Cardiovascular Devices Market Size By Device Type (Cardiac Ablation Devices {Radiofrequency Ablators, Electric Ablators, Cryoablation Devices, Ultrasound Devices}, Left Atrial Appendage (LAA) Closure Devices {Endocardial LAA Closure Devices, Epicardial LAA Closure Devices}, Endoscopic Vessel Harvesting (EVH) Devices {EVH Systems, Endoscopes, Accessories}), By End-use (Hospitals, Ambulatory Surgical Centers, Cardiac Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry trends

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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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. 
 

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Favourable government initiatives facilitating research in cardiovascular medicine will foster the market expansion

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.
 

Launch of advanced ablation devices catering to increasing procedural volume for atrial fibrillation will spur the market revenue

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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.
 

Infrastructure development in hospitals, propelling patient preference for numerous heart surgeries will simulate the cardiovascular devices market value

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.
 

Presence of major providers and new firms will create substantial demand for cardiovascular devices in the North America Region

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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.
 

Prominent industry participants are extensively focusing on product innovation and collaborations to sustain their competitive advantage

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.
 

Some of the recent industry developments:

• In January 2021, CardioFocus expanded its distribution across Spain and Portugal by extending its partnership with MicroPort CRM in France. This will lead to geographical expansion, thus offering revenue growth opportunities to the company.
   
• In December 2020, Biotronik announced the CE Mark approval for its gold-tipped, force sensing ablation catheter. The product approval has assisted the company in expanding its product portfolio.
   
• In August 2020, Biosense Webster announced the CE Mark approval for its powered, short-duration ablation catheter, QDOT MICRO. This has assisted the company in portfolio expansion, thereby stimulating its revenue growth.
   

The cardiovascular devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:
 

Market, By Device Type

• Cardiac ablation devices

• Radiofrequency ablators
• Electric ablators
• Cryoablation devices
• Ultrasound devices
• Others

• Left atrial appendage closure devices

• Endocardial LAA closure devices
• Epicardial LAA closure devices

• Endoscopic vessel harvesting devices

• EVH systems
• Endoscopes
• Accessories

Market, By End-use

• Hospitals
• Ambulatory surgical centers
• Cardiac centers
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE