Cardiovascular Devices Market

Global Cardiovascular Devices Market:

The global cardiovascular devices market size reached USD 62.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 101.3 Billion by 2033, exhibiting a growth rate (CAGR) of 5.5% during 2025-2033. The introduction of interventional cardiology procedures, coupled with favorable reimbursement policies, are stimulating the market growth.

Cardiovascular Devices Market Analysis:

• Major Market Drivers: The increasing number of cardiovascular conditions, such as heart failure, coronary artery disease, arrhythmias, etc., is propelling the market. Moreover, the rising consumer inclination towards minimally invasive alternatives to traditional open-heart surgeries for faster recovery, reduced hospital stays, improved patient comfort, etc., is also acting as another significant growth-inducing factor.
• Key Market Trends: The growing advancements in 3D printing and artificial intelligence (AI) technologies that are leading to the launch of advanced cardiovascular devices to offer enhanced precision and safety are among the emerging trends stimulating the overall market.
• Geographical Trends: The well-developed healthcare infrastructures are bolstering the market in North America. Apart from this, the presence of major medical device manufacturers and the elevating investments in R&D activities are further positively influencing the regional market.
• Competitive Landscape: According to the cardiovascular devices market overview, some of the prominent companies across the global market include Abbott Laboratories, B. Braun Melsungen AG, Biotronik, Boston Scientific Corporation, Canon Medical Systems Corporation, Cardinal Health Inc., Edwards Lifesciences Corporation, General Electric Company, LivaNova PLC, Medtronic PLC, Siemens Healthineers GmbH (Siemens AG), and Terumo Cardiovascular Systems Corporation (Terumo Corporation), among many others.
• Challenges and Opportunities: The launch of cardiovascular devices involves complex engineering and integration of advanced materials, which can hamper the market growth. However, key players are ensuring the long-term reliability and safety of these devices, particularly those that are implantable. This, in turn, will continue to augment the global market in the coming years.
   

Cardiovascular Devices Market Trends:

Demand for Minimally Invasive Procedures

The shifting preferences of individuals from traditional open-heart surgeries toward less invasive methodologies that minimize recovery times, reduce surgical risks, improve patient outcomes, etc., are stimulating the market. For example, in April 2024, the FAST TRACK CABG study, overseen by a team of researchers at the University of Galway, tested a new approach to the planning, guidance, and conducting of heart bypass surgery on patients for the first time. It demonstrated that non-invasive cardiac CT with AI-powered blood flow scanning is feasible and safe. Besides this, the widespread adoption of robotics and real-time imaging techniques facilitates the accurate placement of valves, stents, and other devices without the need for large incisions, which is also elevating the cardiovascular devices market revenue. For instance, in February 2024, Philips introduced LumiGuide, which is powered by Fiber Optic RealShape (FORS) technology, for radiation-free, minimally invasive surgeries. Apart from this, minimally invasive procedures are performed via small incisions using specialized cardiovascular instruments and advanced imaging techniques, which allow for targeted and precise treatments. Some of the common examples include transcatheter mitral valve repair (TMVR), transcatheter aortic valve replacement (TAVR), endoscopic vein harvesting, etc. Consequently, they are gaining traction across the globe. For example, in December 2022, Abbott, one of the leading global healthcare companies, announced the launch of its novel transcatheter aortic valve implantation (TAVI) system, Navitor, for individuals in India with severe aortic stenosis who are at high or extreme surgical risk. As technology advances, these procedures are becoming more effective and safer, thereby leading to their increasing adoption in treating numerous cardiovascular conditions. For instance, in May 2024, according to new one-year data presented at the annual meeting of the Society for Cardiovascular Angiography and Interventions (SCAI), a new biomimetic transcatheter aortic valve replacement (TAVR) system developed by Anteris Technologies can offer cardiologists with a new way to treat severe aortic stenosis (AS).

