Cardiovascular Devices Market Size Worth $76.52Bn, Globally, by 2028 at 6.9% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 4, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Cardiovascular Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Device [Electrocardiography (ECG), Pacemaker, Stent, Defibrillator, Cardiac Catheter, Guidewire, Heart Valve, Event Monitor, and Others]; Application (Coronary Heart Disease, Sudden Cardiac Arrest, Stroke, Cerebrovascular Heart Disease, and Others), and End User (Hospitals, Ambulatory Surgery Centers, and Cardiac Centers)", the global cardiovascular devices market is expected to grow from $48.10 billion in 2021 to $76.52 billion in 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028.

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The cardiovascular devices market growth is driven by the increasing prevalence of chronic heart diseases and rising demand for minimally invasive diagnostic tests.

Cardiovascular Devices Market: Competition Landscape and Key Developments

Several companies are adopting organic strategies, such as product launch and expansion, and inorganic growth strategies, including partnerships and collaboration. These growth strategies have supported the market players in growing their business and enhancing their geographic presence. Further, market growth strategies such as acquisitions and partnerships helped strengthen their customer base and increase the product portfolio. Medtronic and Abbott implemented various inorganic developments, which have bought dynamic improvements in the cardiovascular devices market.

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In May 2021, BD (Becton, Dickinson and Company) announced its board of directors had unanimously authorized management to proceed with a plan to spin off the company's Diabetes Care business toward an independent, publicly-traded company ("NewCo").

In December 2021, Royal Philips announced that it had signed an agreement to acquire Vesper Medical Inc., a US-based medical technology company that develops minimally-invasive peripheral vascular devices. Vesper Medical will further expand Philips' portfolio of diagnostic and therapeutic devices with an advanced venous stent portfolio to treat deep venous disease.

In January 2022, Medtronic announced that it would acquire cardiac mapping and ablation technology developer Affera. The company expects the transaction to close in the first half of its 2023 fiscal year.

In February 2022, GE Healthcare announced that it had received approval from the European Medicines Agency (EMA) for additional imaging modalities for its stress agent Rapiscan (Regadenoson), an established pharmacological stress agent in SPECT MPI for adult patients. Rapiscan is now approved for use in Magnetic Resonance Imaging (MRI), Computed Tomography (CT), and Positron Emission Tomography (PET).

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In February 2022, Boston Scientific Corporation announced that it acquired Baylis Medical Company Inc., which offers advanced transseptal access solutions and guidewires, sheaths, and dilators used to support catheter-based left-heart procedures.

In April 2022, Abbott announced that the US Food and Drug Administration (FDA) approved the Aveir single-chamber (VR) leadless pacemaker for the treatment of patients in the US with slow heart rhythms. This marks a significant advancement in patient care and brings new features to patients and their physicians.

Cardiovascular Devices Market: Key Insights – Impact of COVID-19 Pandemic

In North America, during the initial phase of the COVID-19 crisis, the demand for cardiovascular devices was disrupted due to a temporary shift in the provision of healthcare services and the prolonged shut down situation. In Europe, hospitals were severely affected due to the pandemic. The increased pressure owing to the growing rate of COVID-19 patients' hospitalization led to the re-profiling of many hospitals and departments, including cardiology clinics for treating patients with COVID-19. Countries in Asia Pacific also faced similar scenarios, where the COVID-19 outbreak created an extraordinary emergency that significantly disrupted healthcare services. The restrictions on healthcare services have put the healthcare research industry in a critical situation.

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Moreover, the COVID-19 pandemic led the Japanese economy to contract by 29% annually. According to the International Council of Nurses, due to high infection transmission, the number of mortalities among health professionals in Brazil is higher than in other nations. As Brazil has many populated areas and regions with small houses with 6-7 people per house, the people were infected with COVID-19 rapidly. However, the South & Central American countries are speedily increasing their clinical programs to stop the spread of COVID-19.

Cardiovascular Devices Market: Segmental Overview

Based on application, the cardiovascular devices market is segmented into heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. The coronary heart disease segment held the largest share of 42.62% in 2021; it is expected to retain its dominance during the forecast period. However, the stroke segment is estimated to register the highest CAGR of 7.7% during the forecast period. The rise in incidences of coronary heart disease and its growing awareness are expected to bolster the market growth for the coronary heart disease segment in the coming years.

