Cardiovascular Devices Market Size, Share & COVID-19 Impact Analysis, By Device Type (Diagnostic and Monitoring Devices {Electrocardiogram, Remote Cardiac Monitoring, and Others}, and Therapeutic and Surgical Devices {Ventricular Assist Devices (VAD), CRM Devices, Catheters}), By Application (Coronary Artery Diseases, Cardiac Arrhythmia, Heart Failure), By End-User (Hospitals, Specialty Clinics), and Regional Forecast, 2021-2028

The global cardiovascular devices market size was valued at USD 50.87 billion in 2020 and is projected to grow from USD 54.08 billion in 2021 to USD 86.27 billion in 2028, exhibiting a CAGR of 6.9% during the forecast (2021-2028). The market size in North America stood at USD 26.35 billion in 2020. Based on our analysis, the global market witnessed a huge decline of -4.6% in 2020 as compared to the average year-on-year growth during 2017-2019. 

The global impact of COVID-19 has been unprecedented and staggering, with cardiovascular devices witnessing a negative demand shock across all regions amid the pandemic. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over. The growth of the global market is driven by a significant rise in the prevalence of chronic heart diseases. This provides the momentum towards the higher adoption of technologically advanced cardiology devices for diagnostic and surgical purposes. Furthermore, the significant reduction in critical cardiovascular therapeutic devices prices such as coronary stents boosts the expansion of this market, especially in emerging markets such as India. For example, according to a study by the Harvard T.H. Chan School of Public Health (HSPH), a reduction in prices for coronary stents in the Indian state of Maharashtra led to a 43.0% increase in the number of individuals who go through heart procedures.

As the demand for these devices is expected to sustain strong growth, key market players are anticipated to show robust involvement in R&D initiatives. This is expected to give rise to innovative product launches, resulting in the improved condition of heart patients. Such novel product developments are also anticipated to result in a substantial patient population base. Furthermore, with the strong increase in cardiovascular diseases in all regions, the market is anticipated to grow at a robust rate in the forecast period.

Reduction in Hospital Visits for Non-urgent Procedures amid COVID-19 Hampers Growth

The impact of COVID-19 on the global market has been negative due to deferral in elective cardiovascular procedures globally as the number of hospital visits declined. While few procedures are considered urgent, some of them were rescheduled due to the ongoing COVID-19 pandemic. For example, according to the American College of Cardiology (ACC) and the Society for Cardiovascular Angiography and Interventions (SCAI), percutaneous coronary intervention (PCI) for an acute heart attack is considered urgent. Still, a PCI for stable ischemic heart disease can be delayed.

Furthermore, the pandemic has negatively impacted the market due to the reduced diagnostic procedures across the globe because of the reserved resources for the COVID-19 pandemic. Since the start of the pandemic, regular check-ups and diagnoses have been postponed. Adding to it, many key players have witnessed a decline in sales due to the cancellation of procedures. Prominent companies such as Medtronic and Boston Scientific Corporation reported strong sales declines in their annual revenues of FY 2020.

For instance, Boston Scientific Corporation, an essential company in the global market, reported a decrease of -7.9% in revenue compared to FY 2019. Also, other players such as Abbott and LivaNova PLC also recorded substantial declines in the sales performance of their cardiovascular device products segment by 2.9% and 12.1%, respectively. However, greater adoption of these devices coupled with the gradual launch of new devices worldwide is expected to enable the market to return to its pre-pandemic growth levels.

LATEST TRENDS

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High Demand for Cardiovascular Devices with Advanced Features t      - Drive Growth

Patients who suffer from advanced stages of heart diseases repeatedly require technologically advanced diagnostic and therapeutic cardiovascular devices. This is due to the growing awareness and high demand for coronary stents and other medical devices with better safety features. The patient demand includes devices that do not cause adverse reactions like infections which are caused by several types of stents, such as bare-metal stents.

In addition, due to current technological advancements, there is a demand for devices with advanced features such as remote cardiac monitoring features. These characteristics provide individuals with a practical and accurate treatment plan, also allowing them ease of usability.

In February 2021, Remo Care Solutions announced the launch of a remote cardiac monitoring device powered by AI, Remo.Cardia is used as event monitors and analyzes patient’s vitals in real-time. Thus, determining the increasing number of patients by selecting cardiovascular devices would increase in the upcoming years.

DRIVING FACTORS

Rise in the Prevalence of Cardiovascular Diseases to Boost the Global Market

The increasing occurrence of heart diseases in patients is the highest in regard to cost and healthcare services. The rise in the occurrence of chronic cardiovascular diseases like heart failure and coronary artery disease (CAD) is one of the key factors which promote the market growth. One of the most critical cardiovascular devices is Coronary or cardiac stents. These devices help treat life-threatening cardiac conditions such as heart attack, coronary heart diseases, atrial fibrillation, and the opening of narrowed arteries. The prevalence of cardiac diseases augments the need for advanced heart devices in the world.

