Emerging Trends Shaping the Future of Cardiovascular Devices

The demanding cardiology industry is growing, which is driving rapid technological advancements in the worldwide cardiovascular device market. As a result, manufacturers of cardiovascular medical devices have unprecedented prospects. To keep up with the trend in the cardiology medical device market, new and creative medical devices need to be created and implemented.

As the global market for cardiovascular medical devices grows, nations must adopt affordable solutions. The creation and implementation of cutting-edge and successful medical devices is a critical component of these demands. It is anticipated to support the expansion of the cardiovascular devices market, which is projected to reach a value of over $10 billion by 2027, according to Global Market Insights, Inc.

The CVD market is changing because to five major health-care developments, which have an indirect and direct influence on MedTech businesses and their customers. The following chart lists the five market trends that are influencing the cardiovascular landscape.

The Increasing Risk of Atrial Fibrillation in COVID-19 Patients

Although the majority of early research focused on the respiratory effects of COVID-19, more recent studies have started to highlight a number of heart-related problems that affect 10-20% of hospitalized COVID-19 patients. Atrial fibrillation is the most frequent of these problems. Researchers from the University of Pennsylvania found, for instance, that patients with COVID-19 who were brought to the intensive care unit had a 10-fold increased risk of experiencing severe cardiac arrhythmias. Particularly, atrial fibrillation was seen in roughly 19-21% of COVID-19 cases.

The Development of Novel and Advanced Cardiac Ablation Equipment

Innovative treatment modalities will see a sharp increase in adoption as the worldwide burden of cardiovascular disease continues to climb. This will present attractive development prospects for the cardiovascular device industry in the years to come.

According to GMI projections, cardiac ablation devices held a market share of more than 72% of cardiovascular devices and are anticipated to experience substantial growth in the years to come. One important reason for the device's appeal is the rising incidence of atrial fibrillation.

Market Synopsis

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The rise can be attributed mainly to businesses restructuring and recovering from the effects of COVID-19, which had previously led to strict containment measures like social distancing, remote work, and stopping commercial activity, all of which posed operational difficulties. Based on a 6% compound annual growth rate, the market is projected to reach $66.15 billion by 2025.

The regions of North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are all included in the global market for cardiovascular devices. Cardiovascular devices hold the biggest market share in North America, with Europe following closely behind. On the other hand, the Asia Pacific market is anticipated to produce significant cardiovascular device market revenue because of the growing prevalence of cardiovascular illnesses and the regulatory environment in the industry.

With 37 percent of the global market for cardiovascular devices in 2020, North America led the way. Asia Pacific, the second-largest area, held 24% of the world market for cardiovascular devices. Africa was the smallest region in the global market for cardiovascular devices. The top competitors in the global market for cardiovascular devices are Edwards Life Sciences, Boston Scientific Corporation, Medtronic plc, Abbott Laboratories, and Cardinal Health Inc.

By 2026, the worldwide market for cardiovascular devices is expected to have grown at a compound annual growth rate (CAGR) of 6.4% and reach USD 82.20 billion. Growing demand and awareness for cardiovascular surgical equipment will propel market expansion, predicts Fortune Business InsightsTM.

The market for cardiovascular devices was valued at USD 49.90 billion in 2018, and between 2019 and 2026, it is projected to expand at a compound annual growth rate (CAGR) of 6.4 percent. Due to an increase in cardiovascular disease cases, the global market is anticipated to grow to USD 82.20 billion by 2026.

The top five global cardiovascular disease (CVD) players' rankings changed between 2010 and 2015 as advances in treatment technology led to a five-point decline in their combined market share, from 65 percent of a $36 billion global market to 60 percent of a $42 billion global market.