At the 2025 J.P. Morgan Healthcare Conference, Boston Scientific’s CEO highlighted the company’s strong ambitions in the vascular space. Now, its latest financial results reveal that these goals are being steadily realized, particularly in the high-growth field of electrophysiology (EP) and pulse field ablation (PFA).

A New Era for Cardiovascular Therapies

Globally, the cardiovascular device market has entered a new phase of rapid expansion, largely driven by the emergence of PFA technologies. Boston Scientific has positioned itself as a clear leader in this field, with EP-related revenues more than doubling year-over-year.

On the domestic front, China’s national volume-based procurement (VBP) program continues to expand in scope and intensity. However, the recent announcement by China’s National Healthcare Security Administration emphasizing an “anti-involution” approach for the 2025 procurement agenda has been met with optimism across the industry.

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Boston Scientific Leads in H1 2025

Boston Scientific reported $6.43 billion in cardiovascular revenue for the first half of 2025, reflecting a strong 26.5% year-over-year increase. The growth was mainly driven by:

Watchman (Left Atrial Appendage Closure Device):
Revenue reached $911 million, up 26%. Growth was fueled by CE mark approval of Watchman FLX Pro and increased adoption in U.S. procedures combining PFA and LAAC.

Electrophysiology (EP):
Revenue surged to $1.57 billion, a 116% increase. The main driver was FDA approval of the FARAPULSE™ PFA system for persistent atrial fibrillation, significantly boosting U.S. implant volumes.

Cardiac Rhythm Management (CRM):
Revenue grew modestly to $1.168 billion (+1.5%), supported by double-digit growth of the LUX-Dx™ insertable cardiac monitor.

Interventional Cardiology (ICTx):
Revenue reached $1.428 billion, up 9%. Growth was led by the AGENT™ drug-coated balloon (DCB) in the U.S. and IVUS/OCT imaging technologies.

Peripheral Interventions (PI):
Revenue totaled $1.354 billion, a 16.4% increase. Varithena™ contributed to strong vascular growth, though DES performance was impacted by China’s VBP. Interventional oncology and embolization products saw double-digit gains.

Medtronic Reports Steady Cardiovascular Growth

Medtronic recorded $6.373 billion in cardiovascular revenue (+5.2%) during its fiscal half year (Oct 26, 2024 – Apr 25, 2025). Segment highlights include:

Cardiac Rhythm & Heart Failure (CRHF):
$3.278 billion (+7.9%), with solid gains in Micra™ leadless pacemakers, PulseSelect™ PFA (~30% growth), and conduction system pacing.

Structural Heart & Aortic (SHA):
$1.818 billion (+5.7%), led by Evolut™ FX+ TAVR and surgical heart products.

Coronary & Peripheral Vascular (CPV):
$1.276 billion, flat year-over-year. DCBs posted single-digit growth, offset by pricing pressure from China’s national procurement.

Abbott Shows Balanced Cardiovascular Expansion

Abbott’s cardiovascular division delivered $5.974 billion in revenue, a solid 8.6% increase:

Rhythm Management:
$1.258 billion (+7.6%), with strong growth in the U.S. (+14.4%) and steady international performance.

Electrophysiology:
$1.329 billion (+9.5%), boosted by EnSite X mapping and arrhythmia therapy systems.

Heart Failure:
$707 million (+13.1%), reflecting strong demand in both U.S. and international markets.

Vascular:
$1.467 billion (+3.8%), supported by stable interventional demand globally.

Structural Heart:
$1.213 billion (+12.5%), led by U.S. adoption of Navitor™ TAVR and TriClip™ mitral repair solutions.

Johnson & Johnson MedTech Delivers Strong Cardiovascular Results

J&J MedTech posted $4.416 billion in cardiovascular revenue (+20.0%), with a strategic focus on innovation:

Electrophysiology:
$2.791 billion (+4.7%), accounting for over 63% of total cardiovascular sales. Growth was led by competitive mapping platforms and new PFA catheters. Stability returned to the China market after last year’s inventory adjustment.

Abiomed (Mechanical Circulatory Support):
$868 million (+15.7%), driven by global adoption of Impella 5.5 as a surgical alternative.

Shockwave Medical (Intravascular Lithotripsy):
$550 million, up over 600% year-over-year, driven by expanded indications and rapid U.S. adoption following its acquisition in May 2024.

Other Cardiovascular (Valves, Catheters, Trauma Repair):
$207 million (+11.7%), with steady demand across structural heart and trauma applications.

Edwards Lifesciences: Focused Innovation, Global Growth

Edwards posted $2.945 billion in H1 2025 revenue (+9.1%), led by:

TAVR (Transcatheter Aortic Valve Replacement):
$2.177 billion (+6.4%), supported by expanded indications for SAPIEN in asymptomatic patients.

TMTT (Transcatheter Mitral & Tricuspid Therapies):
$249.7 million (+60.1%), with strong growth from PASCAL repair and EVOQUE replacement systems, plus CE approval of SAPIEN M3.

Surgical Structural Heart:
$517.7 million (+4.2%), led by sustained demand for RESILIA tissue valves and CE approval of KONECT.

China’s Procurement Landscape and Outlook

Despite global growth, China’s national VBP policies remain a key variable for multinational device makers. The recent round of peripheral vascular procurement impacted several product lines. Looking ahead, the second half of 2025 is expected to bring more centralized tenders across cardiovascular and neurovascular categories, with expanded scope and volume.

Encouragingly, the National Healthcare Security Administration has committed to a more rational procurement approach in 2025, signaling potential relief from excessive price competition and fostering a more sustainable industry ecosystem.