Cardiology Devices - Africa | Statista Market Forecast

The Cardiology Devices market market in Africa is anticipated to witness a substantial growth in revenue, with projections indicating a staggering amount of US$1.41bn by the year 2024.
Furthermore, this market is expected to display a promising annual growth rate (CAGR 2024-2029) of 7.72%, ultimately culminating in a market volume of US$2.05bn by 2029.
When compared globally, it is worth noting that the United States is predicted to generate the highest revenue in this market, amounting to an impressive US$25.77bn in 2024.
In Africa, the demand for cardiology devices is rising steadily due to the increasing prevalence of cardiovascular diseases.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Africa is experiencing steady growth and development, driven by increasing customer preferences for advanced medical technologies, growing awareness about cardiovascular diseases, and improving healthcare infrastructure in the region. Customer preferences in the Cardiology Devices market in Africa are shifting towards more advanced and innovative medical technologies. Patients and healthcare professionals are increasingly demanding devices that offer better accuracy, efficiency, and patient comfort. This is driving the adoption of advanced cardiology devices such as implantable cardioverter defibrillators, pacemakers, and cardiac monitoring devices. Additionally, there is a growing demand for minimally invasive procedures and non-invasive diagnostic tools, which is further fueling the market growth. The market is also witnessing a trend towards personalized medicine and remote patient monitoring. Patients are increasingly seeking personalized treatment options that are tailored to their specific needs and medical conditions. This has led to the development of innovative cardiology devices that can be remotely monitored and adjusted, allowing healthcare professionals to provide personalized care to patients without the need for frequent hospital visits. Local special circumstances in Africa, such as a high prevalence of cardiovascular diseases and a growing elderly population, are contributing to the growth of the Cardiology Devices market. Cardiovascular diseases, including heart disease and stroke, are the leading cause of death in Africa. The increasing burden of cardiovascular diseases is driving the demand for cardiology devices that can help in the diagnosis, treatment, and management of these conditions. Additionally, the aging population in Africa is at a higher risk of developing cardiovascular diseases, further driving the demand for cardiology devices. Underlying macroeconomic factors, such as improving healthcare infrastructure and increasing healthcare expenditure, are also contributing to the growth of the Cardiology Devices market in Africa. Many African countries are investing in the development of healthcare infrastructure, including hospitals, clinics, and medical research facilities. This is creating a conducive environment for the adoption of advanced medical technologies, including cardiology devices. Furthermore, increasing healthcare expenditure by governments and private healthcare providers is enabling better access to cardiology devices and treatments for patients in Africa. In conclusion, the Cardiology Devices market in Africa is witnessing steady growth and development, driven by increasing customer preferences for advanced medical technologies, growing awareness about cardiovascular diseases, and improving healthcare infrastructure in the region. The market is experiencing a shift towards more advanced and innovative cardiology devices, personalized medicine, and remote patient monitoring. Local special circumstances, such as a high prevalence of cardiovascular diseases and a growing elderly population, are further fueling the market growth. Additionally, underlying macroeconomic factors, such as improving healthcare infrastructure and increasing healthcare expenditure, are contributing to the growth of the market in Africa.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.