Introduction of Enhanced Variants

Cardiovascular devices play a crucial role in the treatment, diagnosis, and management of chronic heart conditions and stroke. Consequently, key players are launching novel devices that enable healthcare professionals to accurately assess the severity of cardiovascular diseases, monitor the heart health of patients, improve effective therapies, etc. Moreover, the increasing number of patients requiring intervention to address their cardiovascular conditions is escalating the popularity of smart stents, implantable pacemakers, defibrillators, etc. This, in turn, is positively influencing the cardiovascular devices market outlook. For example, in December 2023, Terumo India announced the launch of Ultimaster Nagomi, a drug-eluting stent intended for use in the treatment of coronary artery disease. Besides this, the growing investments in R&D activities to introduce improved cardiovascular devices, including pacemakers, are acting as significant growth-inducing factors. For instance, in May 2023, MicroPort, one of the global developers in the field of cardiac rhythm management, received FDA approval for its wide range of implantable pacemakers, Alizea and Celea. Additionally, they feature AutoMRI mode, an algorithm invented by MicroPort, that increases the safety of patients who are undergoing an MRI examination. Similarly, in July 2023, Abbott announced the FDA approval of its leadless pacemaker system, Aveir DR. Furthermore, machine learning and AI are employed for analyzing vast amounts of cardiovascular data to personalize treatment plans, predict patient outcomes, improve diagnostic accuracies, etc. For example, in January 2024, research led by Dr. Demilade Adedinsewo, one of the cardiologists at the Mayo Clinic in the U.S., suggested that the AI-enabled digital stethoscope could improve the diagnosis of peripartum cardiomyopathy, a potentially life-threatening condition that weakens the heart muscle of women during pregnancy.

Strategic Partnerships

Prominent companies, medical device manufacturers, research institutions, and healthcare organizations are collaborating and entering into mergers and acquisitions activities to introduce cardiovascular devices, including precise imaging tools. This represents one of the cardiovascular devices market recent opportunities. For instance, in September 2023, PaceMate, one of the leading cardiac data management platforms, announced the partnership with MedAxiom to create workflow solutions for cardiac and EHR data in a single, cloud-native environment. In line with this, in October 2023, GE HealthCare collaborated with Boston Scientific to develop enhanced cardiac imaging systems. Additionally, these partnerships aid companies in navigating complex regulatory landscapes and gaining access to international markets by leveraging the local expertise and established distribution networks of their partners. For example, in June 2023, Philips entered into a partnership with Biotronik to expand the range of cardiovascular devices available for Philips SymphonySuite customers. Besides this, in May 2023, PaceMate collaborated with AliveCor, one of the global leaders in FDA-cleared personal electrocardiogram technology and remote patient management solutions, to encompass implantable cardiac devices.

Cardiovascular Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the cardiovascular devices market forecast at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on the device type, application, and end user.

Breakup by Device Type:

• Diagnostic and Monitoring Devices
  • Electrocardiogram (ECG)
  • Remote Cardiac Monitoring
  • Others
• Therapeutic and Surgical Devices
  • Cardiac Rhythm Management (CRM) Devices
  • Catheter
  • Stents
  • Heart Valves
  • Others
     

Therapeutic and surgical devices is the most popular device type

The report has provided a detailed breakup and analysis of the market based on the device type. This includes diagnostic and monitoring devices (electrocardiogram (ECG) remote cardiac monitoring, and others) and therapeutic and surgical devices (cardiac rhythm management (CRM) devices, catheter, stents, heart valves, and others). According to the report, therapeutic and surgical devices represent the largest segment.

The increasing number of surgical procedures and therapeutic interventions aimed at treating cardiovascular diseases is propelling the segment's growth. Moreover, therapeutic and surgical devices include implantable cardioverter defibrillators (ICDs), stents, pacemakers, catheters, heart valves, ventricular assist devices (VADs), etc. They aid in regulating heart rhythm, restoring blood flow, providing mechanical circulatory support, etc. Consequently, they are gaining extensive traction as less invasive alternatives to traditional open-heart surgeries, which is elevating the cardiovascular devices market demand. For example, in December 2023, Medtronic plc, one of the global leaders in healthcare technologies, announced the FDA approval of the PulseSelect Pulsed Field Ablation (PFA) System for the treatment of both paroxysmal and persistent atrial fibrillation (AF). In line with this, in June 2023, Magenta Medical launched a feasibility study for the world's smallest heart pump that reduces vascular access complications during heart surgery.

Breakup by Application:

• Coronary Artery Disease (CAD)
• Cardiac Arrhythmia
• Heart Failure
• Others
   

Coronary artery disease (CAD) dominates the cardiovascular devices market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes coronary artery disease (CAD), cardiac arrhythmia, heart failure, and others. According to the report, coronary artery disease (CAD) represented the largest market segmentation.

CAD devices used for treatment, diagnosis, and management of coronary artery disease condition are gaining traction across countries. Moreover, the widespread adoption of diagnostic devices, such as intravascular ultrasound (IVUS) devices, angiography systems, and computed tomography angiography (CTA) machines, as they help in assessing the severity of coronary artery blockages, is propelling the market. For example, in August 2022, Medtronic announced the launch of its novel drug-eluting coronary stent, the Onyx Frontier drug-eluting stent (DES), following CE Mark approval. Besides this, in January 2024, Cleerly, one of the companies working to create a new standard of care for the diagnosis of heart disease, introduced Cleerly ISCHEMIA, which recently received U.S. Food and Drug Administration (FDA) 510(k) medical device clearance. Cleerly ISCHEMIA analysis software is an automated machine learning-based decision support tool specifically designed for patients undergoing coronary computed tomography angiography (CCTA).

