The cardiovascular devices market worldwide has evolved remarkably over the past few years owing to technological advancements for improved diagnosis and treatment of cardiovascular diseases. Cardiovascular devices such as pacemakers, defibrillators, stents, guide wires, and cardiac catheters aid in the treatment of various heart conditions. Rising incidences of CVDs like heart failure, stroke, and congenital heart disease have fueled the demand for cardiovascular devices globally. The need for minimally invasive surgeries and favorable reimbursement policies for cardiovascular procedures have further propelled the sales of cardiovascular devices.
The global cardiovascular devices market was valued at US$ 53,020.7 Mn in 2022 and is forecast to reach the value of US$ 89,719.7 Mn by 2030 at a CAGR of 7.80%between 2023 and 2030.
Key Takeaways
Key players operating in the cardiovascular devices are Livanova PLC, B. Braun Melsungen AG, Edwards Lifesciences, Biotronik, Medtronic PLC, GE Healthcare, Cardinal Health Inc., Abbott Laboratories, Siemens Healthineers AG, WL Gore and Associates Inc., Boston Scientific Corporation, and Canon Medical Systems Corporation. These players are focusing on new product launches and strategic collaborations to expand their geographical presence.
There exists immense potential for Cardiovascular Devices Market Growth players in emerging economies due to the increasing healthcare expenditure, growing awareness, and rise in disposable incomes. Asia Pacific region especially India and China are anticipated to witness high demand for cardiovascular devices over the next few years.
Continuous technological advancements in disease diagnosis and minimally invasive treatment methods will drive the demand for cardiovascular devices. The introduction of bioabsorbable stents and implantable devices and the development of digital health technologies present lucrative opportunities for established as well as new entrants in the cardiovascular devices market.
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