In H1 2020, the cardiovascular medical device market showed a significant decline in monthly revenues, driven by the Covid-19 pandemic. However, monthly revenues for this space rebounded in H2 2020 and are back on track to reach GlobalData’s forecast, largely due to impressive performances by cardiac assist devices and other segments such as electrophysiology, interventional cardiology, and peripheral vascular devices. Some segments within cardiovascular devices have not performed as 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 Covid-19 cases in the US cancelled or postponed appointments until there is a reduction in case numbers, leading to poor performances in cardiovascular device categories not considered to be essential. However, GlobalData forecasts that cardiac rhythm management devices will rebound to become a leading category within the cardiovascular devices market in H2 2021.
Recently, Covid-19 vaccinations have led to a decline in the number of Covid-19 cases in the US. Once the pandemic is under control, medical device usage and sales will soar, and the cardiovascular devices market will benefit immensely. GlobalData forecasts the global market value for associated devices to grow at a compound annual growth rate (CAGR) of 6% to $62B by 2025.