Cardiology Medical Devices Market Trends 2023: Executive Summary
The Cardiology Medical Devices Market can be broken up into five segments by application: cardiac rhythm management, peripheral vascular, interventional cardiology, electrophysiology, and structural heart. Collectively, the market comprises devices that are used to diagnose, treat, and manage a wide range of clinical diagnoses.
Our new report, “Cardiology Medical Devices Market Trends 2023,” provides the latest insights on the large and dynamic Cardiology Medical Devices Market, including the trends and outlook. Continue reading for the summary of our analysis.
Cardiology Medical Devices Market Growth
As documented in the report “Cardiology Medical Devices Market Trends 2023,” the patient population experiencing heart disease is expected to experience strong growth (3.86% CAGR ’22–’27) relative to other adjacent patient populations due to the aging US and EU populations, and the increasing obese and overweight population in both regions. Each of these comorbidities (age and BMI) are associated with an increased risk of heart disease and are expected to drive incidence growth through the decade.
Across the US and the EU, the Cardiology Medical Devices Market totaled $34.3 billion in 2022 and is forecast to grow to $46.4 billion by 2027 at a CAGR of 6.2% (’22-’27). The largest segment of the market in 2022 was Structural Heart, totaling $9.6 billion. Not only is this growth expected to remain constant in the future, with a forecast in 2027 of $15.0 billion, but Structural Heart is also expected to be the fastest growing segment of the Cardiology Medical Devices Market with an estimated CAGR of 9.2% (’22-’27).
Cardiology Medical Devices Market Share
In 2020, Medtronic owned 20% of the Cardiology Medical Devices Market in the US and EU, the largest market share of any company. Other major players included Abbott, Boston Scientific, Edwards Lifesciences, and Johnson & Johnson / Abiomed. Over a quarter of the market comprised other competitors.
Since 2019, there has been a consistent flow of merger and acquisition activity and strategic alliances in this market, though it is difficult to determine which segment has benefitted most from investment. Major players’ pipelines of cardiology medical devices are fragmented across market segments – some of the segments with the greatest number of pipeline solutions include TAVR, cardio IT, and heart valves.
Cardiology Medical Devices Market Trends
Two key trends are expected to have a significant impact on the Cardiology Medical Devices Market. First, there is a growing cardiologist shortage. In 2021, the Cardiometabolic Health Congress predicted a shortage of 29,000 cardiologists by 2025. Second, cardiology medical devices are increasingly miniaturized to improve device use, access, and patient outcomes. Cardiology procedures have shifted from traditional inpatient settings to Ambulatory Surgery Centers (ASCs), made possible, in part, by the focus on minimally invasive products and procedures that offer patients lower risk of infection, faster recovery times, and less pain and discomfort.
While the incidence of heart disease is expected to grow in the foreseeable future, innovation and increased investment in novel Cardiology Medical Devices solutions offer promise to address emerging patient needs and improve health outcomes.
Learn more, including an in-depth market analysis, detailed examination of the patient population and market players, and insight on deal activity and the development of novel Cardiology Medical Devices, by downloading our report “Cardiology Medical Devices Market Trends 2023.”