Cardiovascular Devices Market Size, Share, Growth Analysis, By Device(Diagnostic, Monitoring Devices, Therapeutic, surgical devices), By Application(Coronary Artery Disease, Cardiac Arrhythmia, Heart Failure), By End user(Hospitals, Specialty Clinics, Others), By Region - Industry Forecast 2024-2031

Global Cardiovascular Devices Market size was valued at USD 17.822 billion in 2019 and is poised to grow from USD 18.8 billion in 2023 to USD 31.1 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

The growth of the global market is driven by the high prevalence of chronic cardiovascular diseases. For example, according to a Harvard study, T.H. Chan School of Public Health (HSPH), located in the Indian state of Maharashtra, has seen a 43.0% increase in the number of cardiac arrests due to the fall in coronary stent prices. Moreover, the sharp decline in the prices of essential cardiac drugs such as coronary artery bypass therapy is fueling the expansion of this market, especially in emerging markets like India. 

The major factors driving the cardiovascular devices industry are rapid technological advancement, increasing global burden of various cardiovascular diseases, preference for less invasive treatments and cardiovascular diseases such as myocardial infarction and stroke a leading to increased heart-related mortality. Diseases that are prevalent worldwide are related to cardiovascular disease. For example, according to a report released by the Heart and Stroke Foundation of Canada in February 2022, 750,000 patients are diagnosed with heart disease, and this is increasing every year, so pacemakers play a vital role to detect diseases from the heart in properly and healed. 

In addition, the technology used in the manufacture of cardiac devices has improved dramatically over the past decade, expanding the indications of these devices. This has led to increased management of patients with cardiac devices, leading to pharmacological consequences that have produced significant research results.

US Cardiovascular Devices Market is poised to grow at a sustainable CAGR for the next forecast year.