As per the Centers for Disease Control and Prevention (CDC) estimates in 2019, cardiovascular diseases are the leading cause of death in the U.S. region, eventually contributing to an estimate of 1 in 4 deaths every year. According to the World Health Organization, heart diseases cause an estimated 17.9 million deaths each year.

Moreover, the surge in approvals for new devices by regulatory authorities also provides major momentum to the growth of the market. Numerous initiatives adopted by public authorities to enable the availability of cardiovascular devices to a large population in developing regions will probably steer the market during the forecast period.

Increasing Availability of Efficient Devices to Drive Market

The pervasiveness of heart diseases globally has a noticeable increase, which drives the demand for efficient heart devices. Accessibility of advanced devices has led to the adoption of these devices in these countries. In addition, adopted initiatives catering to the rise in demand for these devices in emerging economies have boosted the market. Moreover, investors are focused on expanding the availability of economical cardiovascular devices in countries such as India, China, Mexico, and others. This, in turn, is expected to attract huge cardiovascular devices market share in the upcoming years.

For instance, in February 2020, AliveCor, a leading AI-based ECG technology and enterprise cardiac solution provider, announced the launch of KardiaMobile, used to record, store and transfer single-channel electrocardiogram rhythms in the Mexico region from the Federal Commission for the Protection against Sanitary Risk. This launch is due to the partnership between AliveCor and Inpharamo, a Mexico-based medical solutions company.

RESTRAINING FACTORS

Increasing Barriers in R&D Activities to Restrict Market Growth

Limitations involved in the advancement of innovative and technologically advanced cardiovascular devices are a strong R&D environment. Various key players are focused on their capacity to invest in futuristic R&D programs related to cardiac devices due to the ineffective processes within the reimbursement models. For instance, in the countries that advocate the policies of price caps on life-saving stents, manufacturers might be less inclined towards the development of new products or even in introducing advanced cardiac devices with high costs in these markets.

Apart from barriers in R&D programs in this market, rigid regulatory policies are also one of the reasons restraining the market. The devices innovated by the key players without complying with regulatory guidelines cannot be launched in the market for commercial use resulting in loss of significant investment by the manufacturers. For Instance, the U.S. FDA announced that Abbott had recalled its NC Traveler RX Coronary Dilatation Catheters, as the balloons were not deflating as they were intended to. Such Limitations might lower the cardiovascular devices market growth. 

SEGMENTATION

By Device Type Analysis

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Therapeutic and Surgical Devices to Hold Dominant Share during the Forecast Period

Based on the device type, the market is segmented into diagnostic and monitoring devices, and therapeutic and surgical devices. The diagnostic and monitoring devices segment can be further sub-segmented into electrocardiogram (ECG), remote cardiac monitoring, and others. The therapeutic and surgical devices segment can be further sub-segmented into ventricular assist devices (VAD), cardiac rhythm management (CRM) devices, catheters, stents, heart valves, and others.

The therapeutic and surgical devices segment is anticipated to observe significant growth in the upcoming years due to the increasing number of local & regional players in the global market to serve the growing demand for advanced cardiac devices for therapeutic purposes. Furthermore, new product launches by major players would also drive the market.

For example, in December 2020, Abbott announced the launch of its clip-delivery system to treat patients suffering from mitral regurgitation. The diagnostic and monitoring devices segment is predicted to record a lower growth rate than the other segment but still has a considerable global market share.

By Application Analysis

Coronary Artery Disease (CAD) Segment to Account for the Maximum Share

By applications, the global market is categorized into coronary artery disease (CAD), cardiac arrhythmia, heart failure, and others. Coronary artery disease (CAD) has the highest revenue in 2020 and is anticipated to remain the dominant segment in the forecast period. This is primarily because a significant number of cardiovascular devices such as coronary stents are used to treat coronary artery disease (CAD) involving the narrowing of arteries which leads to other cardiac conditions such as heart attacks.

Cardiac arrhythmia is also expected to drive steady growth due to a surge in the adoption rate of pacemakers with futuristic technology to treat this condition. For instance, the Indian subsidiary of Medtronic launched the Azure pacemaker enabled with BlueSync technology. Heart failure cases are also expected to observe positive growth due to devices such as ventricular assist devices (VAD) for treating the disease.

By End-User Analysis

Hospitals Segment to Retain its Leading Position in the Forecast Period

By end-user, the global market is segmented into hospitals, specialty clinics, and others. In terms of revenue, the hospitals segment is considered the leading segment in 2020, owing to the requirement of trained medical professionals to insert critical cardiovascular devices such as stents. Furthermore, hospitals also help in the reduction of adverse reactions in patients during critical medical procedures.

For example, the Cardiovascular Care Center at the Charlton Memorial Hospital announced that they had added a new electrophysiology lab. They also announced the complete renovation of the cardiac catheterization lab for elective as well as emergency treatments. Adding to it, specialty clinics are expected to be a rapidly growing segment during the forecast period with a comparatively significant CAGR.

