Skip to main content
  1. Market Insights
  2. Health
  3. Medical Technology
  4. Medical Devices

Cardiology Devices - North America

North America
  • The Cardiology Devices market market in North America is anticipated to achieve a staggering revenue of US$28.58bn by 2024.
  • This market is projected to display a remarkable annual growth rate (CAGR 2024-2029) of 5.99%, leading to a substantial market volume of US$38.22bn by 2029.
  • When compared globally, the United States is expected to generate the highest revenue, amounting to US$25.77bn in 2024.
  • North America is experiencing a surge in demand for advanced cardiology devices, with the United States leading the way in innovation and adoption.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

In-Scope

  • Cardiology diagnostic & monitoring devices
  • Cardiology surgical devices
  • Implants such as pacemakers

Out-Of-Scope

  • Cardiology drugs
  • Cardiology supplements
Medical Devices: market data & analysis - Cover

Market Insights report

Medical Devices: market data & analysis

Study Details

    Revenue

    Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Key Players

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Cardiology Devices market in North America is experiencing steady growth due to customer preferences for advanced and innovative medical technologies, as well as the increasing prevalence of cardiovascular diseases in the region.

    Customer preferences:
    Customers in North America have a strong preference for advanced and innovative cardiology devices. They are willing to invest in cutting-edge technologies that provide accurate and efficient diagnosis and treatment options for cardiovascular diseases. The demand for minimally invasive procedures is also increasing, as patients seek faster recovery times and reduced risks associated with traditional open-heart surgeries. Additionally, there is a growing interest in remote monitoring and telemedicine solutions, enabling patients to receive continuous care and monitoring from the comfort of their homes.

    Trends in the market:
    One of the key trends in the Cardiology Devices market in North America is the adoption of digital health technologies. This includes the integration of artificial intelligence (AI) and machine learning algorithms into cardiology devices, allowing for more accurate and personalized diagnosis and treatment plans. The use of wearable devices, such as smartwatches and fitness trackers, for monitoring heart health is also on the rise. These devices provide real-time data on heart rate, activity levels, and sleep patterns, enabling individuals to proactively manage their cardiovascular health. Another trend in the market is the increasing focus on preventive cardiology. Healthcare providers are placing greater emphasis on early detection and intervention to prevent the development of cardiovascular diseases. This has led to the development of advanced screening tools and diagnostic tests that can identify individuals at high risk of developing heart conditions. Additionally, there is a growing interest in lifestyle interventions, such as diet and exercise programs, to promote heart health and reduce the burden of cardiovascular diseases.

    Local special circumstances:
    North America has a well-established healthcare infrastructure and a high level of healthcare expenditure. This enables patients to access advanced cardiology devices and treatments, driving the demand for innovative technologies in the market. The region also has a large aging population, which is more susceptible to cardiovascular diseases. As a result, there is a higher demand for cardiology devices that cater to the specific needs of elderly patients, such as implantable cardiac devices and remote monitoring solutions.

    Underlying macroeconomic factors:
    The growing prevalence of cardiovascular diseases in North America is primarily driven by factors such as sedentary lifestyles, unhealthy diets, and an aging population. These factors contribute to the increasing burden of chronic conditions, including hypertension, diabetes, and obesity, which are major risk factors for cardiovascular diseases. As a result, there is a higher demand for cardiology devices that can effectively diagnose and treat these conditions. Additionally, favorable reimbursement policies and government initiatives to improve cardiovascular care further support the growth of the Cardiology Devices market in North America.

    Global Comparison

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

    Modeling approach / Market size:

    Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

    Additional notes:

    Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

    Health

    Access more Market Insights on Health topics with our featured report

    Medical Devices: market data & analysis - BackgroundMedical Devices: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Medical technology industry - statistics & facts

    Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.