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 across the world and still the number of cases are increasing with following unlocks in last two-three months in different countries 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, the cardiovascular diseases (CVDs) were the top most cause in the mortality rate at global level. Still the CVDs are one of the top four reasons for the deaths among the Covid-19 cases across the world as other three includes diabetes, Respiratory diseases, and hypertension. In most of the covid-19 cases, patients were found with comorbidity conditions showing severe symptoms, and hence patients with such comorbidity conditions should take extra care to avoid getting coronavirus infection.
Cardiovascular diseases (CVDs) are the most common causes of deaths in the higher age group for >45 years. (mostly in 65 years and over), and also the most common causes of deaths & 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 the CVDs causes 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 increase rate of heart diseases, increasing awareness among the people, government initiatives, advancements in high-end technologies, preference for regular checkups and digital solutions, innovative MedTech solutions, etc. The availability of the wearable and non-wearable smart devices in the market have 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 the highest market share due to its features like portability, easy to diagnose the 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 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 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 covid-19 pandemic, the global cardiovascular devices market is estimated to have the downward trend with y-o-y rate of -12.78%, as there is deescalation in a 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 a very high competition and top few global players account the majority of the global market share. Few companies are having regional market advantages and have established themselves over the years. Top players are also adopting strategies like mergers & acquisitions, collaborations, joint ventures, etc. to gain the market penetration in the developing nations. Key players in the global cardiovascular market includes 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.
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Key takeaways from Global Cardiovascular Devices Market Report:
Segmented by Product Device Type, and Geography
Base Year: 2019, Forecast: 2020-25 (Y-o-Y)
Historical Years: 2014-2018
Market Share for 2019 & recent developments of Covid-19 impact
Regions: 5 (NA, SA, EU, APAC, MEA)
Country: 18 Major Countries + Rest of Countries in Each Region
Company Profiles: 15+ Major Companies