The global cardiovascular device market is projected to grow at a CAGR of 4.45% during the forecast period to reach US$50.498 billion by 2026 from US$37.243 billion in 2019. The prime reason driving the market growth is rising cases of cardiovascular diseases and their severity resulting in a surging death rate among patients. Increasing expenditure on the healthcare sector and infrastructure development by the government also play a crucial role in the market growth of cardiovascular devices. Technological innovation in the industry has resulted in a rise in automation and inventions for early and better diagnosis of disease prevention and treatment for reducing life threats, increasing the market size significantly. Furthermore, the growing aged population and increasing complexities of lifestyle have increased the risk of cardiovascular diseases (CVD), which will increase the market scope of cardiovascular devices.
Rising cases of cardiovascular diseases will drive the market growth of cardiovascular devices during the forecasted period.
The prime growth driver of the cardiovascular device industry is rising cases of cardiovascular diseases. A report published by the World Health Organization (WHO) estimates that around 17.7 million people die annually due to cardiovascular diseases, which accounts for 31% of global deaths. Out of these, the majority of people die due to heart attacks and strokes. Cardiovascular diseases, combined with obesity and diabetes caused 50% of deaths in one year. Rising cases of CVDs are anticipated to boost the market for cardiovascular devices during the forecasted period.
An increase in the aged population will also significantly support the market growth. The aged population increased from 512.297 million people in 2019 to 697.990 million in 2019. WHO further estimates that this demographic size will increase to over 1.50 billion by 2050 due to the low fertility rate and changing lifestyle. In the U.S. 800 thousand people died due to heart diseases in 2019, 80% of these were aged 65 or above (Source: Million Hearts). American College of Cardiology found 720 thousand new cases of CVDs in the US in 2019. Rising cases have increased concerns and expenditure by the government increasing in demand for cardiovascular devices for diagnosis and treatments.
Increasing government expenditure on the healthcare sector will open new market opportunities for the industry during the forecasted period.
Another key driver for global cardiovascular devices is increased government expenditure in the healthcare sector. CVDs have significantly increased the death rate and shortened life expectancy, which has concerned the governments. To reduce these threats, the government is adopting measures of early detection and better treatment. Millions of Hearts, an initiative led by the Centre of Diseases Control and Prevention (CDC) and U.S. government, has set aim for 2022 to prevent 1 million heart attacks and strokes, during the forecasted year, by dietary plans, regular check-ups, and special attention to prone age groups, i.e. 34 to 64 wholes cases are on a rise.
Growing work culture complexities accompanied by a hectic life have increased the chances of CVDs among adults, aged between 34 to 64 years. Further, an unfavorable, imbalance diet has led to unhealthy living, making the person more prone to CVDs and other diseases. Genetic prevalence of the diseases may also result in the person suffering from them despite taking precautions. Hence, a rising standard of living is predicted to encourage a person for regular health checks for early detection and preventive measures which will contribute notably to the market size.
The Asia Pacific cardiovascular device market is projected to show robust growth potential during the forecasted period owing to a surge in medical tourism.
On industry analysis based on geography, it is forecasted that the Asia Pacific cardiovascular market will grow at an exponential rate to increase its market share at a significant level. The prime reason being the growth in medical tourism in the region. Asia Pacific region is home to quality medical service at an affordable price, especially for North American, European, and Middle East patients, and hence is witnessing a surge in medical tourism for over the past couple of years. India, Singapore, South Korea, Thailand, and Malaysia are leading medical service providers at cheap or affordable rates.
A study by health.org shows that, on average, a middle-income USA household can save up to 90% to 95% of healthcare costs for surgeries such as implantation of heart valves, insertion of a pacemaker, heart transplant, or other, if they get operated in India instead of the U.S. Further, a study by MIT discovered that India is home for cheap and affordable, quality medical services due to which medical tourism surged to 10.3 million medical tourists in 2019. Rising medical tourism in the country has significantly contributed to the economic development, and rise in healthcare sector expenditure, increasing the market size of modern cardiovascular devices. Observing the growth, the government of India revised its e-Visa policy and extended Visa validation from 90 days to a year, in October 2019, hoping to increase medical tourism. However, the pandemic and lockdown did decrease the number of tourists significantly.
|Market size value in 2019||US$37.243 billion|
|Market size value in 2026||US$50.498 billion|
|Growth Rate||CAGR of 4.45% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Device Type, Application, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Medtronic, General Electronic Company, Boston Scientific corporation, Edwards Lifesciences Corporation, Abbott, Getinge AB, Terumo Corporation, W.L. Gore & Associates Inc., Lepu Medical Technology (Beijing) Co. Ltd.|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the size of global cardiovascular device market?
A1. Cardiovascular Devices Market was valued at US$37.243 billion in 2019.
Q2. What will be the cardiovascular device market size by 2026?
A2. The global cardiovascular device market is projected to reach a total market size of US$50.498 billion by 2026.
Q3. What are the growth prospects for the cardiovascular device market?
A3. The cardiovascular device market is projected to grow at a CAGR of 4.45% during the forecast period.
Q4. What factors are anticipated to drive the cardiovascular device market growth?
A4. The prime reason driving the cardiovascular device market growth is rising cases of cardiovascular diseases and their severity resulting in a surging death rate among patients.
Q5. Which region holds the largest market share in the cardiovascular device market?
A5. The Asia Pacific cardiovascular market will grow at an exponential rate to increase its market share at a significant level, due to the growth in medical tourism in the region.