Cardiology Devices - Benelux | Statista Market Forecast

The Cardiology Devices market market in Benelux is anticipated to achieve a revenue of US$1.21bn by the year 2024.
It is predicted that this market will experience a compound annual growth rate (CAGR 2024-2029) of 4.55%, leading to a market volume of US$1.51bn by the year 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$25.77bn in 2024.
The increasing demand for advanced cardiology devices in the Benelux region reflects a growing emphasis on cutting-edge medical technology.

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 Benelux has been experiencing significant growth in recent years, 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 Benelux are leaning towards technologically advanced and minimally invasive devices. Patients and healthcare providers in the region are increasingly seeking innovative solutions that can improve patient outcomes and reduce the need for invasive procedures. This has led to a growing demand for devices such as implantable cardioverter defibrillators (ICDs), pacemakers, and transcatheter heart valves. Additionally, there is a strong emphasis on devices that can be easily integrated into existing healthcare systems and provide real-time monitoring capabilities. Trends in the Cardiology Devices market in Benelux are largely influenced by global and regional market dynamics. One of the key trends in the market is the increasing adoption of telemedicine and remote patient monitoring solutions. This trend is driven by the need to provide efficient and cost-effective healthcare services, especially in rural areas. Telemedicine allows healthcare providers to remotely monitor patients with cardiovascular diseases, reducing the need for frequent hospital visits and improving patient convenience. Another trend in the market is the growing focus on personalized medicine and precision cardiology. Advances in genomics and molecular biology have enabled the development of personalized treatment options for patients with cardiovascular diseases. This includes the use of genetic testing and biomarkers to identify patients who are at a higher risk of developing certain cardiovascular conditions. These advancements have led to the development of targeted therapies and personalized treatment plans, which are gaining traction in the Cardiology Devices market in Benelux. Local special circumstances in the Cardiology Devices market in Benelux include the presence of well-established healthcare infrastructure and a high level of healthcare expenditure. The region has a strong network of hospitals and clinics that are equipped with state-of-the-art medical technologies. This, coupled with the high healthcare expenditure, creates a favorable environment for the adoption of advanced cardiology devices. Additionally, the region has a well-educated population and a high level of awareness about cardiovascular diseases, leading to increased demand for preventive and diagnostic cardiology devices. Underlying macroeconomic factors, such as the aging population and the increasing burden of cardiovascular diseases, are driving the growth of the Cardiology Devices market in Benelux. The region has a rapidly aging population, which is more susceptible to cardiovascular diseases. This demographic shift has created a significant demand for cardiology devices that can effectively diagnose and treat these conditions. Furthermore, the increasing prevalence of risk factors such as obesity, sedentary lifestyles, and unhealthy diets has contributed to the rising incidence of cardiovascular diseases in the region. In conclusion, the Cardiology Devices market in Benelux is experiencing strong growth due to customer preferences for advanced medical technologies, the increasing prevalence of cardiovascular diseases, and favorable market dynamics. The market is characterized by a demand for technologically advanced and minimally invasive devices, as well as a growing focus on telemedicine and personalized medicine. The region's well-established healthcare infrastructure, high healthcare expenditure, and underlying macroeconomic factors further contribute to the market's growth.

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.