Market Trends of Cardiovascular Devices Industry
This section covers the major market trends shaping the Cardiovascular Devices Market according to our research experts:
The Electrocardiogram (ECG) Under Diagnostic and Monitoring Devices Segment is Expected to Hold a Significant Share in the Market
More people are using ECGs for diagnostic and monitoring purposes thanks to the latest generation of lightweight and compact devices, which are especially popular in the home healthcare market. Rising rates of cardiovascular disease (CVD) necessitate continuous ECG monitoring. In addition, the development of wireless ECG has allowed for real-time patient monitoring and diagnosis, which has contributed to the growth of the market. In January 2022, Philips, for instance, began offering a 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials that could be performed in the comfort of a patient's own home.
Among the new technologies in cardiac devices, wearable smart devices equipped with heart-monitoring capabilities, such as bands, watches, and rings, have become the norm for many people globally. In February 2021, VivaLNK launched a wearable ECG monitoring solution designed to wirelessly capture ECG and heart rate during a six-minute walk test (6MWT). Thus the new product launches and approvals increase the scope for the usage of ECG which drives the market segment over the study period.
Additionally, the collaborations among the major players in the cardiovascular market help the segment to grow over the study period. For instance, in October 2022, AccurKardia is going to collaborate with Mawi, a medtech provider of medical-grade wearables in the cardiac space, to integrate its proprietary ECG analytics into Mawi's new cardiac monitoring watch. This collaboration highlights AccurKardia's commitment to enabling world-class cardiac care through remote patient monitoring solutions.
Therefore, due to the aforementioned factors, this market segment is expected to witness significant growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
North America is expected to dominate the cardiovascular devices market due to the high prevalence of cardiovascular diseases, the high adoption rate of minimally invasive procedures, the presence of reimbursements, the rising geriatric population, and the high demand for continuous and home-based monitoring.
According to the CDC updated report published in October 2022, for every 40 seconds, a heart attack occurs in the United States, and also about 805,000 Americans experience a heart attack each year. Hence the rising burden of cardiovascular diseases in coming years increases the demand for cardiovascular diagnostics and treatment devices. Additionally, a few of the key market players in the country are developing novel products and technologies to compete with the existing products, while others are acquiring and partnering with other companies trending in the market.
For instance, in April 2022, Abbott received approval from the United States FDA for its Aveir single-chamber (VR) leadless pacemaker for the treatment of patients in the United States with slow heart rhythms. This marks a significant advancement in patient care and brings new, never-before-seen features to patients and their physicians. Similarly, in February 2022, Abbott received expanded indication approval from the United States FDA for the CardioMEMS HF System to support the care of patients suffering from earlier stages of heart failure. These new product approvals increase the scope for the usage of devices that drive the market in the region.
Furthermore, supportive awareness initiatives to create disease awareness are projected to support the market for cardiovascular devices in the North American region. For instance, in February 2022, Philips is supporting the American Heart Association's multi-year effort to generate awareness among cross-disciplinary specialties and improve survival rates from cardiovascular implantable electronic device (CIED) infections. Thus, owing to the abovementioned factors, the studied market in the North American region is expected to register significant growth over the forecast period.
