United Kingdom Cardiovascular Devices Market Size

UK Cardiovascular Devices Market Analysis

Over the next five years, the market for cardiovascular devices in the United Kingdom is expected to register a CAGR of 7.2%.

The COVID-19 pandemic was an unprecedented health concern and adversely affected various surgical procedures, including cardiac surgery. For instance, as per the National Library of Medicine article published in February 2021, there was a greater than 50% drop in the number of patients presenting to cardiology and those diagnosed with myocardial infarction. All areas of cardiology service provision sustained significant reductions in the United Kingdom. Thus, COVID-19 had a significant impact on the market. Additionally, as per an article published by the National Library of Medicine in March 2022, remote monitoring of cardiac implantable electronic device patients has become increasingly popular in clinical practice, especially during the COVID-19 pandemic. Remote monitoring has demonstrated the ability to enhance health outcomes during a high-stress period like the COVID-19 pandemic and is integrated with conventional healthcare services, which are expected to further increase the demand for cardiovascular devices. Due to trade restrictions enforced by the government, the COVID-19 pandemic impacted market growth in the initial phase of the pandemic. However, the rules were later lifted, import and export activities resumed around the world, and the growing business initiative to accelerate cardiac device development is expected to drive market growth over the post-pandemic era.

The rising prevalence of cardiovascular diseases, as well as technological advancements in devices, are driving the growth of the cardiovascular device market in the United Kingdom over the forecast period.For instance, as per the July 2021 report of the British Heart Foundation, about 7.6 million people in the United Kingdom live with heart and circulatory diseases, of which 4 million were male and 3.6 million were female. Also, as per the same source, in 2022, around twice as many people will be living with heart and circulatory diseases in the UK than with cancer and Alzheimer's disease combined. Healthcare costs relating to the heart and circulatory diseases are estimated at USD 11.05 billion (GBP 9 billion) each year. CVD's cost to the UK economy is estimated to be USD 23.32 billion (GBP 19 billion) each year. Additionally, according to the WHO in September 2021, cardiovascular disease refers to diseases that affect the heart and circulatory system; it is an illness that afflicts many individuals in the United Kingdom. Such a high incidence of cardiovascular disease is likely to increase the demand for the cardiac device in the coming years.

Cardiovascular devices are one of the most reliable and efficient options for monitoring heart disease. According to the British Heart Foundation update, in August 2022, in the UK, there will be as many as 100,000 hospital admissions each year due to heart attacks, and around 1.4 million people alive in the UK will have survived a heart attack. Additionally, as per the same source, more than 900,000 people in the UK are living with heart failure, and each day 13 babies are diagnosed with a congenital heart defect in the UK. Also, there are more than 30,000 out-of-hospital cardiac arrests in the UK each year, with a survival rate of less than 1 in 10. Such a high prevalence of cardiac disease is expected to raise the demand for cardiac devices, eventually driving the market's growth.

Therefore, owing to the factors listed above, it is anticipated that the studied market will witness growth over the analysis period. However, stringent regulatory frameworks are likely to impede market growth.