The Global Cardiovascular Devices Market is Forecast to Reach $43.4B by 2017

Wednesday 7 March 2012, Amsterdam

The report provides the market landscape, competitive landscape and market trend information on ten cardiovascular devices market categories: cardiac rhythm management, interventional cardiology, peripheral vascular devices, cardiovascular surgery, prosthetic heart valves, external defibrillators, electrophysiology, cardiovascular monitoring and diagnostic devices, cardiovascular prosthetic devices and cardiac assist devices. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape and provides a detailed analysis of the pipeline products in each category. The report also reviews details about important merger and acquisition deals that have taken place in the cardiovascular devices market during the past four years. The report is compiled using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by a team of industry experts.

The Global Cardiovascular Devices Market is Forecast to Reach $43.4 Billion by 2017

The global cardiovascular devices market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 4% during the period 2010-2017 to reach $43.4 billion by 2017.

The cardiovascular devices market will be driven by an increase in the incidence of Cardiovascular Diseases (CVDs), an increasing elderly population across the globe, an increase in risk factors such as diabetes, smoking, and hypertension leading to CVDs and the greater adoption of technological advancements. According to the World Health Organization (WHO), CVDs are the leading causes of death and disability in the world. In 2008, CVDs were responsible for 17.3 million deaths. Heart attacks were responsible for 7.3 million and strokes were responsible for 6.2 million deaths.

According to the WHO, there will be about 23.6 million deaths from CVD by 2030, primarily from heart disease and stroke. The incidence of CVD is expected to increase further in future due to an increase in behavioral risk factors, such as smoking, poor nutrition, lack of physical movement, type-A personality, high alcohol consumption and drug abuse. Behavioral risk factors are responsible for about 80% of coronary heart disease and cerebrovascular disease.

Cardiac Rhythm Management Devices is the Largest Category in the Global Cardiovascular Devices Market

The Cardiac Rhythm Management (CRM) devices category was the largest category in the global cardiovascular devices market in 2010. The CRM market accounted for about 35% of the overall cardiovascular devices market.

The global CRM market was valued at $11.39 billion in 2010 and is forecast to grow at a CAGR of 4% to reach $15.16 billion in 2017. Within this category ‘pacemakers’ was the largest segment. The market for CRM has grown over the past five decades due to improved device function, advances in technology and implantation techniques, and a rapidly expanding set of clinical indications.

Technological Advances and Minimally Invasive Procedures to Drive the Cardiovascular Devices Market

The innovations in technology and design of cardiovascular devices in past the few years have led to an increase in the demand for cardiovascular devices. The modern day devices such as Magnetic Resonance Imaging (MRI) compatible pacemakers will increase the demand for pacemakers as the majority of patients require an MRI after implantation. Other innovative products such as artificial hearts, bioresorbable stents, tissue heart valves and heart rhythm devices with wireless telemetry features are driving the cardiovascular devices market. Along with these innovations, cardiovascular procedures which are minimally invasive are also resulting in the growth of cardiovascular procedure volumes. Procedures such as balloon angioplasty and Percutaneous Coronary Intervention (PCI) are minimally invasive techniques. Transcatheter heart valve replacement is a minimally invasive technique for heart valve replacement. Heart Valve surgeries, including valve repairs and valve replacements, are the most common minimally invasive heart surgery procedures.

Procedures such as Minimally Invasive Direct Coronary Artery Bypass Graft (MIDCAB), Port- Access Coronary Artery Bypass (also referred to as PACAB or PortCAB), Off-Pump Coronary Artery Bypass (OPCAB), Robotic Assisted Coronary Artery Bypass (RACAB) and Totally Endoscopic Coronary Artery Bypass Graft (TECAB) are minimally invasive procedures. Procedures such as balloon angioplasty and Percutaneous Coronary Intervention (PCI) are minimally invasive techniques. Endovascular Aortic Repair (EVAR) is a procedure to treat abdominal aneurysms endovascularly and is minimally invasive. Transcatheter heart valve replacement is a minimally invasive technique for heart valve replacement. Heart valve surgeries, including valve repairs and valve replacements, are the most common minimally invasive heart surgery procedures. Other procedures such as epicardial lead placement: placement of leads for biventricular pacemakers (cardiac resynchronization therapy), transmyocardial laser revascularization and minimally invasive radiofrequency ablation for atrial fibrillation are also minimally invasive procedures.

The advantages of minimally invasive surgeries include less pain, lower risk of infection, reduced blood loss, reduced Intensive Care Unit (ICU) and hospital stays, improved postoperative pulmonary function, fast recovery and improved quality of life have increased the patient satisfaction. These advantages are driving younger patients to undergo surgery as they need less recuperation time and can get back to work sooner. The minimally invasive techniques are also advantageous to the elderly and high risk patients as there are fewer traumas associated with the procedure and a lower risk of infection.

Medtronic, Inc. to Dominate Global Cardiovascular Devices Market

Medtronic holds the leading market position with 23% of the cardiovascular devices market share It has a wide product portfolio with products in pacing systems and implantable cardiac rhythm devices. The acquisition of Invatec and two affiliated companies, Fogazzi and Krauth Cardiovascular, as well as the $370m purchase of ATS Medical Inc. in 2010, played an important role in maintaining Medtronic’s market share in the cardiovascular devices market. The Invatech deal broadened the product portfolio of Medtronic and enabled it to market drug-eluting balloons covering the coronaries and lower extremities, while the ATS merger enabled the company to provide open-pivot bileaflet mechanical and 3f pericardial valve technology to cardiac surgeons.

Other major companies in the industry are Boston scientific with a 15% market share, St. Jude Medical with 11% and Abbott laboratories with 9%. The cardiovascular devices market is dominated by these four major companies, which together capture a 59% market share. The market is fragmented with many smaller companies operating in the market. These smaller companies include Cordis, Terumo and Sorin. Companies such as Edwards LifeSciences, C.R. Bard, Biosense Webster, Philips Healthcare and Biotronik also have very good product portfolios for specific categories in the cardiovascular devices market.