Market Research Report
Global Cardiovascular Devices Market - 2022-2029
|Global Cardiovascular Devices Market - 2022-2029|
Published: February 18, 2022
Content info: 180 Pages
Delivery time: 2 business days
The global cardiovascular devices market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).
Cardiovascular devices are used to diagnose heart disease and treat related health issues.
The major factors driving the global cardiovascular devices market are the expected technological advancements to drive the market growth in the forecast period.
The technological advancements in cardiovascular devices are expected to drive the market growth in the forecast period
Healthcare organizations worldwide have been transitioning to new business models to improve patient care and operational efficiencies. Artificial intelligence (AI), advanced algorithms, and predictive analytics are some of the recent advancements that aid in the early detection and treatment of critically ill patients and improve outcomes and provide value-based care. Then there's remote connected care, which allows electrocardiogram (ECG) diagnosis via cloud technology and bluetooth-enabled cardiac devices that measure the parameters and transmit them back to healthcare providers without the patient physically visiting the clinic. Over the last decade, technologies used to develop cardiology devices have advanced significantly, and indications for these devices have expanded. As a result, an increasing number of patients are being managed with cardiology devices, leading to exponential therapeutic and monitoring outcomes. Artificial intelligence is one such advancement that significantly impacts cardiology by improving diagnostic capabilities for certain heart conditions.
For instance, on 12th October 2020, GE Healthcare received US FDA 510k clearance for its ultra-edition package of vivid cardiovascular ultrasound systems, including new artificial intelligence (AI)-based features that enable clinicians to acquire faster, more repeatable exams consistently.
The problems associated with cardiovascular devices is expected to hamper the market growth
Stringent regulatory policies are expected to be a major reason to hamper the growth of the cardiovascular devices market. Furthermore, if the devices do not meet the guidelines specified by regulatory authorities, they will not be approved for sale, resulting in a significant loss of investment for the manufacturers. When devices fail to meet USFDA criteria, there is a risk of device recall, which is particularly high in the case of cardiovascular devices, negatively impacting the market under consideration. For instance, on 24th February 2020, the USFDA issued a Class I recall for Abbott's NC Trek RX and NC Traveler RX Coronary Dilatation Catheters due to balloon deflation (diameters 4.0mm, 4.5mm, and 5.00mm).
The COVID-19 pandemic impacted cardiovascular device production in 2020. Furthermore, the postponement of elective procedures due to COVID-19-related measures has harmed the cardiovascular medical devices market, particularly in 2020. While some cardiovascular procedures are considered urgent, others have been postponed or delayed since the global pandemic. As a result, for some patients, lifestyle changes and medication can be prescribed instead of cardiovascular procedures. Another factor weighing on the market is a decrease in cardiovascular disease diagnosis due to healthcare resources being reserved for COVID-19 patients. As a result of the pandemic, many medical device companies have suffered losses in their cardiovascular devices business. Medtronic, for instance, announced a 33% reduction in its cardiac and vascular business sector in its 2020 outlook.
The ECG segment is expected to dominate the market growth in the forecast period
The adoption of the new generation of portable and compact ECGs is expected to drive market growth, particularly in the home healthcare segment. The prevalence of cardiovascular diseases (CVD) has increased, necessitating long-term ECG monitoring. Furthermore, with the introduction of wireless ECG, doctors can remotely monitor and diagnose the patient on time, further fueling the market. Cardiologs, an artificial intelligence (AI) cardiology diagnostics company, signed an exclusive distribution agreement with MicroPort CRM in France on 1st September 2020 to resell its cloud analysis solution for Holter ECGs.
Furthermore, among the new cardiac device technologies, wearable smart devices with heart-monitoring capabilities, such as bands, watches, and rings, are being used by many people worldwide. Fitbit received US FDA approval for its heart-monitoring electrocardiogram (EKG) app on Fitbit's new Sense smartwatch on 15th September 2020. The feature can monitor heart rhythms and detect atrial fibrillation, the most common type of irregular heartbeat. iRhythm, a digital healthcare company, launched its Zio system in the United Kingdom on 24th October 2019 to aid in identifying and clinical diagnosis of cardiac arrhythmias such as atrial fibrillation (AF). The Zio system consists of a small wearable heart monitor attached to the patient's chest for 14 days.
North America region is expected to hold the largest market share in the global cardiovascular devices market
The increasing prevalence of cardiovascular diseases and increasing technological advancements in cardiovascular devices are expected to drive this region's market growth.
According to the American Heart Association Research Report 2018, heart disease kills one out of seven people in the United States. Coronary heart disease is the leading cause of death from cardiovascular disease in the United States (43.8 percent), followed by stroke (16.8 percent), heart failure (9.0 percent), high blood pressure (9.4 percent), artery diseases (3.1 percent), and other cardiovascular diseases (17.9 percent ). This factor is driving the market in the United States by increasing demand for better treatment with efficient medication.
Furthermore, a few of the country's key market players are developing novel products and technologies to compete with existing products, while others are acquiring and partnering with other companies trending in the market. Abbott restarted its LIFE-BTK clinical trial in September 2020 to assess the safety and efficacy of its new Esprit BTK Everolimus Eluting Resorbable Scaffold System.
With mergers, collaborations, and product launches, the global cardiovascular devices market is highly competitive. Some of the key players in the market are Abbott Laboratories, Boston Scientific Corporation, Edwards Lifesciences, Cardinal Health Inc., Medtronic PLC, B. Braun Melsungen AG, Siemens Healthcare GmbH, Terumo Cardiovascular Systems Corporation, GE Healthcare
Overview: Medtronic is a medical technology and services company. The Company develops, manufactures, and markets its medical devices and technologies to hospitals, physicians, clinicians, and patients in approximately 160 countries. The Company operates in four segments Cardiac and Vascular Group, Restorative Therapies Group, Minimally Invasive Technologies Group, and Diabetes Group. The company was founded in 1949.
Product Portfolio: Micra AV is the smallest pacemaker with atrioventricular (AV) synchrony, used to treat AV block patients.
Key Developments: On January 20th, The Micra AV, the world's smallest leadless pacemaker with atrioventricular (AV) synchrony, was approved by the US Food and Drug Administration (FDA).
The global cardiovascular devices market report would provide an access to an approx. 45+market data table, 40+figures and 180 pages.
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