis and monitoring and surgical invasion thus influencing the demand for cardiovascular devices. According to the WHO 2021 factsheet, out of 17 million premature death due to noncommunicable diseases, up to 70 years of age, 38% are caused by cardiovascular diseases.
Cardiac care has seen a tremendous change over the years. With recent advancements like Artificial Intelligence (AI) and Machine learning (ML), practitioners are providing high quality patient care. American medical device company Abbott Laboratories, in 2021 launched the Amplatzer Piccolo Occluder in India. It is the world's first medical device to be implanted in newborns (weighing only 700g) using minimally invasive procedures to treat patent ductus arteriosus (PDA). The Amplatzer Piccolo, a pea-sized device is a boon for preterm infants and newborns who need corrective treatment, do not respond to medication, and are at high risk of undergoing cardiac surgery.
Asia Pacific is expected to observe significant growth in the forecast period. This is attributed to the increased prevalence of cardiovascular conditions like heart attacks, strokes, cardiomyopathy etc. government in order to reduce the economic burden is taking many initiatives. In India, a National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) was launched with an aim to strengthen the healthcare infrastructure and create awareness for early diagnosis and management of CVDs. Also, many key players are penetrating the market with innovative products for cardiac care. New product launches, 3D printing, AI-ML etc. are making considerable changes in the regional dynamics.
The prominent players operating in the global cardiovascular devices market are Cardinal Health Inc., BD & Company, Boston Scientific Corporation, Abbott Laboratories, Terumo Cardiovascular Systems Corporation, Cook Medical, Inc., B. Braun Melsungen AG, Medtronic Plc, Edward Lifesciences and Siemens Healthcare GmbH among others.