Global Cardiovascular Devices Market is projected to grow at a CAGR of 6.01% by 2025. Cardiovascular devices are used for the treatment of arrhythmia or heart failure in patients. CVDs or Cardiovascular Diseases come under non-communicable diseases, which covers more than half of the global diseased population. According to WHO, 17.7 million people die every year from CVDs. More than 75% of deaths occur in low-income and middle-income countries, while 80% of all CVDs are due to heart diseases and stroke. Rest include diabetes, high blood pressure, obesity and other problems related to an individual’s lifestyle.
Geographically, North America and Europe hold a significantly large share in the global Cardiovascular Devices market on account of state-of-the-art research infrastructure and huge investments by market players into research and development. The Asia Pacific region is anticipated to witness rapid growth over the projected period owing to the growth of various end user industries in this region.
Prevalence of cardiovascular diseases and a growing geriatric population are driving the cardiovascular devices market.
Cardiovascular Diseases (CVDs) are the global leading cause of deaths. Prevalence of high blood pressure, obesity, diabetes etc. in a population contribute towards CVDs. 17.7 million people are dying every year due to the increasing Cardiovascular Diseases (CVDs). It is responsible for 31% of global deaths (source: World Health Organization). Increasing prevalence worldwide is due to excessive tobacco use, unhealthy diet, physical inactivity and excessive use of alcohol giving rise to harmful conditions like high blood pressure, obesity and high blood glucose levels. Hence, high cardiac disease prevalence has a high impact on the growth of the global cardiovascular devices market.
Around 2 billion people across the world are expected to be over 60 years of age by 2050, which is thrice of what was in the year 2000 (source: World Health Organization) giving rise to increase in healthcare costs which will be required for the treatment of non-communicable diseases and chronic diseases related to old age. A growing geriatric population has a high impact on the growth of the global cardiovascular devices market.
By type, global cardiovascular devices market is segmented as cardiac rhythm management devices, implantable cardioverter defibrillation, pacemakers, defibrillation leads and pacing leads, remote monitoring systems interventional cardiac devices and others.
With the rise and prevalence of cardiac diseases leading to major consequences continuous monitoring of diseased patients and immediate surgeries are required in order to maintain a healthy lifestyle. Progress has been made by the major device companies to mitigate the complications and have also increased their market reach to many countries making facilities available worldwide.
According to the Centres for Disease Control & Prevention (CDCs), up to 6.1 million people suffered from atrial fibrillation in the United States. The occurrence of this disease is likely to fuel up due the rise in geriatric population and the prevalence of heart diseases in this region and also worldwide. Around 2% of the population below 65 years of age suffer from atrial fibrillation (AF), while around 9% of the population above 65 years of age suffer from AF. Rise in the prevalence of CVDs, favourable government reimbursement policies, advanced technological advancements are the major market drivers. North America accounts for the highest market share due to advanced healthcare infrastructure and high prevalence of CVDs. Also, there is a high level of collaboration between various stakeholders. Key players in the global ventricular assist devices market include Medtronic, Abiomed, Terumo and HeartWare.
The global cardiovascular devices market by age group has been segmented by the following age groups: 0-20, 45-54, 55-64, 65-74, and above 75 years.
Cardiovascular diseases are dependent on age-basis where the cardiac and vascular function are identified as they are accounted as the major risk factor determining the cardiovascular morbidity and mortality. Cardiac function is defined as the ability of the heart to pump blood effectively in order to meet the metabolic demands of the body. It involves the delivery of oxygenated blood to the body and removal of waste products. On the other hand, vascular function also known as vascular reactivity refers to the blood flow adjustments and changes of the vessels diameter and tone when required. Healthier arteries have higher capacity of increased blood flow (known as vasodilative capacity). Cardiovascular risk factors such as diabetes, hypertension, smoking, genetic factors, environmental factors and others decrease the vasodilative capacity. The onset of these diseases occurs with age as most of prevalence is seen even in the absence of the hypertension or clinically apparent cardiovascular disease. Therefore, device therapy comes as an established therapy for the prevention of sudden heart failure or in the management of the heart failure in adults.
North America boasts a significant share in the global cardiovascular devices market due to increase in the adoption of advanced surgical treatments, rising awareness of commercially available products and the presence of advanced healthcare services to a targeted patient pool. Japan in the Asia-Pacific region is the world’s third-largest economy with a high standard of living, safety, and a vision to achieve sustainable healthcare system by 2035 and is also a reservoir of an aging population undergoing cardiac related surgeries and treatment. Other drivers include rapid technological advances, an inclination of increasing number of people towards a healthy living, growing prevalence of heart diseases and preference to the minimally invasive technologies over conventional ones. In addition, the booming medical tourism industry is expected to further aid to the demand for Cardiovascular devices in countries like India where reduced costs and the latest medical technologies are the key attractions.
Key players in the cardiovascular devices market include Medtronic, GE Healthcare, Boston Scientific, Edwards Lifesciences, Abbott Laboratories and Johnson & Johnson.
The global cardiovascular devices market has been analysed through the following segments: