Market Insights Health Medical Technology Medical Devices

Cardiology Devices - BRICS

BRICS

The projected revenue for the Cardiology Devices market market in BRICS is expected to reach US$7.57bn by 2024.
Looking ahead, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 8.36%.
This growth trajectory will result in a market volume of US$11.31bn by 2029.
In terms of global comparison, the United States is poised to generate the highest revenue in the Cardiology Devices market market, with an estimated US$25,770.00m in 2024.
India's cardiology devices market is experiencing rapid growth due to increasing prevalence of cardiovascular diseases and the government's focus on improving healthcare infrastructure.

Key regions: United Kingdom, United States, France, Spain, China

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Analyst Opinion

The Cardiology Devices market in BRICS is experiencing significant growth and development due to several factors.

Customer preferences: In the Cardiology Devices market in BRICS, customers are increasingly seeking advanced and innovative devices that offer accurate diagnosis and effective treatment options for cardiovascular diseases. They are also looking for devices that are user-friendly, durable, and cost-effective. Additionally, customers in BRICS countries are increasingly aware of the importance of preventive healthcare and are therefore inclined towards devices that can help in early detection and management of cardiovascular conditions.

Trends in the market: One of the key trends in the Cardiology Devices market in BRICS is the growing demand for minimally invasive procedures. Patients are increasingly opting for procedures such as angioplasty and stenting, which offer shorter recovery times, reduced pain, and lower risk of complications compared to traditional open-heart surgeries. This trend is driving the demand for devices such as catheters, stents, and guidewires. Another trend in the market is the increasing adoption of remote monitoring devices for cardiac patients. These devices allow healthcare providers to remotely monitor patients' heart rate, blood pressure, and other vital signs, enabling early detection of any abnormalities and timely intervention. This trend is particularly prominent in countries with large rural populations, where access to healthcare facilities may be limited.

Local special circumstances: In each of the BRICS countries, there are unique local circumstances that influence the Cardiology Devices market. For example, in Brazil, the high prevalence of cardiovascular diseases and the government's efforts to improve healthcare infrastructure are driving the demand for cardiology devices. In Russia, the aging population and the increasing incidence of cardiovascular diseases are fueling the market growth. In India, the rising middle class and increasing healthcare expenditure are contributing to the growth of the market. In China, the government's focus on healthcare reforms and the increasing prevalence of cardiovascular diseases are driving the market growth. In South Africa, the high burden of cardiovascular diseases and the increasing awareness about preventive healthcare are influencing the market dynamics.

Underlying macroeconomic factors: The Cardiology Devices market in BRICS is also influenced by underlying macroeconomic factors. Economic growth, increasing disposable income, and improving healthcare infrastructure are some of the key factors driving the market growth. Additionally, favorable government policies and initiatives to promote healthcare access and affordability are also contributing to the market development. However, challenges such as regulatory hurdles, reimbursement issues, and high costs of advanced devices may hinder the market growth to some extent. Overall, the Cardiology Devices market in BRICS is witnessing significant growth and development due to customer preferences for advanced and innovative devices, the trend towards minimally invasive procedures and remote monitoring, unique local circumstances in each country, and underlying macroeconomic factors. As the prevalence of cardiovascular diseases continues to rise and healthcare infrastructure improves, the market is expected to further expand in the coming years.

Methodology

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.