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Cardiovascular Device Market worth over $10bn by 2027

  • Published Date: February 15, 2021

Cardiovascular Device Market size is set to surpass USD 10 billion by 2027, according to a new research report by Global Market Insights Inc.

Coronavirus outbreak has impacted the procedural volume for cardiovascular surgeries during initial months of pandemic. However, reduced number of patients in some regions and standardized operating protocols stated by regulatory authorities have again streamlined the procedural workflow, thereby continuing the market growth. Focus of device manufactures on development of biocompatible products to enhance acceptance and treatment outcomes will increase the industry potential. Moreover, growing geriatric population, contributing to global disease burden will augment the product demand with rising number of admissions in healthcare facilities. with increasing investment and funding in the field of cardiovascular devices, the market is anticipated to observe lucrative growth in the coming year.

Integration of advanced technologies in cardiovascular devices will boost the product adoption among healthcare professionals

Along with high disease prevalence, technological advancements in cardiovascular devices will drive the cardiovascular device market expansion. The introduction of advanced endoscopic vessel harvesting technologies in coronary artery bypass graft (CABG) surgery has offered effective treatment solution with high patient satisfaction. Additionally, advancements in ablation catheters  has allowed simultaneous application of more than one ablation lesion. Such developments assist in overcoming the limitations associated with conventional surgeries and has impelled the patient preference for minimally invasive procedures. Also, it has led to improved patient satisfaction, minimized neurological & wound complications and pain reduction. Therefore, increased product sales owing to aforementioned technological developments in cardiovascular devices will offer significant growth opportunities to the industry over the forecast timeframe.

Collaborative efforts by industry developers for product advancements will impel the cardiovascular device market value

Left atrial appendage closure devices segment is projected to witness 27.6% growth rate till 2027. Product development in order to cater to the increasing demand for highly advanced treatment solutions is driving the demand for products including LAA closure devices. Furthermore, focus of industry players on collaborations to improve development capabilities is resulting into increasing product launches.

Browse key industry insights spread across 206 pages with 303 market data tables & 14 figures & charts from the report, Cardiovascular Device Market Size By Device Type (Cardiac Ablation Devices {Radiofrequency Ablators, Electric Ablators, Cryoablation Devices, Ultrasound Devices}, Left Atrial Appendage Closure Devices {Endocardial LAA Closure Devices, Epicardial LAA Closure Devices}, Endoscopic Vessel Harvesting 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” in detail along with the table of contents:

Government support for facility expansion in emerging economies will propel the market demand

Cardiac centers segment accounted for USD 480 million in 2020. Extensive range of advanced treatment services catering to growing patient pool, suffering from heart condition will fuel the segment revenue. Facility expansion in emerging economies with government support encourages the greater procedural volume.

Rising disease prone population in European region providing industry expansion opportunities to the market players

Europe cardiovascular device market held more than 27% of revenue share in 2020. According to the European Society of Cardiology, cardiovascular diseases is one of the leading causes of death responsible for approximately 45% of overall deaths in Europe. About 11 million new cases are reported every year in the region. In addition, changing lifestyle, high acceptance of smoking and alcohol consumption are among the prominent risk factors contributing to disease burden. Thus, eminent industry leaders are focusing on the business expansion in the region to broaden customer base. Recently, Acutus Medical launched its AcQBlate force sensing ablation system in Europe. Hence, major industry participants focusing on the regional growth, the region will experience high revenue in the coming year.

Prominent players are focusing on adoption of various growth strategies including portfolio expansion to strengthen their market position

Some of the notable companies involved in the cardiovascular device market are Abbott (St. Jude Medical), Boston Scientific Corporation, Biosense Webster (Johnson & Johnson) and Medtronic. These industry leaders have undertaken various strategies such as new product development, collaborations and mergers to expand their market footprint.

Authors: Sumant Ugalmugle, Rupali Swain

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