The cardiovascular devices market is a dynamic and rapidly evolving sector within the broader medical technology field. In LSI’s Market Intelligence platform, our analysts segment the global cardiovascular devices market into five major categories: rhythm management, transcatheter technologies, electrophysiology, neurovascular devices, and cardiac surgery. Innovation in each segment plays a crucial role in advancing cardiovascular health and offering solutions for a range of conditions. Leveraging LSI’s most recent market data, our analysts explored the current state and future projections for this market.
Cardiovascular Devices Market Analysis and Projections
According to LSI’s Global Market Analysis & Projections (MAP), the global cardiovascular devices market was valued at $58.8 billion in 2023, with transcatheter technologies leading the charge. This segment, which includes devices used in the treatment of cardiovascular and peripheral vascular disease, accounted for a substantial $24.7 billion – nearly 42% of the overall market. The popularity of transcatheter technologies underscores the growing preference for minimally invasive procedures, which offer numerous benefits such as reduced recovery times and lower risk of complications.
Electrophysiology: The Fastest Growing Segment
Among the various segments of the cardiovascular devices market, electrophysiology devices are experiencing the fastest growth. LSI projects a compound annual growth rate (CAGR) of 8.3% for this segment, driven by the increasing demand and astounding growth in mapping and ablation catheters and consoles. These devices are essential for diagnosing and treating arrhythmias and offer relatively minimally invasive therapy for patients with Atrial Fibrillation.
Adoption of Intravascular Lithotripsy (IVL)
Another notable trend in the cardiovascular devices market is the growing adoption of intravascular lithotripsy (IVL) as an alternative to other calcium-modifying technologies like atherectomy. IVL uses sonic pressure waves to fracture calcified plaque in the arteries, enabling easier and safer stent placement. This technology is gaining traction due to its effectiveness and safety profile, making it a promising option for patients with complex coronary artery disease and peripheral artery disease.
Top Medical Device Companies Emerging in the Space
Outside of the major market leaders, innovative medical technology companies like Field Medical are developing new solutions in this space. At LSI USA ‘24, Steven Mickelsen, CEO of Field Medical, presented a pioneering Pulsed Field Ablation (PFA) solution for the treatment of cardiac arrhythmias. This innovative approach aims to enhance the safety, efficacy, and overall outcomes of arrhythmia treatments.
The company’s PFA technology applies ultra-short electrical pulses to ablate cardiac tissue. This method aims to selectively target cardiac cells without causing thermal damage to surrounding tissues and critical structures, such as the esophagus and phrenic nerve, offering a significant advantage over traditional thermal ablation techniques. The efficiency of the PFA technology may significantly reduce procedure times, leading to less anesthesia time, quicker recovery for patients, and improved throughput for medical facilities.
The recording of Field Medical’s presentation is available here. A full company profile is available in LSI’s proprietary Companies & Deals database, alongside courage of over 6,000 emerging medical technology companies and their associated deals.
Trusted Global Medtech Market Analysis and Procedure Volumes Data
LSI’s Global Medtech Market Analysis & Projections (MAP) provides global coverage of 22 major markets like the global cardiovascular devices market and 200+ technology sub-segments, including total worldwide sales by segment, share-by-supplier data, and more.
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