The cardiovascular devices market outlook and analysis by device type, application, end user and region– market forecast till 2032. The global cardiovascular devices market is expected to grow from USD 50.1 billion in 2022 to USD 89.1 billion by 2032, at a CAGR of 6.60% during the forecast period 2023-2032. The growth of the market is driven by the increasing prevalence of cardiovascular diseases, the rising geriatric population, and the technological advancements in cardiovascular devices.
Cardiovascular diseases are the leading cause of death worldwide. According to the World Health Organization (WHO), cardiovascular diseases accounted for 17.9 million deaths in 2020, which is 32% of all deaths globally. The increasing prevalence of cardiovascular diseases is driving the demand for cardiovascular devices.
The rising geriatric population is also a major driver for the growth of the cardiovascular devices market. The global population is aging rapidly, and the number of people aged 65 years and above is expected to reach 1.5 billion by 2050. The elderly are more prone to cardiovascular diseases, which is driving the demand for cardiovascular devices.
Technological advancements in cardiovascular devices are also contributing to the growth of the market. New and innovative cardiovascular devices are being developed that are more effective and efficient in treating cardiovascular diseases. These advancements are making cardiovascular devices more affordable and accessible to a wider range of patients.
Competitive Outlooks
The key players in the global cardiovascular devices market are B Braun Melsungen AG, Abbott, Johnson Johnson Services, Inc., Medtronic, Boston Scientific Corporation, LivaNova Plc, Edwards Lifesciences Corporation, GE Healthcare, Siemens Healthcare GmbH, Terumo Cardiovascular Systems Corporation. These companies are focusing on developing innovative products and technologies, expanding their product portfolio, and entering into strategic partnerships to strengthen their position in the market.
Market Segmentation Analysis
The global cardiovascular devices market share is segmented by product, end user, and region. By product, the market is segmented into cardiovascular monitoring and diagnostic devices, coronary stents, pacemakers, defibrillators, interventional cardiac devices, heart valves, cardiac ablation catheters, ventricular assist devices, and other devices. By end user, the market is segmented into hospitals, clinics, and home healthcare settings. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East Africa, and South America.
Regional Analysis
North America is the leading market for cardiovascular devices, followed by Europe and Asia Pacific. The high adoption of advanced surgical treatments, rising awareness regarding commercially available products, and the presence of a considerably-sized target patient pool are the key factors driving the growth of the market in North America.
Europe is the second largest market for cardiovascular devices, due to the well-established healthcare infrastructure and the high per capita healthcare expenditure. Asia Pacific is the fastest growing market for cardiovascular devices, due to the rising prevalence of cardiovascular diseases, the increasing disposable income, and the growing awareness about the importance of preventive healthcare.
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