Cardiovascular Devices Market Growth, Trends and Regional Forecast from 2021 to 2027
The global cardiovascular devices market size is anticipated to witness significant momentum over the forthcoming years, as a result of the rising demand for advanced cardiac devices, along with the strong prevalence of cardiovascular diseases worldwide.
Growing geriatric populations and the adoption of unhealthy lifestyles are resulting in high hospital admissions due to heart conditions. As per the National Institute of Aging, the elderly population of 65 years and above are at high risks of strokes, sudden heart attacks, and coronary heart diseases. These aforesaid factors, along with the improved clinical outcomes, patient satisfaction, and high success rates, are contributing to the adoption of advanced cardiovascular assist devices.
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In the wake of the coronavirus pandemic, industry players are targeting to expand the reach of their cardiac devices to assist the treatment of the COVID-19 infected patients. In June 2020, Abiomed obtained an EUA from the U.S. FDA for Impella RP, its ventricular assist device or heart pump, for use among patients with COVID-19-related right heart failure. The development of this cardiovascular device was geared towards offering circulatory support to patients with right ventricular failure.
According to Global Market Insights, Inc. estimates, the global cardiovascular devices market size is anticipated to surpass $10 billion by 2027.
Companies functioning in the cardiovascular devices market are witnessing robust adoption of minimally-invasive procedures, large patient population, and significant advancements in technology. In October 2020, Medtronic Private Limited expanded its Cardiac Rhythm & Heart Failure portfolio via the launch of a cardiac pacemaker, Azure™, with BlueSync™ technology, designed to help communicate directly with the smartphones and tablets of the patients as well as accurately detect and reduce the chances of atrial fibrillation.
Rising government initiatives to create high awareness about cardiac health, coupled with the considerable funding in R&D activities of cardiovascular medicines, will further propel the industry outlook in the coming years.
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Usage of contact force-sensing technology in catheter ablation can optimize lesion formation, thereby boosting product demand. Major market participants are also developing innovative products to ensure the delivery of efficient treatment. For example, Boston Scientific Corporation gained the U.S. FDA approval for its left atrial appendage closure device, WATCHMAN FLX, designed for patients suffering from non-valvular atrial fibrillation to reduce chances of stroke.
Based on end-use, the ambulatory surgical centers segment is poised to depict a CAGR of 16.7% through 2027, owing to its significant delivery of cardiovascular procedures, alongside the presence of improved reimbursement scenario in this center. The Centers for Medicare & Medicaid Services, for instance, has approved and included more cardiovascular procedures conducted in ambulatory surgical centers in its reimbursement policies. Furthermore, low costs and stay duration, availability of skilled professionals, and convenient environment will further surge segmental expansion in years ahead.
In terms of segmentation by device type, the global cardiovascular devices market from the endoscopic vessel harvesting (EVH) devices segment registered revenue worth around $400 million in 2020 and is slated to expand at a considerable pace over the foreseeable future. The segmental growth was attributable to its high preference for CABG (coronary artery bypass grafting) using a less invasive approach. As per the CDC, over 18.2 million adults in the U.S. suffered from coronary artery diseases, with nearly 360,000 deaths in 2017.
On the regional front, the Germany cardiovascular devices market is set to exhibit a 16.9% CAGR through 2027, which can be credited to the increasing elderly population and rising disease burden across the nation. The demand for cardiovascular medical devices will further be escalated considerably in the region, due to the deployment of high-end technologies, economic growth, healthcare infrastructural advancements, and consistent product developments.
The competitive landscape of the cardiovascular devices industry consists of companies such as Biosense Webster, Boston Scientific Corporation, Abbott Laboratories, and Medtronic plc. These firms are focusing on several strategies such as innovative product launches, business expansions, and M&A to gain a competitive edge over rivals and expand their presence globally.
For instance, Abbott, in January 2019, gained the U.S. FDA approval for its sensor-enabled ablation catheter, TactiCath. The product approval enabled the company to drive its customer base in the United States.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 Cardiovascular devices industry 3600 synopsis, 2016 – 2027 (USD Million)
2.1.1 Business trends
2.1.2 Device type trends
2.1.3 End-use trends
2.1.4 Regional trends
Chapter 3 Cardiovascular Devices Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing number of patients suffering from cardiovascular diseases
3.3.1.2 Growing geriatric population contributing to global cardiovascular disease burden
3.3.1.3 Increasing government initiatives
3.3.1.4 Technological advancements in cardiovascular devices
3.3.1.5 Rising demand for minimally invasive procedures
3.3.2 Industry pitfalls and challenges
3.3.2.1 High risk associated with cardiac procedures
3.3.2.2 Stringent regulatory scenario
3.4 Growth potential analysis
3.4.1 By device type
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Market size by approach, 2016 – 2027 (USD Million)
3.6.1 Cardiac ablation devices market
3.6.1.1 North America
3.6.1.2 Europe
3.6.1.3 Asia Pacific
3.6.1.4 Latin America
3.6.1.5 MEA
3.6.2 Left atrial appendage devices market
3.6.2.1 North America
3.6.2.2 Europe
3.6.2.3 Asia Pacific
3.6.2.4 Latin America
3.6.2.5 MEA
3.7 Regulatory landscape
3.7.1 U.S.
3.7.2 Europe
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.9.1 Company matrix analysis
3.10 PESTEL analysis
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