(PharmaNewsWire.Com, January 08, 2025 ) The global Cardiovascular Devices Market, valued at US$72.83 billion in 2023, is forecasted to grow at a robust CAGR of 7.3%, reaching US$77.71 billion in 2024 and an impressive US$110.39 billion by 2029.
The growth of the cardiovascular devices market is primarily due to the increasing prevalence of CVD, the aging population, and the growing prevalence of risk factors like diabetes, hypertension, obesity, and sedentary lifestyle. Technological improvements, such as bioresorbable stents, drug-eluting stents, bioresorbable occluder and imaging systems, are significantly enhancing procedural efficacy and patient outcomes, making cardiovascular devices appealing and accessible. Countries in emerging economies are also focused on modernizing healthcare infrastructure with favourable investments in healthcare systems expected to fuel the adoption of cardiovascular devices. Additionally, the growing preference of patients towards minimally invasive procedures and remote monitoring owing to procedural benefits such as rapid diagnosis, shorter hospital stays rapid recovery time is also expected to boost the demand for these devices during the forecast period.
The cardiovascular devices market is growth-driven by a few factors, which include the high prevalence of cardiovascular diseases, increased preference for minimally invasive procedures, and advancement in medical technology. Cardiovascular diseases are one of the leading causes of deaths worldwide, monitoring and and interventional devices are, are highly in demand.
“Based on product type, the cardiac rhythm management devices segment to the second largest share”
Cardiac rhythm management (CRM) devices are designed to regulate and monitor the hearts electrical activity, aiding to correct abnormal heart rhythms (arrhythmias). These devices are used to treat diseases such as bradycardia , tachycardia, and heart failure by ensuring that the heart beats at a normal pace and rhythm. Leadless devices are more beneficial to the patients and enhance their safety. Therefore, its adoption rate is high as compared to traditional CRM devices, which often come with leads and thus prone to infections and mechanical failures. The leadless devices are also MRI-safe therefore highly adopted these days as MRI procedures are frequently required for patients suffering from other chronic conditions. Moreover, the growing older population and unhealthy lifestyle patterns have led to an increased number of cases for arrhythmia, further stimulating the growth in demand for CRM technologies. The adoption of these next-generation CRM devices by the population with the view of establishing itself in the market has resulted from technological innovation coupled with the prevalence of arrhythmia.
“The congestive heart failure segment is expected to hold a significant share, by indication segment in the cardiovascular devices market.”
Congestive heart failure is a chronic and progressive condition in which the heart cannot pump blood to meet the body's needs. Inefficiency may be due to several underlying heart conditions, such as coronary artery disease, high blood pressure, or cardiomyopathy, which weaken the heart muscle or impair its ability to fill properly. CHF affects millions of the world's population, and is increasingly prevalent due to aging, sedentary lifestyle, and comorbidities such as obesity, hypertension, and diabetes. This condition has high medical demands. This requires advanced diagnostics and therapeutic solutions. Management of CHF requires various cardiovascular devices, that includes implantable cardiac defibrillator, CRT devices, LVADs, and remote monitoring systems. These devices improve survival and also enhance the quality of life by reducing hospitalization thereby, effectively managing symptoms.Therefore, healthcare providers are increasingly adopting innovative cardiovascular technologies which is further bolstered by favorable reimbursement policies and strong R&D investments. CHF is still a leading cause of cardiovascular morbidity and mortality, its increasing prevalence ensures steady demand for advanced cardiovascular devices.
“Based on end user, the ambulatory surgical centers account for the highest CAGR during the forecast period in cardiovascular devices market.”
Interventional cardiology procedures using various devices such as stents are being done increasingly at ASCs as the length of time involved in various procedures has been shortening while the pressure on reducing healthcare costs yet effectively delivered still mounts. These centers afford a coordinated outpatient environment and are cheaper compared to in-hospital care; therefore, they attract the patient, as well as the practitioner. Today, due to less invasive techniques and even shorter recovery periods, procedures involving diagnostic angiography, PCIs, and stent placements are performed in these centers.
“North America accounted for the greatest share of the cardiovascular devices market.”
The cardiovascular devices market in North America is growing highly because of increased prevalence of cardiovascular diseases, an aged population. Heart disease is the needs immediate attention, and so this leads to a higher requirement for innovative and efficient intervention solutions. Key products in this area are ECG devices, Pacemakers, stents, catheters, and guidewires, increasing use in the major interventional procedures,and which is angioplasty and regular monitoring, to improve outcomes as well as reduce recovery time. Besides, favorable government policies, increasing healthcare spending, and the increase of outpatient facilities are driving the market.
Key players in the cardiovascular devices market
Some of the prominent players operating in the cardiovascular devices market include include Medtronic Plc (Ireland), Abbott Laboratories (US), Boston Scientific Corporation (US), Terumo Corporation (Japan), GE Healthcare Technologies, Inc. (US), Edward Lifesciences Corporation (US), Siemens Healthineers AG (Germany), Johnson & Johnson (US), Baxter International Inc (US), B. Braun SE (Germany), Getinge AB (Sweden), Koninklijke Philips N.V. (Netherlands), Lepu Medical Technology (Beijing) Co., Ltd (China), Nihon Kohden Corporation (Japan), MicroPort Scientific Corporation (China), Japan Lifeline Co., Ltd. (Japan), AngioDynamics, Inc.(US), LifeTech Scientific Corporation (China), Artivion Inc (US), Sahajanand Medical Technologies Limited (India), OrbusNeich Medical Group Holdings Limited (China), BPL Medical Technologies (India), BiotroniK. (Germany),), W.L. Gore & Associates, Inc (US), Canon medical systems corporation (Japan), Picard Medical Company (US).
Recent Developments of Cardiovascular Devices Market
-In June 2024, Abbott today announced it has received CE Mark in Europe for the AVEIR™ dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacemaker that treats people with abnormal or slow heart rhythms. The AVEIR DR leadless pacemaker system utilizes a new method of delivering dual chamber therapy as it is comprised of two unique devices – one that paces the right ventricle (AVEIR VR) and one that paces the right atrium (AVEIR AR). Each device is roughly one-tenth the size of a traditional pacemaker and smaller than a AAA battery.
-In September 2024, Boston Scientific Corporation received Japan's Pharmaceuticals and Medical Device Agency (PMDA) approval for the FARAPULSE Pulsed Field Ablation (PFA) System. The FARAPULSE PFA System indicated for the isolation of pulmonary veins in the treatment of paroxysmal atrial fibrillation (AF), is a novel alternative to standard-of-care thermal ablation treatment.
-In July 2024, Edwards Lifesciences Corporation decided to exercise its option to acquire Innovalve Bio-Medical Ltd., an early-stage transcatheter mitral valve replacement (TMVR) company, following its initial investment in 2017.
-In February 2024, Edwards Lifesciences Corporation announced the company’s EVOQUE tricuspid valve replacement system is the first transcatheter therapy to receive the US FDA approval for treating tricuspid regurgitation (TR).
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