The global cardiology market is expected to grow at a CAGR of around 8.8% from 2020 to 2027 and projected to reach the market value of around US$ 24.3 Bn by 2027.
Cardiology is a medical specialty and a branch of internal medicine intended to diagnose disorders of the heart in a patient’s body. It deals with treatment related to congenital heart defects, coronary artery disease, electrophysiology, heart failure, and valvular heart disease. Sub-specialty of the cardiology field involves cardiac physiology echocardiography, interventional cardiology, and nuclear cardiology.
Big calls for "Digital health in general cardiology"
According to the European Society of Cardiology, three major pillars of digital health are telemedicine, smart phone apps, and wearable sensors. These domains of e-health have developed quickly over the past few years but got accelerated during the COVID-19 pandemic. E-Health ECG portable devices act as well suited devices for ECG monitoring aiming to document symptoms such as syncope and palpitations. Additionally, patch ECG monitoring allows recording within 14 days and external loop recorders store ECG segments of fixed duration. Smartphone and smart watches applications detect and classify rthym as regular or irregular. Moreover, by utility of telemedicine in heart failure patients that comprises of non-invasive and invasive home measuring devices to transfer vital parameters from the patient's home to care givers. These tools strongly support the conventional care service to the outpatient clinics or cardiology practice rather than face-to-face contact. Furthermore, through integration of new technologies specifically to novel ethical issues related to data quality, patient-physician relationship, equity of access to healthcare services, and implementation of artificial intelligence (AI). Such a major shift towards digital health will gain huge prominence in the coming years.
Wait, how cell transplantation assist in repairing injured myocardium?
Despite the recent advances in the treatment of acute myocardial infarction, the ability to repair extensive myocardial damage is limited. Current treatment for acute myocardial infarction and subsequent heart failure involves mechanical support using ventricular assist devices, and ultimate cardiac transplantation. However, these treatments have limitations such as rejection, infection, and organ donor shortages. Cell transplantation will open new doors coupled with enormous potential to repair or regenerate the injured myocardium in the patient’s body. Cellular cardiomyoplasty (Cell transplantation for cardiac repair) has been attempted with several types of cells involving fetal cardiomyocytes, autologous skeletal myoblasts, adult cardiac-derived cells, embryonic stem cells, and bone marrow stem cells. These cell types have shown promising results in animal studies among that skeletal myoblasts have been the first choice by the researchers to be evaluated in clinical settings.
Medical technology: Top investment pocket for cardiology market
Innovations in technology for treatment of heart diseases offer lucrative opportunities for the growth of global cardiology market. Involvement of miniature ventricular assist device (VAD) is gaining high prominence in the global patient care supported for advanced heart failures. By incorporating VAD it has shown promising results for improving the quality of life and act as an alternative in donor heart shortages for patient care. Supportive innovations by improvement in device size, battery reliability, and even wireless charging technologies make this device gain attention in the worldwide market in the coming years and decrease patient susceptibility to infections. Also, novel device based technologies supported for prevention of stroke have evolved rapidly. There has been a strong focus of the companies towards development of newer devices such as carotid implants, these devices are designed for continuous embolic filtration at the level of the common aortic pathway. These devices are currently being tested in preclinical studies and will provide a new gateway as a treatment option for patients suffering from bleeding associated problems. Such technological innovations supported by medical devices enhance the growth of global cardiology market. Also, several devices have been developed to provide other advanced measures for circulatory support. Through incorporation of extracorporeal oxygenation (ECMO), it offers patients the opportunity to avoid mechanical ventilation. This helps to possible decrease blood pressure anesthesia and reduction in venous return. Currently, there is a high focus on the development of small portable devices aiming to offer ventilator circulatory support for critical cases.
The global cardiology market is segmented based on disease indication, medical devices, drug type, and by distribution channel. By disease indication, the market is segmented based on hypertension, hyperlipidemia, arrhythmia, and others. By medical devices, it is further segmented as pacemakers, implantable cardioverter defibrillators (ICDs), ventricular assist devices (VAD), cardiac resynchronization therapy (CRT) devices, heart monitors, stents, catheters, and others. Further, by drug type, it is segmented as antihypertensive, antihyperlipidemic, anticoagulants, antiplatelet drugs, and others. By distribution channel, the market is segmented as hospital pharmacies, retail pharmacies, and online pharmacies.
Based on disease indication, hypertension segment is expected to grow faster and record significant CAGR in the coming years. This is attributed to rising prevalence of hypertension across the world. According to the statistics revealed by the Centre of Disease Control and Prevention (CDC), in 2018, nearly half of a million deaths in the US involve hypertension as a primary contributor. Moreover, about 1 in 4 adults (24%) with hypertension among adult population have their condition under control. Critical cardiovascular diseases involving coronary artery diseases considered as a seriously threatening cardiovascular condition also severely impact for myocardial infarctions. Based on drugs, anticoagulant drugs are anticipated to generate dominant share in the forecast period. Anticoagulants are expensive drugs that assist in critical cases and considered as a strong drug category for patient suffering from myocardial infarctions. Anticoagulants possess chemical substance that intends to reduce coagulation of blood and prolong the blood clotting time. These drugs are majorly preferable for critical cases involving high risk blood clots in several medical conditions such as atrial fibrillation, deep vein thrombosis, myocardial infarction, pulmonary embolism, stroke, and others.
Based on regions, North America dominates the cardiology market from the past and will continue similar trend in the forthcoming years. Large base of patient pool suffering from cardiovascular diseases and new product launches across the region are the prominent factors that have positive influence on the growth of the market. Apart from that, rising research and development activities initiatives and rising awareness regarding treatment of cardiovascular diseases.
Prominent players involved in cardiology market involve Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Edwards Lifesciences, Cardinal Health, Terumo Corporation, Biosensors International Group, and among others
Market By Disease Indication
Market By Medical Devices
Implantable Cardioverter Defibrillators (ICDs)
Ventricular Assist Devices (VAD)
Cardiac Resynchronization Therapy (CRT) Devices
Market By Drug Type
Market By Distribution Channel
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Cardiology market is expected to reach a market value of around US$ 24.3 Bn by 2027.
The cardiology market is expected to grow at a CAGR of around 8.8% from 2020 to 2027.
Based on disease indication, hypertension is the leading segment in the overall market.
Digital health in cardiology is one of the prominent factors that drive the demand for cardiology market.
Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Edwards Lifesciences, Cardinal Health, Terumo Corporation, Biosensors International Group, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years