Cardiac Care Medical Equipment Market Size, Share, Growth, And Industry Analysis, By Type (Intra-aortic Balloon Pumps, Cardiopulmonary Bypass Pumps, Cardiac Ultrasound Devices, CRM Device, External Defibrillators and Other), By Application (Hospital and Clinic), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Cardiac Care Medical Equipment Market Report Overview

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The global cardiac care medical equipment market size was USD 2774.31 million in 2021 and is expected to reach USD 7182.66 million in 2031, exhibiting a CAGR of 9.98% during the forecast period.

Medical equipment for cardiac care is used to diagnose, treat, and keep track of heart disorders. Cardiovascular diseases (CVD), which were responsible for 21 million deaths worldwide, are one of the primary causes of death. The market for cardiac care equipment is expanding as a result of the prevalence of CVD and an increase in the number of older patients. Favorable reimbursement rules, the global emphasis on employing few or non-hostile gadgets, and a rise in healthcare spending are further drivers boosting the industry. The need for cardiac care equipment has also increased as a result of the usage of robots during CVD procedures.

These pieces of cardiac care medical equipment are a benefit to the increasingly popular medical field and help doctors test, diagnose, and treat heart patients. If you're a doctor looking to update your systems or you're opening a new hospital, make sure to equip it with the necessary cardiac care equipment.

COVID-19 Impact: Inadequate Workforce to Hinder Market Expansion

Due to mandatory lockdowns and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of various industries have either been temporarily suspended or are running with small personnel. Similar to other markets, the global market for cardiac care medical equipment is expected to experience considerable declines in revenue growth as a result of this factor. Over the course of this forecast period, the market for cardiac care medical equipment may have revenue growth challenges due to the high installation and maintenance costs associated with these machines.

Latest Trends

"Improved Efficiency of the Equipment to Augment Market Growth"

Utilizing remote cardiac services yields speedier outcomes, which ultimately improves efficiency and enables medical professionals to communicate and educate patients remotely. Monitoring of remote cardiac services may involve rhythm monitoring, average heart rate calculations every ten seconds, periodic ECG recording and transmission at predetermined intervals, etc. Remote cardiac monitoring can also be used to calculate the average breathing rate. Additional aspects of remote cardiac services include wireless data transmission to the cloud for additional analysis using a cellular connection on an android-based smartphone. Remote monitoring is also an option for other factors like body weight, blood sugar levels, and peripheral capillary oxygen saturation.

Cardiac Care Medical Equipment Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into intra-aortic balloon pumps, cardiopulmonary bypass pumps, cardiac ultrasound devices, CRM device, external defibrillators and other.

In terms of product, cardiopulmonary bypass pumps are the largest segment.

• By Application Analysis

Based on application, the market can be divided into hospital and clinic.

In terms of application, hospital is the largest segment.

Driving Factors

"Affordable Methods to Attract More Customers"

The cardiac care medical equipment market growth is being driven by a number of factors, including an increase in the adoption of these services over time. The global remote cardiac services market in developed nations is predicted to be driven by the need for affordable methods to treat a rising number of cardiac patients. The global market for remote cardiac services is anticipated to be driven by a growth in the prevalence of cardiovascular diseases, an increase in the demand for private institutional nursing and home care, and an increase in the usage of mobile cardiac telemetry. Furthermore, the demand for remote cardiac services is anticipated to increase as diabetes incidence rises internationally. However, there are certain constraints that could prevent the industry from growing, including the high cost of remote cardiac treatments and restricted reimbursements.

"Rising Prevalence of Cardiovascular Diseases to Propel Market Growth"

The product, end-user, and geographic segments of the worldwide remote cardiac services market can be separated. The ECG, heart monitors, heart rate monitors, breath monitors, blood pressure monitors, and PT/INR (prothrombin time & international normalized ratio) patient self-testing are the several product categories that make up the global remote cardiac services market. Clinics, ambulatory care facilities, and home health care are the three end-user categories under which the worldwide remote cardiac services market may be divided. The rising prevalence of cardiovascular disease is a critical issue on a global scale nowadays (CVD). The majority of deaths in the world were brought on by cardiovascular disease. The global market for remote cardiac services is being driven by an increase in the frequency of numerous chronic conditions that require ongoing monitoring, such as blood pressure and cardiovascular ailments. The remote cardiac services market is dominated by the ECG, heart rate and blood pressure monitors, and PT/INR patient self-testing product segments because these devices routinely assess factors crucial to cardiac health.

Restraining Factors

"Scarcity Of Qualified Specialists to Impede Market Expansion"

On the negative side, a scarcity of qualified specialists to carry out CVD procedures using cutting-edge equipment would restrain market expansion. Hospitals all around the world are a major factor in the market's expansion.

Cardiac Care Medical Equipment Market Regional Insights

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"North America to Dominate the Market Due to Significant Financial Investments"

Due to significant financial investments in the healthcare industry and a greater uptake of technologically advanced equipment, North America is predicted to dominate the cardiac care medical equipment market share. APAC is anticipated to have significant growth because of an already large patient base and a constantly expanding healthcare infrastructure. Due to the significant demand from the United States, North America is anticipated to dominate the global remote cardiac services market in terms of value. The prevalence of this region is also related to the rise in the number of elderly people and the rising expense of healthcare in the United States, which makes remote health care monitoring an appealing therapeutic alternative. The market for remote cardiac services in Asia Pacific is anticipated to grow quickly due to a number of factors, including the rising cost of medical services.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Boston Scientific (U.S.)
• GE Healthcare (U.K.)
• Biotronik, Inc. (U.S.)
• Getinge (Maquet) (Sweden)
• Berlin Heart (German)
• St. Jude Medical (Abbott) (U.S.)
• Philips Healthcare (Germany)
• LivaNova (Sorin) (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.