Market Size of Cardiovascular Devices Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 58.89 Billion |
| Market Size (2029) | USD 75.04 Billion |
| CAGR (2024 - 2029) | 4.97 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cardiovascular Devices Market Analysis
The Cardiovascular Devices Market size is estimated at USD 58.89 billion in 2024, and is expected to reach USD 75.04 billion by 2029, growing at a CAGR of 4.97% during the forecast period (2024-2029).
The emergence of the COVID-19 pandemic hurt the cardiovascular devices market in the beginning. It had a detrimental effect on the market due to the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. Many medical device companies have experienced losses in their cardiovascular device businesses due to the pandemic. However, production and healthcare facilities got resumed which is expected to have a positive impact on the market. For instance, as per the 2022 annual report of Medtronic, a technology company having a major share of the revenue from the cardiovascular portfolio has increased revenue due to the global procedure volumes recovering from the decline brought on by the COVID-19 pandemic in the first and second quarters of the fiscal year 2021.
The major factors driving the market are rapid technological advancements, the rising global burden of various cardiovascular diseases, and increased preference for minimally invasive procedures. Heart-related mortality is caused by the rising prevalence of heart disorders such as cardiomyopathy and stroke. The most common diseases in the world are those related to the cardiovascular system. For instance, per the report published by the Heart and Stroke Foundation of Canada in February 2022, there are 750,000 patients diagnosed with heart failure and this is increasing every year. Hence for proper diagnosis and treatment of heart-related diseases cardiovascular devices play an important role that drives the market growth over the study period.
Moreover, technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such advancement that has a significant positive impact on cardiology with improved capabilities for monitoring certain heart conditions. For instance, in July 2021, Medtronic received United States FDA clearance for two AccuRhythm AI algorithms for use with the LINQ II insertable cardiac monitor (ICM). AccuRhythm AI applies artificial intelligence (AI) to heart rhythm event data collected by LINQ II, improving the accuracy of information physicians receive so they can better diagnose and treat abnormal heart rhythms.
However, the stringent regulatory policies and high cost of instruments and procedures are the factors restraining the growth of the cardiovascular devices market.
