Market Analysis Reports

Market Analysis - Molecular Cardiology 2024

Global Cardiovascular Devices Market: Regional Insights

Based on geography, the global cardiovascular devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing burden of cardiovascular diseases (CVDs), rising geriatric population, and increase in preference for minimally invasive procedures in the region. For instance, according to the U.S. Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 34 seconds in the U.S. from cardiovascular disease. Thus, with the rise in burden of cardiovascular diseases, the demand for cardiovascular diagnostics and treatment devices is also increasing with the rapid pace in the United States.

Europe and Asia Pacific are also expected to witness lucrative growth in the global cardiovascular devices market due to the high prevalence of cardiovascular diseases, growing geriatric population, and increase in demand for cardiovascular devices in these regions. For instance, according to the European Federation of Pharmaceutical Industries and Associations, around 60 million people are living with CVD in the European Union, and 13 million new cases of CVD are diagnosed in the region every year. Even in the absence of a global pandemic, CVDs are the leading cause of death in the EU, killing 5,000 people every day. This in turn is expected to increase or has increased the demand for cardiovascular devices in this region.

Global Cardiovascular Devices Market Drivers:

Rise in burden of cardiovascular diseases to propel market growth

One of the key factors expected to augment the growth of the global cardiovascular devices market during the forecast period is the high prevalence of cardiovascular diseases across the world. Such a high burden of cardiovascular diseases leads to an increased number of surgical procedures and it is expected to increase demand for cardiovascular devices. For instance, according to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death across the globe, taking an estimated 17.9 million lives each year. Cardiovascular diseases are the number one cause of death and disability worldwide.

Growing geriatric population to augment market growth

Another factor which is driving the growth of the global cardiovascular devices market is the rise in geriatric (aging) population around the world. For instance, aging can cause changes in the heart and blood vessels that may increase a person's risk of developing cardiovascular disease. People age 65 and older are more likely than younger people to suffer from CVDs. According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Cardiovascular Devices Market Opportunities:

Rise in demand for cardiovascular devices across the globe is expected to offer significant growth opportunities for players in the cardiovascular devices market. For instance, with the rise in burden or prevalence of cardiovascular diseases and rise in number of surgical procedures worldwide, the demand for cardiovascular devices is also increasing. In June 2021, Abbott announced the launch of Jot Dx, an insertable cardiac monitor (ICM) in the U.S. The monitor allows for remote detection and improved diagnosis accuracy of the cardiac arrythmia. This in turn is driving the growth of the global cardiovascular devices market.

Rise in research & development and technological advancements are expected to offer significant growth opportunities for players in the global cardiovascular devices market. For instance, players in the market are focusing on developing more advanced, efficient technologies for the diagnosis and treatment of cardiovascular disorders. In February 2021, Remo Care Solutions announced the launch of Remo.Cardia, a remote cardiac monitoring system powered by artificial intelligence (AI) that monitor and analyses patient’s vitals. The device can be used for follow-up actions of patients who had undergone surgery for any cardiac diseases.

Global Cardiovascular Devices Market Trends:

Increase in focus on disease diagnosis is a recent trend

Due to rise in burden of cardiovascular diseases, the demand for early diagnosis is also increasing, which in turn has increased the demand for cardiovascular devices worldwide. Moreover, advances in diagnostics and treatment options have spurred a better understanding of types of cardiovascular diseases, allowing for the development of precision devices to treat such diseases and also giving a patient a wide spectrum of treatment options. This trend is expected to continue over the forecast period, driving the growth of the cardiovascular devices market.

Rise in usage of electrocardiograms (ECGs) is another trend

More people worldwide are using ECGs for diagnostic and monitoring purposes and are especially popular in the home healthcare market. An ECG is often used alongside other tests to help diagnose and monitor conditions affecting the heart. Moreover, market players are focusing on developing and launching wearable ECG monitoring solutions to wirelessly capture ECG and heart rate. Rise in product launches and approvals has increased the usage of ECG. This trend is also expected to continue during the forecast period, driving the market growth.

Global Cardiovascular Devices Market Restraints:

High cost of devices and procedures to hinder market growth

One of the key factors expected to hamper the growth of the global cardiovascular devices market is the high cost of cardiovascular devices and cardiac procedures. The complications and additional surgical procedures associated with cardiac surgeries increase the overall cost of a cardiovascular procedure as well as cardiovascular devices, which makes it difficult for the end users to purchase those products, restraining the growth of the market. However, the average cost of heart procedures is less in low- and middle-income countries, compared to developed countries.

Stringent regulations and product recalls to hamper market growth

Another factor which is hampering the growth of the cardiovascular devices market is the stringent regulatory policies and product recalls. Regulatory authorities, such as FDA, regulate the medical device through stringent regulations to ensure access to safe, appropriate, and affordable medical devices, which affects manufacturers, in terms of delays in product launches, late approvals, and product recalls, as they must comply with every regulation. The majority of cardiovascular devices are regulated as medical devices in an independent sub-category.