According to a recent report by The American Heart Association, cardiac arrest remains a public health challenge. There are over ~356,000 out-of-hospital cardiac arrests (OHCA) annually in the US, ~90% of them fatal. The incidence of EMS-assessed nontraumatic OHCA in people of any age is estimated to be ~356,461, or ~1,000 people each day. After hospital discharge of EMS-treated cardiac arrest patients, the survival rate declines to ~10%.

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Browse Adjoining Reports:

Cardiac Monitoring Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cardiovascular Devices, Multi-Parameter ECG Monitors, Patient Monitoring Devices, Ambulatory Cardiac Monitoring, and Cardiac Monitors), Product Type (Portable Monitor, Smart Wearable Monitor, and Standard Monitor), Application (Coronary Heart Diseases, Sudden Cardiac Arrest, Stroke, Arrhythmia, Congenital Heart Diseases, Heart Failure, Pulmonary Hypertension, Heart Function (HF/LVEDP), Pulmonary Artery Pressure (PA), and Others), and End User (Hospitals, Ambulatory Surgery Centers, Cardiac Centers, Home Care, Clinics, and Others)

Electro-Diagnostic Devices Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Device (Electroencephalography (EEG), Electroretinography (ERG), Electrocardiography (ECG), and Electrogastrography (EGG)), End User (Hospitals & Clinics, Diagnostic Centers, Rehabilitation Centers, and Other End Users), and Geography

Holter ECG Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Wired Holter Monitors, Wireless Holter Monitors, and Holter Analysis Systems & Software) and End User (Hospitals & Clinics, Home Settings, Ambulatory Surgical Centers, and Other End Users)

Pacemakers Market to 2027 - Global Analysis and Forecasts By Product Type (Implantable Pacemakers, External Pacemakers) By Technology (Single Chambered, Dual Chambered, and Bi-Ventricular), By End User (Hospitals, Ambulatory Surgical Centers, and Others) and Geography

Artificial Heart Stent Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Bare-Metal Stent (BMS), Drug-Eluting Stent (DES), Bioresorbable Vascular Scaffold (BVS)); Application (Acute Myocardial Infarction, Unstable Angina, Angina Pectoris); End User (Hospitals, Ambulatory Surgical Center, Others)

Defibrillator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Implantable Cardioverter Defibrillator (Transvenous ICD and Subcutaneous ICD) and External (Manual, Fully Automated External Defibrillators, and Wearable), End User (Hospitals and Clinics, Prehospital Care, Public Access, Alternate Care Facilities, and Home Care Settings), and Geography

Vascular Guidewires Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Material (Nitinol, Stainless Steel, Hybrid); Application (Coronary Guidewires, Peripheral Guidewires, Urology Guidewires, Neurovascular Guidewires); Coating Type (Coated, Non-Coated); End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics) and Geography

Peripheral Guidewires Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Material (Stainless Steel, Nitinol, Hybrid); Application (Diagnostic Guidewires, Interventional Guidewires) and Geography

Artificial Tissue Heart Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Transcatheter Heart Valve, Surgical Heart Valve); Application (Aortic Stenosis, Aortic Regurgitation, Others) and Geography

Artificial Transcatheter Heart Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Aortic Heart Valve, Mitral Heart Valve, Tricuspid Heart Valve); Application (Aortic Stenosis, Aortic Regurgitation, Others) and Geography

Aortic Heart Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Valve Type, Suture Type); Procedure (Minimally Invasive Surgery, Open Surgery, Others); End-User (Hospitals, Ambulatory Surgery Centers)

Cardiovascular Implants Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product (Coronary Stent Devices, Prosthetic Heart Valves, Cardiac Rhythm Management Devices); Application (Congestive Heart Failure, Arrhythmias, Acute Myocardial Infarction, Myocardial Ischemia, Others) and Geography

Tissue Heart Valves Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type ( Natural Material, Synthetic Material ); Application ( Heart Surgery, Cardiovascular Disease )

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