Cardiology Devices Market Trends and Growth Factors Analysis 2019 – 2026
Cardiology devices are used in the management of cardiac conditions such as cardiac arrhythmias, heart failure, coronary artery disease, and congenital heart disease. These devices are used to correct heart conditions such as irregular heartbeats, deformities of the heart, damaged or diseased coronary arteries, coronary thrombosis, mitral valve regurgitation, and congestive heart failure. The devices commonly used to address these anomalies include implantable cardioverter-defibrillators, cardiac resynchronization therapy devices, ventricular assist devices, heart monitors, coronary balloons, catheters, and pacemakers.
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Rise in number of patients with cardiovascular diseases globally is a major factor driving the cardiology devices market. Cardiovascular diseases (CVDs) are the leading cause of deaths across the world. According to the World Health Organization (WHO), CVDs accounted for over 17.7 million deaths in 2015, which represents 31% of the total deaths globally. The number of deaths due to cardiovascular disease is expected to be more than 23.6 million by 2030. Rise in the number of deaths associated with cardiovascular disease is likely to add to the cost of management of the disease. The global burden due to cardiovascular disease was US$ 863 Bn in 2010 which is expected to increase to US$ 1,044 Bn by 2030. Rise in prevalence of cardiovascular diseases is anticipated to drive demand for devices used in monitoring cardiac activities such as implantable cardiac pacemakers and implantable cardioverter defibrillators (ICDs) which in turn is likely to fuel the growth of the global cardiology devices market.
Increase in the geriatric population is also expected to boost the growth of the global cardiology devices market during the forecast period. The geriatric population is more susceptible to heart diseases. Incidence rate of cardiovascular diseases is four times higher in people aged 65 years and above. According to the Canadian Institute of Health Information, hospitalization rate for ischemic heart disease is four times more frequent in patients aged between 75 and 84 as compared to patients aged between 45 and 54.
Launch of new products by cardiology device manufacturers is another factor contributing to the growth of the global cardiology devices market. In September 2017, Abbott Laboratories received approval from the U.S. Food and Drug Administration (FDA) for magnetic resonance-conditional labeling for the company’s most popular implantable cardioverter defibrillators (ICD) and associated high voltage leads. In 2016, St. Jude Medical (Abbott laboratories) launched the Assurity MRI pacemaker in the U.S. The device is the world’s smallest, longest lasting wireless, remotely managed, MRI pacemaker. The spate of product approvals and the subsequent product launches are expected to offer new growth avenues for manufacturers of active implantable medical devices.
The global cardiology devices market can be segmented based on product type, condition, end-user, and region. In terms of product type, the market can be divided into pacemakers, implantable cardioverter defibrillators (ICDs), ventricular assist devices (VAD), cardiac resynchronization therapy (CRT) devices, heart monitors, stents, catheters, and others. Based on condition, the global cardiology devices market can be classified into heart failure, cardiac arrhythmia, coronary artery disease, congenital heart disease, and others. In terms of end-user, the market can be categorized into hospitals, cardiac medical centers, and specialty cardiology clinics.
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In terms of region, the global cardiology devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market due to continued funding for development of new products for the treatment of CVDs. North America was followed by Europe and Asia Pacific. Increase in the geriatric population and rise in incidence of cardiovascular diseases among the general population in Asia Pacific are likely to fuel the growth of the market during the forecast period.
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