The COVID-19 pandemic impacted the production of cardiovascular devices. Furthermore, the delay of elective procedures due to COVID-19-related measures had adversely affected the cardiovascular medical devices market, especially in 2020. While some cardiovascular procedures are considered urgent, others have been postponed and delayed since the beginning of the global pandemic. Hence, lifestyle changes and medication can be temporarily prescribed instead of cardiovascular procedures for some patients. Another factor negatively impacting the market is the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. Many medical device companies have experienced losses in their cardiovascular device businesses due to the pandemic. For example, Medtronic announced a 33% reduction in its cardiac and vascular business sectors in its 2020 quarterly financial results.

However, there are several drivers that are expected to boost the market over the forecast period. The major factor driving the market is the rising global burden of various coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac-related deaths. Cardiovascular diseases are found to be most prevalent across the world, and they are the leading causes of death. As per the 2020 updates of the World Health Organization (WHO), ischemic heart disease is responsible for 16% of the world’s total deaths. As per the article titled “Heart failure (HF) in France : chronic heart failure therapeutic management and risk of cardiac decompensation in real-life setting”, published in February 2020, in France, around one million persons would be affected by heart failure (HF); there are nearly 70,000 deaths related to HF, and more than 150,000 hospitalizations despite well-defined treatment management.

Moreover, technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such advancement having a significant positive impact on cardiology with improved capabilities to diagnose certain heart conditions. For instance, in October 2020, GE Healthcare received the United States Food and Drug Administration's 510k clearance for its ultra-edition package of vivid cardiovascular ultrasound systems, which include new features based on artificial intelligence (AI) that enable clinicians to acquire faster, more repeatable exams consistently.

However, the stringent regulatory policies and high cost of instruments and procedures are the factors restraining the growth of the cardiovascular devices market.

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