Cardiology Devices - Bangladesh | Statista Market Forecast

The projected revenue in the Cardiology Devices market market in Bangladesh is expected to reach US$46.41m in 2024.
Furthermore, it is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of 11.70%, resulting in a market volume of US$80.69m by 2029.
It is worth noting that in global comparison, the United States is expected to generate the highest revenue, with an estimated amount of US$25.77bn in 2024.
Despite the growing demand for cardiology devices in Bangladesh, limited access to advanced technology remains a major challenge for healthcare providers.

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 Bangladesh is experiencing significant growth and development.

Customer preferences: In Bangladesh, there is a growing demand for advanced cardiology devices due to the increasing prevalence of cardiovascular diseases in the country. Customers are becoming more aware of the importance of early detection and treatment of heart conditions, leading to a higher demand for cardiology devices such as ECG machines, pacemakers, and defibrillators. Additionally, there is a preference for non-invasive and portable devices that can be easily used in remote areas with limited access to healthcare facilities.

Trends in the market: One of the key trends in the Cardiology Devices market in Bangladesh is the adoption of telemedicine and remote monitoring solutions. With the advancement in technology, healthcare providers are now able to remotely monitor patients' heart conditions using wearable devices and transmit the data to healthcare professionals for analysis. This trend is particularly beneficial in a country like Bangladesh, where there is a shortage of cardiologists and limited access to healthcare facilities in rural areas. Another trend in the market is the increasing focus on preventive cardiology. There is a growing emphasis on promoting a healthy lifestyle and raising awareness about the risk factors associated with cardiovascular diseases. This has led to an increased demand for fitness trackers and smartwatches that can monitor heart rate, blood pressure, and other vital signs. These devices not only help individuals track their own health but also provide valuable data to healthcare professionals for early detection and intervention.

Local special circumstances: Bangladesh is a densely populated country with limited healthcare infrastructure, especially in rural areas. This creates a unique challenge in providing timely and accessible healthcare services to the population. The adoption of cardiology devices that are portable, easy to use, and can be operated by non-specialists is crucial in addressing this challenge. Additionally, the affordability of these devices is a significant consideration, as the majority of the population in Bangladesh belongs to the lower-income bracket.

Underlying macroeconomic factors: The growing economy of Bangladesh has contributed to the development of the Cardiology Devices market. As the country's GDP per capita increases, individuals have more disposable income to spend on healthcare services and devices. Furthermore, the government of Bangladesh has been investing in the healthcare sector, including the development of cardiac care facilities and the training of healthcare professionals. These initiatives have created a favorable environment for the growth of the Cardiology Devices market in Bangladesh. In conclusion, the Cardiology Devices market in Bangladesh is witnessing significant growth and development due to the increasing prevalence of cardiovascular diseases, customer preferences for advanced and portable devices, the adoption of telemedicine and remote monitoring solutions, the focus on preventive cardiology, local special circumstances such as limited healthcare infrastructure, and underlying macroeconomic factors such as the growing economy and government investments in healthcare.

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.