Growing Prevalence of Cardiovascular Diseases Drives Global Cardiovascular Devices Market

According to our new research study, titled "Cardiovascular Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Device, Application, and End User," the market is expected to grow from US$ 48,106.47 million in 2021 to US$ 76,526.68 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028. The increasing cases of heart diseases such as coronary artery disease, heart failure, congenital heart disease, heart attack, and cardiomyopathy are driving the cardiovascular devices market.

The rising prevalence of arrhythmia and other cardiovascular diseases (CVDs) is encouraging the introduction of improved cardiovascular devices. As per the World Health Organization (WHO), ~30 million people experience a stroke each year. The American Heart Association (AHA) states that ~50% of all adults in the US have a type of CVD. Furthermore, over ~130 million people, i.e., 45.1%, of the US population are projected to have a type of CVD by 2035. As per the AHA 2019 statistics, 121.5 million adults in the US, i.e., over half of the US adult population, suffer from a CVD.

According to the European Cardiovascular Disease Statistics 2017, CVD led to 3.9 million deaths in Europe and over ~1.8 million deaths in the European Union (EU) every year. The disease accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. The European Society of Cardiology stated that patients suffering from atrial fibrillation are at a five-times greater risk of getting a stroke, and 20-30% of total stroke cases in Europe are caused due to atrial fibrillation. As per a study conducted by the European Society of Cardiology in 2016, in the EU, ~7.6 million people aged 65 and above suffer from atrial fibrillation, and the number is expected to increase by 89% to account for ~14.4 million by 2060. According to the report "Beyond The Burden: The Impact of Atrial Fibrillation in the Asia Pacific" by Biosense Webster, published in 2019, over ~16 million people in Asia Pacific have atrial fibrillation, which is expected to register ~72 million by 2050. The report also suggests that the middle-aged and elderly population is at a greater risk of developing this condition. Thus, the demand for cardiovascular devices is rising due to the prevalence of cardiovascular conditions.

Boston Scientific Corporation; Medtronic; GE Healthcare; Koninklijke Philips N.V.; Siemen Healthineers AG; Abbott; Johnson & Johnson Services, Inc.; B. Braun Melsungen AG; BD; and Edwards Lifesciences Corporation are the leading companies operating in the cardiovascular devices market.

Based on the device, the cardiovascular devices market is segmented into electrocardiography (ECG), pacemaker, stent, defibrillator, cardiac catheter, guidewire, heart valve, event monitor, and others. Based on application, the cardiovascular devices market is segmented into coronary heart disease, sudden cardiac arrest, stroke, cerebrovascular heart disease, and others. Based on end user, the cardiovascular devices market is segmented into hospitals, ambulatory surgery centers, and cardiac centers. By geography, the cardiovascular devices market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).

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