Cardiac Medical Device Market to Reach $67.5B by Decade’s End

BCC Research analysts predict the global cardiac device market to reach $67.5 million in 2019, driven by the increased availability of medical insurance and economic advances in emerging markets.

The global market for cardiac equipment grew from $49.4 billion in 2013 to $52 billion in 2014, the research firm reports, with the market for pump and heart-lung machines swelling from $2.6 billion in 2012 to $3.4 billion. This market segment will experience a compound annual growth rate (CAGR) of 14.7 percent in the next five years, analysts claim.

“The market for cardiac devices has shown steady growth over the last five years,” said BCC Research analyst Shalini S. Dewan. “The market leaders are in the process of further innovation, improvement, and development of these products. The introduction of innovative devices and the changing lifestyles of patients with heart disease have played a pivotal role in the growth of this market.”

The developing health care sector, the advanced infrastructure with infusion of new professional skills in emerging markets, and the increase in the availability of medical insurance and reimbursement acceptance for a wide range of cardiovascular diseases in developed markets are all playing significant roles in the expansion of the cardiac equipment market.

The economic advances in emerging nations such as India, China, Brazil, Mexico, South Africa, and Russia is expected to significantly boost the global demand for cardiac equipment, BCC analysts noted in a news release. These markets are poised to register strong growth over the next four years. North America is the largest market for cardiac devices with a 47.1 percent share of the 2013 global market, while Europe and emerging markets held respective shares of 22.6 percent and 30.3 percent, respectively, in 2013.

The introduction of mobile telemetry and remote monitoring in the cardiac field has led to an increase in revenues for alternate treatments, emergency medical services (EMS) and ambulatory services segment. In addition, technological advancements such as the introduction of magnetic resonance imaging (MRI) pacemakers, subcutaneous implantable cardioverter-defibrillators (ICDs), and home-automated external defibrillators (AEDs) are fueling the growth of the defibrillator and implantable cardiac device markets as well.