Cardiology Devices - Baltics | Statista Market Forecast

The Cardiology Devices market market in the Baltics is anticipated to achieve a revenue of US$109.80m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 5.88%, leading to a market volume of US$146.20m by 2029.
In terms of global comparison, the United States is predicted to generate the highest revenue, amounting to US$25.77bn in 2024.
In the Baltics, the demand for advanced cardiology devices is on the rise, driven by the region's growing aging population and 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 Baltics is experiencing steady growth, driven by customer preferences for advanced medical technologies and the increasing prevalence of cardiovascular diseases in the region. Customer preferences in the Cardiology Devices market in Baltics are shifting towards more advanced and innovative medical technologies. Patients and healthcare professionals are increasingly seeking out devices that offer improved accuracy, reliability, and ease of use. This preference for advanced technologies is driving the demand for state-of-the-art cardiology devices in the region. In addition, the increasing prevalence of cardiovascular diseases is fueling the growth of the Cardiology Devices market in Baltics. Cardiovascular diseases are a leading cause of death in the region, and the number of patients suffering from these conditions is on the rise. This has created a significant demand for cardiology devices, such as pacemakers, defibrillators, and implantable cardioverter defibrillators, to diagnose and treat these conditions. The market is also witnessing a trend towards minimally invasive procedures, which is driving the demand for innovative cardiology devices. Minimally invasive procedures offer several advantages over traditional open-heart surgeries, including shorter recovery times, reduced risk of complications, and lower healthcare costs. This trend is prompting healthcare providers to invest in advanced cardiology devices that enable minimally invasive procedures, such as transcatheter heart valves and stents. Local special circumstances in the Baltics region, such as an aging population and a high prevalence of risk factors for cardiovascular diseases, further contribute to the growth of the Cardiology Devices market. The Baltics countries have a rapidly aging population, which increases the risk of developing cardiovascular diseases. Additionally, lifestyle factors, such as sedentary lifestyles, unhealthy diets, and high rates of smoking, contribute to the high prevalence of risk factors for cardiovascular diseases in the region. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives to improve healthcare infrastructure, are also driving the growth of the Cardiology Devices market in Baltics. Governments in the region are investing in healthcare infrastructure and implementing policies to improve access to quality healthcare services. This has led to an increase in healthcare expenditure, creating a favorable environment for the growth of the Cardiology Devices market. Overall, the Cardiology Devices market in Baltics is experiencing steady growth, driven by customer preferences for advanced medical technologies, the increasing prevalence of cardiovascular diseases, local special circumstances, and underlying macroeconomic factors.

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.