Market Definition 

Cardiovascular devices are used to diagnose and treat heart-related disease. Cardiovascular devices are used to help control irregular heartbeats in people with heart rhythm disorders. The cardiovascular devices include implantable cardioverter defibrillators, pacemakers, implanted heart rhythm monitors and others. 

Global cardiovascular devices market is estimated to reach $XX billion by 2026; growing at a CAGR of 6.5% till 2026. 

Market Dynamics 

Rising prevalence of cardiovascular diseases is boosting the global cardiovascular devices market. According to World Health Organization (WHO), Cardiovascular diseases (CVDs) are the number one cause of death globally, around 17.9 million people die due to cardiovascular diseases each year, an estimate of 31% of deaths globally. More than 75% of cardiovascular diseases deaths occur in lower and middle-income countries. Heart attack and stroke are the cause of 85% of CVD deaths globally. According to the American Heart Association, each year, 720,000 incidences of heart attacks is registered in the United States. In Europe, 3.9 million people die due to cardiovascular disease (CVD) each year. According to the Australian Bureau of Statistics (ABS), in 2018, more than 1.2 million (5.6%) Australian adults aged 18 years and more had one or more conditions related to the heart or vascular disease, including stroke. According to the Institute for Health Metrics and Evaluation (IHME), in 2018, around 54.6 million Indians are suffering from one of cardiovascular disease. Further, increasing regulatory approvals for cardiovascular devices is a key driving factor of the market. However, product recalls of cardiovascular devices might hamper market growth. For instance, The U.S FDA has recalled Medtronic’s implanted cardiac pacemakers as a class 1 recall, the most serious kind. The recall has affected 13,440 devices manufactured and distributed between March 2, 2017, and January 7, 2019. The product recall was made due to possible circuit errors in the devices. The device leads to a lack of pacing and results in patients with low BP, slow heartbeats and symptoms such as lightheadedness, fainting and death. Moreover, technological advancement in cardiovascular devices would provide lucrative opportunities for the market in the coming years. 

Market Segmentation 

The global cardiovascular devices market is mainly classified based on type and application. Type is further segmented into Diagnostic and Monitoring Devices (ECG, Implantable loop recorders, Echocardiogram, Holter monitors, Event monitors, PET scan, MRI, and Others) and Surgical Devices (Pacemakers, Stents, Guidewires, Catheters and accessories, Cannulae, and Others). By application, the market is divided into Hospital, Clinic, Ambulatory Surgical Centers, and Others.  

ECG was dominating the diagnostic and monitoring device segment in 2019, owing to the increasing technological advancement, the collaboration between companies to develop and commercialize new ECG devices, rising adoption of compact and portable ECG, and increasing regulatory approval new and advanced ECG. For instance, AliveCor has received FDA clearance for KardiaMobile 6L the first available six-lead personal ECG device. KardiaMobile 6L provides patients and their physicians a detailed view into patients' hearts, including visibility into arrhythmias a leading indicator of cardiovascular disease. 

Regional Analysis 

Based on geography, the global cardiovascular devices market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. 

North America was dominating the global cardiovascular devices market in 2019, due to the rising prevalence of cardiovascular diseases, increasing investment for developing of cardiovascular devices, technological advancement, and commercialization of regulatory approved cardiovascular devices. For instance, Medtronic plc has introduced Micra AV, smallest pacemaker with atrioventricular (AV) synchrony. Medtronic has received the U.S. Food and Drug Administration (FDA) approval for Micra AV for the treatment of AV block, a condition in which the electrical signals between the chambers of the heart are impaired. 

Competitive landscape 

Key players operating in the cardiovascular devices industry include Becton, Dickinson and Company, Medtronic, Boston Scientific Corporation, Abbott, B. Braun Melsungen AG, St. Jude Medical, Cook Medical, Inc., Cardinal Health, Inc., Philips Healthcare, Terumo Medical Corporation, Abiomed Inc., and Edwards Lifesciences. 

Increasing commercialization of regulatory approved cardiovascular devices, rising investment in developing and marketing cardiovascular devices, increasing clinical studied on cardiovascular devices, technological advancement, and collaboration between companies to develop and commercialize new cardiovascular devices are some of the strategies adopted by the major companies. For instance, on May 21, 2019, Royal DSM has collaborated with Strait Access Technologies (SAT) to develop the world’s first cost-effective and durable transcatheter replacement heart valves with polymeric leaflets. The collaboration is focused on developing valves to treat Rheumatic Heart Disease (RHD). 

Cardiovascular Devices Market Key Segments: 

By Type 

• Diagnostic and Monitoring Devices 
• ECG 
• Implantable loop recorders 
• Echocardiogram 
• Holter monitors 
• Event monitors 
• PET scan 
• MRI 
• Others 
• Surgical Devices 
• Pacemakers 
• Stents 
• Guidewires 
• Catheters and accessories 
• Cannulae 
• Others 

By Application 

• Hospital 
• Clinic 
• Ambulatory Surgical Centers 
• Others 

Key Global Cardiovascular Devices Industry Players 

• Becton, Dickinson and Company 
• Medtronic 
• Boston Scientific Corporation 
• Abbott 
• B. Braun Melsungen AG 
• St. Jude Medical 
• Cook Medical, Inc. 
• Cardinal Health, Inc. 
• Philips Healthcare 
• Terumo Medical Corporation 
• Abiomed Inc. 
• Edwards Lifesciences 

What Report Provides 

• Full in-depth analysis of the parent Industry 
• Important changes in market and its dynamics 
• Segmentation details of the market 
• Former, on-going, and projected market analysis in terms of volume and value 
• Assessment of niche industry developments 
• Market share analysis 
• Key strategies of major players 
• Emerging segments and regional growth potential