China Cardiovascular Devices Market Size

Cardiovascular Devices Market Analysis

The China Cardiovascular Devices Market size is estimated at USD 2.99 billion in 2024, and is expected to reach USD 3.97 billion by 2029, growing at a CAGR of 5.79% during the forecast period (2024-2029).

The COVID-19 pandemic affected the studied market significantly. Since the beginning of the pandemic, healthcare systems in China resulted in the interruption of usual care in many healthcare facilities, exposing vulnerable patients with cardiovascular diseases to significant risks. However, the demand for cardiovascular devices increased during the pandemic owing to the increased risk of infection among patients with cardiovascular diseases (CVDs). Additionally, research related to CVDs increased in the country during the pandemic. The article 'Coronavirus fulminant myocarditis treated with glucocorticoid and human immunoglobulin' published in January 2021 showed that when a case study was conducted on a Chinese male admitted to hospital with chest pain and dyspnoea, chest computed tomography (CT) examination indicated pulmonary infection, enlarged heart, and pleural effusion, while the electrocardiogram (ECG) suspected acute myocardial infarction. Therefore, the diagnostic devices used for diagnoses increased during the pandemic phase. Owing to the burden of heart diseases in the country the adoption of cardiovascular devices used for diagnosis and treatment increased. Thus, the pandemic is expected to have a significant impact on the studied market.

Factors such as rapid technological advances, growing public awareness, and government initiatives related to cardiovascular diseases are expected to fuel cardiovascular devices market growth in China.

Cardiovascular disease (CVD) is the leading cause of healthcare burden in China. The prevalence and incidence of the disease are increasing with time. The research article 'Cardiovascular Disease Mortality and Potential Risk Factor in China: A Multi-Dimensional Assessment by a Grey Relational Approach' published in April 2022 mentioned that CVD is one of the major healthcare burdens in China. And as per the article, currently, 290 million people suffering from cardiac disorders (13 million), Stroke, coronary heart disease (11 million), rheumatic heart disease (2.5 million), heart failure (4.5), congenital heart disease (2 million), pulmonary heart disease (5 million), and hypertension (245 million) in China. Also, the source above, mentioned that out of the total mortality related to CVD, 40% occurs in China alone. Thus, such burden and persistent risk of CVD among the target population in China is expected to demand cardiology medical devices for treatment and diagnosis. Thereby, driving the market growth.

Furthermore, the major or minor companies present in China are focused on developing advanced technologies for the treatment of the high-burden target population. This is one of the prominent factors that is expediating the cardiovascular devices market growth in China. For instance, in January 2022, Medtronic plc, a global healthcare technology received approval from the National Medical Products Administration (NMPA) for its CoreValve Evolut PRO TAVR system for the treatment of severe aortic stenosis (AS) for symptomatic patients in China who are at high or extreme risk for open heart surgery.

In addition, a joint venture between Genesis MedTech and Shockwave was formed in March of 2021 to distribute Shockwave's products in China and to strengthen Genesis MedTech's Wuxi research and development and production base to accelerate the manufacturing of Shockwave's products for the local Chinese market. Further in May 2022, Shockwave Medical, Inc. and Genesis MedTech Group successfully obtained approval from China's National Medical Products Administration (NMPA) to market and sell the Shockwave IVL System with the Shockwave C2 Coronary IVL Catheters and the Shockwave M5 and S4 Peripheral IVL Catheters in China. Such developments in the country are expected to drive the studied market growth during the analysis period.

Therefore, the aforesaid factors are expected to contribute to the growth of the cardiovascular devices market in China. However, stringent regulatory systems for several products might hamper the market growth over the analysis period.