20 Jul 2020
Posted in Medical Devices
Abbott Laboratories feels optimistic about recovery in cardiovascular device market amid major losses halfway through 2020, says GlobalData
Following the news that procedure volumes with Abbott Laboratories’ cardiovascular devices have recovered to approximately 90% of pre-COVID-19 volumes;
Richard Hyde, Medical Analyst at GlobalData, a leading data and analytics company, offers his view on the subject:
“Abbott Laboratories is one of the highest performing medical device companies in the COVID-19 era and ranks second on MassDevice’s MedTech 100 Index. According to GlobalData’s database, Abbott holds 17.5% of the global cardiovascular device market and ranks second in total market share.
“While procedure volumes for Abbott are improving, its sales revenue remains on a steep decline. Comparing Q2 2020 to Q2 2019, medical device sales are down 20% in the US, but only down 2% globally. Medical device sales were heavily supported by the success of Abbott’s Freestyle Libre diabetes products, which have brought in $1.5bn so far in 2020. Removing diabetes and neuromodulation sales, we see that Abbott’s cardiovascular device sales have been majorly impacted in the US and globally. In Q2 2020, cardiovascular device sales are down 34% in the US and down 31% globally compared to Q2 2019. So far in 2020, Abbott has missed out on nearly $1bn from its cardiovascular device sales.
“The US comprises nearly half of Abbott’s medical device market, while the US reported a growing trend of new COVID-19 cases breaking all kinds of records. With this not slowing down, a likely second lockdown and other extreme measures to control the virus will not bode well for Abbott’s optimism about their imminent recovery.”