Cardiovascular Devices Market & Impact of Covid-19
“Build your Heart Strong, to breathe again in second life”- Unknown
It has been more than 10 months in October 2020 since Covid-19 affected lives and economies worldwide, and the number of cases are still increasing. Countries have started to lift lockdown restrictions in the last three months to overcome the economic challenges. The impact of covid-19 and lockdown have caused different types of stress like financial stress to mental & physical stress among the people too. Pre-covid 19 pandemic, cardiovascular diseases (CVDs) were the top cause of the global mortality rate. Still, CVDs are among the top four reasons for the deaths among the Covid-19 cases globally, as the other three include diabetes, Respiratory diseases, and hypertension. In most covid-19 cases, patients with comorbidity conditions showed severe symptoms. Such patients with pre-existing conditions should take extra care to avoid getting coronavirus infection.
Cardiovascular diseases (CVDs) are the most common cause of death in the higher age group for >45 years (mostly in 65 years and over), and also the most common cause of death & high morbidity in high-income groups. In the last few years, the ratio for the number of patients and mortality rate due to (CVDs) have decreased in many countries. However, CVDs cause the largest number of deaths in the world.
The cardiovascular devices market is estimated to grow at a GAGR of 7.97% over the forecast period. In the last few years, the market has seen growth due to the increased heart disease rate, raising awareness among the people, government initiatives, advancements in high-end technologies, preference for regular checkups and digital solutions, and innovative MedTech solutions, etc. The availability of wearable and non-wearable smart devices in the market has provided facilities to remotely monitor the disease and communicate to the community. In this study, the global cardiovascular devices market is segmented by product device type as diagnostic & monitoring devices, and therapeutic & surgical devices. These segments are further classified into different device types in the full report.
In diagnostics & monitoring devices, Electrocardiograph (ECG) device accounted for the highest market share due to its features like portability, easy to diagnose functioning of heart conditions, favorable government rules & regulations, increasing demand in home healthcare, point of care facilities, and remotely prevention of the disease, etc.
By region, North America accounted for the largest market share in 2019 and is estimated to maintain the position over the forecast period. The dominance in the cardiovascular devices market is due to the higher awareness level in people, higher expenditure on healthcare infrastructure, high adoption of technologies and smart devices, etc. Asia-pacific is estimated to have the highest CAGR over the forecast period. Japan, China, South Korea, and India are among the top four countries contributing to the market. Among these four countries in the Asia-pacific region, India is the fastest growing market in the last few years and is estimated to have a CAGR of 11.7% over the forecast period. In 2020, due to the covid-19 pandemic, the global cardiovascular devices market is estimated to have a downward trend with a y-o-y rate of -12.78%, as there is de-escalation in the number of cardiovascular disease patients going to hospitals and cancellation of appointments, low manufacturing & supply issue in lock-down period across the world, etc.
The cardiovascular devices market has very high competition and the top few global players account for the majority of the global market share. Few companies have regional market advantages and have established themselves over the years. Leading players are also adopting strategies like mergers & acquisitions, collaborations, joint ventures, etc., to gain market penetration in developing nations. Key players in the global cardiovascular market include Medtronic PLC, Cardinal Health, Inc., Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, Edwards Lifesciences, Siemens Healthineers AG, Abiomed Inc., Johnson & Johnson, Philips Healthcare, B. Braun Melsungen AG, Terumo Cardiovascular Systems Corporation, etc. among others.
Get your free sample now for the full report. Samples will be emailed within 2 business hours. For the full report, please reach us at firstname.lastname@example.org or email@example.com. Thank you for reading! Please share if you find it useful.