Market Size of Cardiovascular Devices Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 58.89 Billion |
| Market Size (2029) | USD 75.04 Billion |
| CAGR (2024 - 2029) | 4.97 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cardiovascular Devices Market Analysis
The Cardiovascular Devices Market size is estimated at USD 58.89 billion in 2024, and is expected to reach USD 75.04 billion by 2029, growing at a CAGR of 4.97% during the forecast period (2024-2029).
The emergence of the COVID-19 pandemic hurt the cardiovascular devices market in the beginning. It had a detrimental effect on the market due to the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. Many medical device companies have experienced losses in their cardiovascular device businesses due to the pandemic. However, production and healthcare facilities got resumed which is expected to have a positive impact on the market. For instance, as per the 2022 annual report of Medtronic, a technology company having a major share of the revenue from the cardiovascular portfolio has increased revenue due to the global procedure volumes recovering from the decline brought on by the COVID-19 pandemic in the first and second quarters of the fiscal year 2021.
The major factors driving the market are rapid technological advancements, the rising global burden of various cardiovascular diseases, and increased preference for minimally invasive procedures. Heart-related mortality is caused by the rising prevalence of heart disorders such as cardiomyopathy and stroke. The most common diseases in the world are those related to the cardiovascular system. For instance, per the report published by the Heart and Stroke Foundation of Canada in February 2022, there are 750,000 patients diagnosed with heart failure and this is increasing every year. Hence for proper diagnosis and treatment of heart-related diseases cardiovascular devices play an important role that drives the market growth over the study period.
Moreover, technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such advancement that has a significant positive impact on cardiology with improved capabilities for monitoring certain heart conditions. For instance, in July 2021, Medtronic received United States FDA clearance for two AccuRhythm AI algorithms for use with the LINQ II insertable cardiac monitor (ICM). AccuRhythm AI applies artificial intelligence (AI) to heart rhythm event data collected by LINQ II, improving the accuracy of information physicians receive so they can better diagnose and treat abnormal heart rhythms.
However, the stringent regulatory policies and high cost of instruments and procedures are the factors restraining the growth of the cardiovascular devices market.
Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are used for the diagnosis of heart diseases and treatment of related health problems. The Cardiovascular Devices Market is Segmented by Device Type (Diagnostic and Monitoring Devices [Electrocardiogram (ECG), Remote Cardiac Monitoring, and Other Diagnostic and Monitoring Devices] and Therapeutic and Surgical Devices [Cardiac Assist Devices, Cardiac Rhythm Management Devices, Catheters, Grafts, Heart Valves, Stents, and Other Therapeutic and Surgical Devices]) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
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Cardiovascular Devices Market Size Summary
The cardiovascular devices market is poised for substantial growth over the forecast period, driven by rapid technological advancements and an increasing global burden of cardiovascular diseases. The market experienced initial setbacks due to the COVID-19 pandemic, which diverted healthcare resources and led to a decline in cardiovascular disease diagnoses. However, the resumption of production and healthcare services has positively impacted the market. Key drivers include the rising prevalence of heart disorders, such as cardiomyopathy and stroke, and a growing preference for minimally invasive procedures. Technological innovations, particularly in artificial intelligence, have enhanced the capabilities of cardiology devices, improving monitoring and therapeutic outcomes. Despite challenges like stringent regulatory policies and high costs, the market is expected to expand, supported by the development of wireless and wearable ECG devices that facilitate real-time monitoring and diagnosis.
North America is anticipated to dominate the cardiovascular devices market, fueled by a high prevalence of cardiovascular diseases and a strong adoption of minimally invasive procedures. The region benefits from supportive reimbursement policies, a rising geriatric population, and a demand for continuous and home-based monitoring solutions. Key market players in North America are actively developing novel products and technologies, with recent FDA approvals for innovative devices like Abbott's leadless pacemaker and CardioMEMS HF System. Collaborative efforts and awareness initiatives, such as those by Philips and the American Heart Association, are expected to further bolster market growth. The market is moderately consolidated, with major players like Abbott, Medtronic, and Boston Scientific competing through product innovation and strategic partnerships.
Cardiovascular Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rapid Technological Advancements
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1.2.2 Increasing Burden of Cardiovascular Diseases
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1.2.3 Increased Preference for Minimally Invasive Procedures
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Policies and Product Recalls
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1.3.2 High Cost of Instruments and Procedures
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 Device Type
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2.1.1 Diagnostic and Monitoring Devices
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2.1.1.1 Electrocardiogram (ECG)
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2.1.1.2 Remote Cardiac Monitoring
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2.1.1.3 Other Diagnostic and Monitoring Devices
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2.1.2 Therapeutic and Surgical Devices
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2.1.2.1 Cardiac Assist Devices
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2.1.2.2 Cardiac Rhythm Management Devices
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2.1.2.3 Catheters
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2.1.2.4 Grafts
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2.1.2.5 Heart Valves
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2.1.2.6 Stents
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2.1.2.7 Other Therapeutic and Surgical Devices
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South Korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Cardiovascular Devices Market Size FAQs
How big is the Cardiovascular Devices Market?
The Cardiovascular Devices Market size is expected to reach USD 58.89 billion in 2024 and grow at a CAGR of 4.97% to reach USD 75.04 billion by 2029.
What is the current Cardiovascular Devices Market size?
In 2024, the Cardiovascular Devices Market size is expected to reach USD 58.89 billion.