Breakup by End User:

• Hospitals
• Specialty Clinics
• Others
   

Hospitals account for the majority of the overall market share

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals, specialty clinics, and others. According to the report, hospitals represented the largest segment.

Hospitals are the primary end users of cardiovascular devices. They provide a wide range of cardiac services, such as treatment, diagnosis, and surgical procedures for cardiovascular diseases. Hospitals have cardiac catheterization labs and specialized cardiology departments equipped with advanced imaging systems and surgical suites, which is increasing the cardiovascular devices market's recent price. For instance, in January 2024, Sylvia Jones, the health minister of Ontario, announced the development of a new cardiac lab at St. Mary's General Hospital in Kitchener, Canada, to help cardiac patients. They require a comprehensive range of devices, such as implantable devices, diagnostic equipment, surgical instruments, monitoring systems, etc., which is driving the growth in this segmentation.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest market for cardiovascular devices.

The increasing prevalence of cardiovascular conditions, including stroke and peripheral artery disease, is propelling the regional market. For instance, as per the report published by the Heart and Stroke Foundation of Canada in February 2022, there were 750,000 patients diagnosed with heart failure. Moreover, favorable reimbursement policies and fast regulatory approvals are acting as significant growth-inducing factors. For example, in September 2023, CorVista Health announced the FDA approval of its non-invasive medical device system that is used for detecting the presence of cardiac disease. In line with this, in January 2024, Occlutech, a Swedish medical device company focused on structural heart disease, received the U.S. FDA approval for its ASD Occluder for the treatment of atrial septal defects (ASDs). Apart from this, as per the cardiovascular devices market statistics, the introduction of wireless ECG has allowed for real-time patient monitoring and diagnosis. This, in turn, will continue to stimulate the regional market in the coming years. For example, in February 2021, VivaLNK developed a wearable ECG monitoring solution designed to wirelessly capture ECG and heart rate during a six-minute walk test (6MWT). 

Competitive Landscape:

The key players are investing significantly in R&D to develop innovative cardiovascular devices. They focus on improving device performance, durability, and patient outcomes. R&D efforts aim to introduce advanced technologies, such as minimally invasive procedures, remote monitoring systems, and personalized medicine approaches. Additionally, cardiovascular devices market companies are continuously launching new cardiovascular devices to expand their product portfolios. These launches often involve next-generation devices with improved features and enhanced capabilities. They are prioritizing addressing unmet clinical needs, such as novel therapies for specific cardiovascular conditions or devices that offer improved precision and ease of use. Besides this, collaborations and partnerships between key players, healthcare providers, and research institutions are common in the cardiovascular devices market. These collaborations foster innovation, facilitate knowledge exchange, and leverage collective expertise and resources to develop and commercialize new technologies and solutions.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Abbott Laboratories
• B. Braun Melsungen AG
• Biotronik
• Boston Scientific Corporation
• Canon Medical Systems Corporation
• Cardinal Health Inc.
• Edwards Lifesciences Corporation
• General Electric Company
• LivaNova Plc
• Medtronic Plc
• Siemens Healthineers GmbH (Siemens AG)
• Terumo Cardiovascular Systems Corporation (Terumo Corporation)
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Cardiovascular Devices Market Recent Developments:

• May 2024: According to new one-year data presented at the annual meeting of the Society for Cardiovascular Angiography and Interventions (SCAI), a new biomimetic transcatheter aortic valve replacement (TAVR) system developed by Anteris Technologies can offer cardiologists with a new way to treat severe aortic stenosis (AS).
• May 2024: According to the article published in the journal npj Fexible Electronics, a team of researchers from China presented a novel approach to use wearable sensors for assessing vascular age and cardiovascular diseases.
• April 2024: The FAST TRACK CABG study, overseen by a team of researchers at the University of Galway, tested a new approach to the planning, guidance, and conducting of heart bypass surgery on patients for the first time.
• January 2024: India Medtronic Private Limited announced a strategic collaboration with Cardiac Design Labs (CDL) to scale up, launch, and expand access to CDL’s novel diagnostic technology, Padma Rhythms, an external loop recorder (ELR) patch designed for long-term and comprehensive heart monitoring and diagnosis.

Cardiovascular Devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cardiovascular devices market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global cardiovascular devices market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cardiovascular devices industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.