22 Feb 2021
Posted in Medical Devices
Impressive performance of cardiac assist devices will help cardiovascular devices market surpass $62bn by 2025, forecasts GlobalData
The global market value for cardiovascular devices is projected to grow at a compound annual growth rate (CAGR) of 6% to $62bn by 2025, according to GlobalData, a leading data and analytics company.
Kevin Dang, Medical Devices Analyst at GlobalData, comments: “In the first half of 2020, we saw a significant decline in monthly revenues for the cardiovascular medical device market, driven by the COVID-19 pandemic. However, monthly revenues rebounded in the second half of 2020 and are back on track to reach GlobalData’s forecast – largely due to impressive performances by cardiac assist devices along with other segments such as electrophysiology, interventional cardiology and peripheral vascular devices.
“Some segments within cardiovascular devices have not performed so well, such as cardiac rhythm management devices which had the largest decline in usage, particularly in the US.”
Approximately 50% of patients in areas with a high number of cases in the US have cancelled or postponed appointments. This has led to poor performances in cardiovascular device categories that are not considered to be essential. However, GlobalData projects that cardiac rhythm management devices will rebound to become a leading category within the cardiovascular devices market in the second half of 2021.
Dang concludes: “Recently, COVID-19 vaccinations have led to a decline in the number of cases in the US. Once the pandemic is under control, medical device usage and sales will soar, and cardiovascular devices will benefit immensely.”