Global Cardiac Implants Market, by Device Type, (Pacemaker Devices, Cardiac Resynchronization Therapy Devices, Implantable Hemodynamic Monitoring Devices, Implanted Heart Rhythm Monitors, Coronary Stents, Implantable Cardioverter Defibrillator, Heart Valve, Others), by Application, (Arrhythmias, Myocardial Ischemia, Acute Myocardial Infraction, Congestive Heart Failure, Others) , by End User, (Hospitals Specialty Clinics, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 35,795.6 Mn in 2022 and is expected to exhibit a CAGR of 8.1% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Governments around the world are focused on initiatives to help manage cardiovascular diseases. This is expected to fuel the growth of the global cardiac implants market over the forecast period. For instance, Million Hearts is a national initiative co-led by the Centers for Medicare & Medicaid Services (CMS) and Centers for Disease Control and Prevention (CDC) to prevent one million preventable cardiovascular disease events in the next five years (January 2022–December 2026) in the U.S. Hence, government initiative to control the increasing heart disorder is propelling the global cardiac implants market over forecast period.
Global Cardiac Implant Market– Impact of Coronavirus (COVID-19) Pandemic
Amidst the COVID-19 pandemic, lockdowns imposed in various regions led to a reduction in the research and development activites performed in the initial phase of COVID-19 pandemic. The COVID-19 outbreak has affected various industries globally. Economy in countries all over the world such as the U.K., India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others has been disrupted due to lockdowns implemented by governments to combat spread of coronavirus since 2020. The COVID-19 pandemic significantly hampered the research and development activities in the field of cardiac implants, due to closure of clinical trial sites and limited in-person reporting of cardiovascular adverse events such as cardiac arrest, cardiac implant related infection, and others. For instance according to an article published in by the Journal of the American College of Cardiology in November 2020, the COVID-19 pandemic has adversely affected patient care and the conduct of clinical trials in all fields of healthcare, including cardiology. The same source estimates that in April 2020, around 90% of clinical trial sites were closed to enrollment worldwide, with a 95% decline in cardiovascular trial activity.