Cardiology Devices Market Outlook Upto 2023

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.

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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Prominent players operating in the global cardiology devices market are Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, BIOTRONIK, Inc., Cook Medical, Inc., Lepu Medical Technology Co Ltd., LivaNova plc, Medtronic plc, MEDICO S.p.A., and Terumo Corporation.

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