REGIONAL INSIGHTS

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On the basis of region, the global market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America dominated the global cardiovascular devices market with a share of 51.79% in 2020. The presence of key manufacturers in the U.S. and the growing prevalence of heart diseases in the U.S. and Canada are a few of the key factors driving and facilitating the augmentation of the market during the forecast duration. For instance, according to the American Heart Association, cardiovascular diseases accounted for approximately USD 18.6 million deaths in 2019.

Europe is expected to hold the second leading position in this market by registering robust growth in the coming years. The growth is attributed to the drastic rise in heart diseases in Central and Eastern Europe.

As per our market research study, Asia Pacific is expected to observe the highest market value growth. The growing prevalence of chronic cardiovascular diseases and the high adoption of advanced devices are expected to augment the forecast period. For example, in India, in February 2018, the government confirmed that the price controls on the stents are expected to continue, especially on the drug-eluting stents. These stents have a substantially lower rate compared to the international markets such as the United States. Such an established regulatory scenario for cardiovascular devices is expected to boost the expansion of the market in Asia Pacific during the forecast period.

In Brazil, the growing prevalence of heart diseases, a country where Non-Communicable Diseases (NCDs), including cardiovascular diseases, are the leading cause of death, is boosting the market. The Middle East & Africa is estimated to reflect slower-to-moderate growth during the forecast period, attributable to the delayed adoption of advanced devices. However, rapid developments in the region and growing awareness about the severity of heart diseases are the key factors estimated to boost the market in the region during the forecast period.

KEY INDUSTRY PLAYERS

Diverse Portfolio of Medtronic, Boston Scientific Corporation, and Abbott to Help Them Dominate

In respect to the competitive scenario of the global market, the market is present with a wide range of companies, and the market ranges from emerging players to established players. As per market dominance, the prominent companies are Medtronic, Abbott, Boston Scientific Corporation, and Edwards Lifesciences. These companies have a strong and robust portfolio for cardiovascular devices. Medtronic plc. is considered to be a strong market player owing to its extensive range of cardiology products portfolio, including Diagnostic and Surgical Devices such as aortic stent grafts and Coronary catheters and balloons, heat valves, other cardiopulmonary products.

In October 2020, the Indian subsidiary of Medtronic announced the launch of the Azure pacemaker with BlueSync technology, the first pacemaker in India which can communicate with a patient’s smartphone or tablet. Boston Scientific Corporation is also one of the key players with a prominent cardiology product range which includes catheters, guard wires, coronary stents, and imaging systems. In January 2021, Boston Scientific Corporation announced that they entered into a definitive agreement to complete the acquisition of Preventice Solutions, Inc., a company offering a wide range of mobile cardiac health solutions and services. This acquisition ensured the expansion of Boston Scientific Corporation’s product portfolio.

However, the cardiovascular market is also present with other prominent established players such as LivaNova, Plc. who have a sizable portfolio in therapeutic areas such as heart failure, heart valves, and cardiopulmonary diseases. Furthermore, the presence of certain regional players in high-growth countries such as Japan is expected to strengthen these companies’ market presence in the forecast period. Some examples of Japan-based companies include Terumo Cardiovascular Systems Corporation.

LIST OF KEY COMPANIES PROFILED:

• B. Braun Melsungen AG (Melsungen, Germany)


• Medtronic (Dublin, Ireland)


• Abbott (Abbott Park, U.S.)


• Boston Scientific Corporation (Marlborough, U.S.)


• Edwards Lifesciences Corporation (Irvine, U.S.)


• Johnson & Johnson Services, Inc. (New Brunswick, U.S.)


• GENERAL ELECTRIC COMPANY (GE Healthcare) (Chicago, U.S.)


• LivaNova PLC (London, U.K.)


• Siemens Healthcare GmbH (Erlangen, Germany)


• Terumo Cardiovascular Systems Corporation (Tokyo, Japan)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• July 2021 – Angel Medical Systems, Inc. announced the first commercial implantation of their flagship product, “The Guardian” device in the U.S. region. This was the first procedure followed by their recent FDA approval.


• April 2021 – Phoenix Cardiac Devices, Inc. announced that they received a CE Mark for their product, BACE (Basal Annuloplasty of the Cardio externally) device. This approval helps in the commercialization of BACE in the European Union.


• March 2021 – U.S. FDA announced the approval of the world’s first non-surgical heart valve treatment for pediatric and adult patients suffering from a native or surgically repaired right Ventricular outflow tract (RVOT). The device was specifically developed to treat patients with severe pulmonary heart regurgitation.

REPORT COVERAGE

An Infographic Representation of Cardiovascular Devices Market

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The global cardiovascular devices market research report provides a detailed market analysis. It focuses on key aspects such as the prevalence of key cardiovascular diseases, new product launches and key industry developments, technological advancements in cardiology devices, analysis of key market deals, and pipeline analysis. Additionally, it considers the impact of COVID-19 on the global market. Besides these, the report offers insights into market trends and highlights key strategies by market players. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation