Cardiac Medical Device Market Forecast 2023 - 2030

Report ID : CBI_1031 |  Category : Pharmaceuticals And Healthcare   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Product Type Diagnostic & Monitoring (ECG, Holter Monitors, Event Monitors, and Others) and Therapeutic & Surgical Devices (Pacemakers, Stents, Catheters & accessories, and Others)
By Application Cardiac Arrhythmia, Coronary Artery Disease, Heart Failure, and Others
By End User Hospitals, Clinics, Diagnostic Centers, and Others
By Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 6.8%
Forecast Year: 2023 - 2030
Revenue 2022: $59,100.00 Mn
Revenue 2030: $99,349.84 Mn

Cardiac Medical Device Market Forecast 2023 - 2030

Market Overview :

Consegic Business Intelligence analyzes that the cardiac medical device market is growing with a healthy CAGR of 6.8% during the forecast period (2023-2030), and the market is projected to be valued at USD 99,349.84 Million by 2030 from USD 59,100.00 Million in 2022.

Market Definition :

Cardiology devices refer to medical devices that are intended to be utilized for the diagnosis, treatment, and monitoring of cardiovascular diseases. Cardiovascular medical devices include coronary stents, artificial heart valves, angioplasty balloon catheters, and endovascular grafts, among others.

The cardiac devices are designed to enable the efficient monitoring and control of irregular heartbeats in patients with particular heart rhythm disorders and heart failure. Cardiology devices such as pacemakers drastically enhance the quality of a patient's life, as a pacemaker sends electrical pulses to the patient's heart to keep it beating regularly and not too slowly. Such types of devices are often deployed in the treatment of various cardiac-related disorders, including cardiac arrhythmia, and coronary artery disease, among others.

Cardiac Medical Device Market :

Cardiac Medical Device Market

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Market Dynamics :

Cardiac Medical Device Market Dynamics

Drivers :

  • Rising technological innovations associated with cardiac medical devices

    Global players in the cardiac medical device industry are substantially investing in the technological innovations of cardiac medical devices to increase their product portfolio in the market. As a result of this, cardiac medical device manufacturers, having their presence at the global level, are continuously leveraging their technological potential to develop new methods with novel technological advancements. Thus, the development of new cardiac medical devices with upgraded technology is leading to the growth of the cardiac medical device market.

    For illustration, in February 2022, Ceryx Medical Limited in partnership with the Universities of Bath and Bristol and Auckland Bioengineering Institute (ABI), developed novel technology-based cardiac medical devices. Cysoni devices could enhance the outlook for patients with serious heart conditions. Hence, the increasing new technological developments of cardiac medical devices by various global companies are amplifying the growth of the global cardiac medical device market.

  • The increasing prevalence of cardiovascular disease is boosting the market growth

    Cardiac diseases can be efficiently treated by detecting them in the early stages. Therefore, the demand for early diagnosis of cardiovascular disease is rising. The cases of cardiovascular disease are likely to increase substantially as a result of population growth and aging.

    According to the data published by American Heart Association, between 1990 and 2020, the proportion of worldwide deaths from cardiovascular disease is projected to increase from 28.9% to 36.3%. According to the World Health Organisation, in 2019, 17.9 million people died from cardiovascular disease. As the increasing prevalence of cardiac diseases at the global level is a prime factor in boosting the demand for cardiac medical devices in order to diagnose & monitor cardiac disease at the earliest stage.

    For instance, according to the American Heart Association (AHA), cardiac diseases caused 18.6 million deaths at the global level in 2019, and in 2020, it was 19.1 million, an increase of 2.7%. Moreover, in November 2022, Apollo Hospitals launched a Transcatheter heart valve clinic in Hyderabad, India. The launch of new cardiac clinics is boosting the adoption of cardiac medical devices to control or monitor irregular heartbeats in people. For this reason, the increasing prevalence of cardiovascular disease is boosting the market growth.

Restraint :

  • High cost and stringent regulations associated with the cardiac medical devices

    The design, development, and manufacturing of advanced cardiac medical devices is a time-consuming, complex, and investment-intensive process for manufacturers. These factors lead to the higher cost of cardiac medical devices. Moreover, cardiac medical devices may pose a significant amount of risk for patients. Owing to this factor, cardiac medical devices are subject to various reviews and oversight by medical device regulators such as The International Medical Device Regulators Forum (IMDRF). For instance, In the EU, cardiac medical devices must comply with the stringent requirements of the European Union (EU) medical device regulation (MDR). Thus, the high cost and stringent regulations associated with cardiac medical devices may pose a major bottleneck for the market in the upcoming years.

Opportunities :

  • Growing development of new cardiac hospitals will accelerate the adoption of cardiac medical devices

    Cardiac surgery is an ideal option for cardiac hospitals to improve blood flow to the heart, reduce chest pain, and treat heart attacks. The surge in the cases of cardiac diseases, increasing government initiatives for the healthcare infrastructure, and among others are some of the critical factors accelerating the development of highly advanced hospital facilities. These factors will increase the adoption rate for Cardiac medical devices.

    For instance, as of April 2023, the development of the INTEGRIS Health Heart Hospital is in progress. The construction of the new heart hospitals in the United States will be completed by September 2024.

    Thus, the development of new cancer hospital construction in countries such as the United States, and United Kingdom, among others will boost the treatment of various heart-related diseases. This critical variable will boost the revenue growth of the cardiac medical device market at the global level in the forecast period.

 

Cardiac Medical Device Market Report Coverage:

Report Attributes Report Details
Study Timeline 2017-2030
Market Size in 2030 USD 99,349.84 Million
CAGR (2023-2030) 6.8%
By Product Type Diagnostic & Monitoring (ECG, Holter Monitors, Event Monitors, and Others) and Therapeutic & Surgical Devices (Pacemakers, Stents, Catheters & accessories, and Others)
By Application Cardiac Arrhythmia, Coronary Artery Disease, Heart Failure, and Others
By End User Hospitals, Clinics, Diagnostic Centers, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Boston Scientific Corporation, Abbott, Medtronic, Cardinal Health, General Electric (GE Healthcare), W. L. Gore & Associates, Inc., Biotronik, Siemens Healthcare GmbH, Canon Medical Systems Corporation, and B. Braun SE

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Market Segmentation :

By Product Type :

The product type segment is categorized into diagnostic & monitoring and therapeutic & surgical devices. In 2022, the therapeutic & surgical devices segment accounted for the highest market share in the overall cardiac medical device market. Therapeutic & surgical devices are primarily deployed in cardiac treatment to ensure efficient correction and regulation of an abnormal heart rhythm. The development of a new range of cardiac medical devices is expected to create a prominent growth opportunity for the market in the upcoming years.

For instance, in May 2023, Shockwave Medical, Inc., headquartered in the United States launched Shockwave C2+ Coronary Intravascular Lithotripsy (IVL) Catheter for the treatment of calcified coronary artery disease. Hence, the launch of new products will benefit market growth.

Furthermore, diagnostic & monitoring is expected to be the fastest-growing segment in the market in the forecast period. This is due to the increasing demand for accurate devices for the efficient diagnosis and monitoring of cardiovascular diseases.

By Application:

The application segment is categorized into cardiac arrhythmia, coronary artery disease, heart failure, and others. In 2022, the coronary artery disease segment accounted for the highest market share of 41.05% in the overall cardiac medical device market. The cardiac medical device efficiently analyzes the heart's electrical patterns in case of certain abnormal rhythms. Thereby healthcare professionals review the patterns of heartbeats with the help of ECG devices. For instance, according to the recent statistics published by the U.S. Department of Health & Human Services, in 2020, coronary heart disease is the highly prevalent type of heart disease, killing approximately 382,820 people. Furthermore, in 2020, approximately 2 in 10 deaths from coronary heart disease were reported in adults in the age group of less than 65 years. Therefore, the increasing cases of coronary heart disease are projected to foster the growth of the cardiac medical device market.

