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Cardiovascular Devices Market size was valued at over USD 3 billion in 2020 and is expected to witness around 16.7% CAGR from 2021 to 2027. Incidence of COVID-19 has impacted the industry with procedure deferrals during initial period of pandemic. Risk of infection during surgical procedures and high burden of COVID-19 related hospital admissions has primarily influenced the procedural volume. However, high risk of fibrillation among the patient suffering through COVID-19 and urgent care admissions for patients with heart conditions with decrease in incidence of coronavirus infection has driven the product demand. Moreover, collaborative strategies of government and companies to maintain cardiac care amid pandemic has sustained industrial revenue. Thus, the industry has experienced moderate impact of coronavirus outbreak and will continue to showcase significant growth with declining prevalence of COVID-19.
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Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 3.3 Billion |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 16.7% |
2027 Value Projection: | USD 10.3 Billion |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 206 |
Tables, Charts & Figures: | 317 |
Segments covered: | Device Type, and End-use |
Growth Drivers: |
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Pitfalls & Challenges: |
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Increasing awareness and demand for minimally invasive surgeries will stimulate the market growth in the coming years. Benefits such as small incisions, reduced risk of infection and relatively less time-consumption are the factors that fuel the patient preference for these procedures. Furthermore, technological advancements in cardiovascular devices offers effective solutions for such minimally invasive procedures. With continuous developments in the technology towards miniaturization, material biocompatibility of implantable and advanced navigation devices, the market is anticipated to observe significant growth over the forecast period.
The cardiovascular devices market is projected to showcase exponential growth with the high adoption of advanced technologies to cater to rising disease burden. Several factors including prevalence of lifestyle disorders with increasing consumption of alcohol, smoking and reduced physical activities along with environmental changes are predicted to boost the procedural volume over the coming years. This will considerably augment the demand for cardiovascular devices. Along with significant disease prevalence, supportive government initiatives and funding facilitates research in the field and stimulates the industry growth potential.
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Cardiac ablation devices segment dominated more than 72% of the market share in 2020. Growing prevalence of atrial fibrillation (AF) is driving the demand for minimally invasive ablation procedure. Innovations in ablation devices focusing on maximization of success rate and outcome is further impacting procedure and device adoption. Single shot pulmonary vein isolation modalities, prominently in the form of cryoballoon have impeled procedural efficiency. In addition, improved imaging and navigation systems substantially enhances safety and efficacy during AF ablation. Thus, high acceptance of ablation devices with increased procedural demand will influence segment growth in the coming years.
Hospital end-use segment accounted for USD 1.5 billion in 2020. Wide range of surgeries such as open-heart surgery, interventional cardiac procedures, and occlusion procedures among others are performed in hospital cardiac departments. Increasing expenditure on healthcare infrastructure in emerging economies has resulted in usage of advanced cardiac devices in these facilities. Also, several hospitals in emerging countries are funding to expand the cardiology unit. Thus, owing to the high procedural volume and preference for well-equipped facilities by patients, the segment will showcase robust growth in the coming years.
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North America cardiovascular devices market accounted for 40% of revenue share in 2020. Presence of leading players focusing on product innovation and significant portion of expenditure on research and development contributes to the regional growth. Due to greater awareness and acceptance of innovative technologies in the U.S., market leaders register momentous growth potential.
According to the Centers for Disease Control and Prevention, over 454,000 hospitalizations, seeking primary diagnosis for atrial fibrillation are reported each year in the U.S. Increasing hospital admissions and advanced infrastructure in facilities create revenue opportunities for the market. Such contributing factors are leading to increased product sales that will ultimately impel the growth for North America region.
Some of the leading companies operating in the market include Abbott Laboratories (St. Jude Medical), Biosense Webster (Johnson & Johnson), Boston Scientific Corporation, Medtronic plc and Terumo Medical Corporation among others. These industry players are adopting various organic as well as inorganic growth strategies to obtain competitive advantage and strengthen their market position.
Market, By Device Type
Market, By End-use
The above information is provided for the following regions and countries: