Market Size of United Kingdom Cardiovascular Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 7.20 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Cardiovascular Devices Market Analysis
Over the next five years, the market for cardiovascular devices in the United Kingdom is expected to register a CAGR of 7.2%.
The COVID-19 pandemic was an unprecedented health concern and adversely affected various surgical procedures, including cardiac surgery. For instance, as per the National Library of Medicine article published in February 2021, there was a greater than 50% drop in the number of patients presenting to cardiology and those diagnosed with myocardial infarction. All areas of cardiology service provision sustained significant reductions in the United Kingdom. Thus, COVID-19 had a significant impact on the market. Additionally, as per an article published by the National Library of Medicine in March 2022, remote monitoring of cardiac implantable electronic device patients has become increasingly popular in clinical practice, especially during the COVID-19 pandemic. Remote monitoring has demonstrated the ability to enhance health outcomes during a high-stress period like the COVID-19 pandemic and is integrated with conventional healthcare services, which are expected to further increase the demand for cardiovascular devices. Due to trade restrictions enforced by the government, the COVID-19 pandemic impacted market growth in the initial phase of the pandemic. However, the rules were later lifted, import and export activities resumed around the world, and the growing business initiative to accelerate cardiac device development is expected to drive market growth over the post-pandemic era.
The rising prevalence of cardiovascular diseases, as well as technological advancements in devices, are driving the growth of the cardiovascular device market in the United Kingdom over the forecast period.For instance, as per the July 2021 report of the British Heart Foundation, about 7.6 million people in the United Kingdom live with heart and circulatory diseases, of which 4 million were male and 3.6 million were female. Also, as per the same source, in 2022, around twice as many people will be living with heart and circulatory diseases in the UK than with cancer and Alzheimer's disease combined. Healthcare costs relating to the heart and circulatory diseases are estimated at USD 11.05 billion (GBP 9 billion) each year. CVD's cost to the UK economy is estimated to be USD 23.32 billion (GBP 19 billion) each year. Additionally, according to the WHO in September 2021, cardiovascular disease refers to diseases that affect the heart and circulatory system; it is an illness that afflicts many individuals in the United Kingdom. Such a high incidence of cardiovascular disease is likely to increase the demand for the cardiac device in the coming years.
Cardiovascular devices are one of the most reliable and efficient options for monitoring heart disease. According to the British Heart Foundation update, in August 2022, in the UK, there will be as many as 100,000 hospital admissions each year due to heart attacks, and around 1.4 million people alive in the UK will have survived a heart attack. Additionally, as per the same source, more than 900,000 people in the UK are living with heart failure, and each day 13 babies are diagnosed with a congenital heart defect in the UK. Also, there are more than 30,000 out-of-hospital cardiac arrests in the UK each year, with a survival rate of less than 1 in 10. Such a high prevalence of cardiac disease is expected to raise the demand for cardiac devices, eventually driving the market's growth.
Therefore, owing to the factors listed above, it is anticipated that the studied market will witness growth over the analysis period. However, stringent regulatory frameworks are likely to impede market growth.
UK Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are utilized to treat cardiovascular ailments that incorporate various issues such as atherosclerosis, arrhythmia, coronary artery disease, stroke, etc. The United Kingdom Cardiovascular Devices Market is classified into two categories: diagnostic and monitoring devices (electrocardiogram (ECG), remote cardiac monitoring, and other diagnostic and monitoring devices) and therapeutic and surgical devices (catheters, grafts, heart valves, stents, and other therapeutic and surgical devices). The report offers the value (in USD million) for the above segments.
By Device Type | |||||||||
| |||||||||
|
United Kingdom Cardiovascular Devices Market Size Summary
The cardiovascular devices market in the United Kingdom is poised for significant growth over the forecast period, driven by the increasing prevalence of cardiovascular diseases and technological advancements in medical devices. The market experienced initial setbacks due to the COVID-19 pandemic, which led to a substantial decline in cardiac surgeries and a shift towards remote monitoring solutions. However, the resumption of global trade and the integration of remote monitoring with traditional healthcare services are expected to bolster market expansion. The aging population and the high incidence of heart-related conditions, such as heart failure and stroke, further contribute to the rising demand for cardiovascular devices. These devices are crucial for monitoring and managing heart diseases, which are prevalent in the UK, affecting millions and imposing substantial healthcare costs.
The market landscape is characterized by the presence of both international and regional players, with companies like Abbott Laboratories, Boston Scientific Corporation, and Biotronik leading the charge. Innovations such as the development of bionic devices and home-based digital solutions for heart health are indicative of the competitive and dynamic nature of the market. The introduction of initiatives like the Novartis Biome UK Heart Health Catalyst highlights the focus on empowering patients and preventing cardiovascular events through advanced technology. Despite the promising growth prospects, the market faces challenges from stringent regulatory frameworks. Nonetheless, the ongoing advancements in cardiac rhythm management and monitoring devices, coupled with strategic partnerships and acquisitions, are expected to drive the market forward in the coming years.
United Kingdom Cardiovascular Devices Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Growing Burden of Cardiovascular Diseases
-
1.2.2 Technological Advancement in the Devices
-
-
1.3 Market Restraints
-
1.3.1 Stringent Regulatory Framework
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Device Type
-
2.1.1 Diagnostic and Monitoring Market
-
2.1.1.1 Electrocardiogram (ECG)
-
2.1.1.2 Remote Cardiac Monitoring
-
2.1.1.3 Other Diagnostic and Monitoring Devices
-
-
2.1.2 Therapeutic and Surgical Devices
-
2.1.2.1 Cardiac Assist Devices
-
2.1.2.2 Cardiac Rhythm Management Devices
-
2.1.2.3 Catheters
-
2.1.2.4 Grafts
-
2.1.2.5 Heart Valves
-
2.1.2.6 Stents
-
2.1.2.7 Other Therapeutic and Surgical Devices
-
-
-
United Kingdom Cardiovascular Devices Market Size FAQs
What is the current United Kingdom Cardiovascular Devices Market size?
The United Kingdom Cardiovascular Devices Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)
Who are the key players in United Kingdom Cardiovascular Devices Market?
Abbott Laboratories, Cardinal Health, Medtronic Plc, Boston Scientific Corporation and Biotronik are the major companies operating in the United Kingdom Cardiovascular Devices Market.