However, heart failure is expected to be the fastest-growing segment during the forecast period because of the increasing prevalence of high low-density lipoprotein (LDL) cholesterol, high blood pressure, and diabetes, among others. These factors are leading to increasing incidents of heart failure, and as a result, the demand for cardiac medical devices is increasing.

Global Cardiac Medical Device Market, By Application, 2022

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By End-User :

The end user segment is categorized into hospitals, clinics, diagnostic centers, and others. In 2022, the hospital segment accounted for the highest market share in the cardiac medical device market. In hospitals, the utilization of cardiac medical devices ensures efficient diagnosis and treatment of various cardiac-related diseases, including cardiac arrhythmia, coronary artery disease, and others. For illustration, in February 2023, Victorian Heart Hospital (VHH) was launched in Australia. The Victorian Heart Hospital is a state-of-the-art heart disease treatment hospital specializing in the research and treatment of cardiac diseases. Henceforth, the recently developed hospitals for the treatment of cardiac diseases are augmenting the market growth.

However, the diagnostic centers segment is expected to be the fastest-growing segment in the cardiac medical device market during the forecast period. This is due to the increasing focus on the adoption of new advanced diagnostics devices.

By Region :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

 
Asia Pacific Cardiac Medical Device Market Size, 2022 (USD Million)

Regional Growth Insights

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In 2022, North America accounted for the highest market share at 38.55% and was valued at USD 22,783.05 million, and is expected to reach USD 38,527.87 million in 2030. In North America, the U.S. accounted for the highest market share of 70.75% during the base year of 2022. The increasing prevalence of cardiac diseases in the North American region is accelerating the adoption of highly advanced cardiac medical device products to ensure efficient monitoring of heart rate, which is spurring market growth. For instance, according to the Centers for Disease Control and Prevention, in 2020 approximately 697,000 people in the U.S. died from heart disease which was 1 in every 5 deaths. Henceforth, the rising prevalence of heart diseases in the North American region is anticipated to accelerate the adoption of a cardiac medical device to keep an account of the patient's heart waves, which, in turn, will boost market growth.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 7.6% during 2023-20230. This is attributed to the growing demand for highly advanced cardiac medical devices. Therefore, the adoption of cardiac medical devices is increasing in Asia Pacific healthcare end uses such as hospitals, diagnostic centers, and others. This factor is proliferating the cardiac medical device market growth in North America.

Asia Pacific Cardiac Medical Device Market, By Countries (2022)

Details Countries Growth Insights

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Cardiac Medical Device Market Competitive Landscape:

The cardiac medical device market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include -

Recent Developments :

  • In December 2022, Abbott launched a minimally invasive device to treat heart valve diseases in the Indian market. Thus, the development of a new range of products will foster market growth.
  • In February 2021, Remo Care Solutions launched a new AI-enabled remote monitoring device for cardiac patients. The product analyzes the cardiovascular conditions of the patients in real time.
  • In December 2020, Koninklijke Philips N.V. acquired BioTelemetry, Inc. to integrate the patient monitoring services of Philips with cardiac diagnostics in hospitals.
 

Frequently Asked Question

What was the market size of the cardiac medical device industry in 2022?+

In 2022, the market size of cardiac medical device was USD 59,100.00 million.

What will be the potential market valuation for the cardiac medical device industry by 2030?+

In 2030, the market size of cardiac medical device will be expected to reach USD 99,349.84 million.

What are the key factors driving the growth of the cardiac medical device market?+

Rising technological innovations associated with cardiac medical devices are propelling the market growth.

What is the dominating segment in the cardiac medical device market by application?+

In 2022, the coronary artery disease segment accounted for the highest market share of 41.05% in the overall cardiac medical device market.

Based on current market trends and future predictions, which geographical region will have the fastest impact on the Cardiac Medical Device market's growth in the coming years?+

Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.