Cardiology Devices - Fiji | Statista Market Forecast

The Cardiology Devices market market in Fiji is forecasted to achieve a revenue of US$3.81m in 2024.
This projection indicates that the market is expected to display a steady annual growth rate (CAGR 2024-2029) of 7.08%, leading to a market volume of US$5.36m by 2029.
It is worth noting that in a global perspective, the United States will generate the highest revenue in this market, with an estimated value of US$25.77bn in 2024.
Fiji's cardiology device market is witnessing a surge in demand for advanced diagnostic tools and innovative treatment options.

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 Fiji is experiencing steady growth due to increasing customer preferences for advanced medical technologies, rising prevalence of cardiovascular diseases, and favorable local special circumstances.

Customer preferences: Customers in Fiji are increasingly seeking advanced cardiology devices that offer accurate diagnosis and effective treatment options. They prefer devices that are technologically advanced, easy to use, and provide accurate results. Additionally, customers are also looking for devices that are compact and portable, allowing for easy transportation and accessibility in remote areas.

Trends in the market: One of the key trends in the Cardiology Devices market in Fiji is the growing demand for non-invasive diagnostic devices. Non-invasive devices such as echocardiography machines and electrocardiography (ECG) devices are gaining popularity as they provide accurate and quick diagnosis without the need for invasive procedures. These devices are also preferred by customers due to their ease of use and ability to detect early signs of cardiovascular diseases. Another trend in the market is the increasing adoption of telemedicine and remote patient monitoring solutions. With the advancement in technology, healthcare providers in Fiji are now able to remotely monitor patients with cardiovascular diseases using wearable devices and mobile applications. This allows for continuous monitoring of patients' heart health and enables timely intervention in case of any abnormalities. The adoption of telemedicine and remote patient monitoring solutions is expected to further drive the growth of the Cardiology Devices market in Fiji.

Local special circumstances: Fiji has a high prevalence of cardiovascular diseases, which is a major driver for the growth of the Cardiology Devices market. The lifestyle changes, including sedentary lifestyles and unhealthy diets, have contributed to the increase in cardiovascular diseases in the country. Additionally, the aging population in Fiji is also a contributing factor to the rising incidence of cardiovascular diseases. These local special circumstances create a significant demand for cardiology devices in the market.

Underlying macroeconomic factors: The growing economy of Fiji and increasing healthcare expenditure are contributing to the growth of the Cardiology Devices market. As the economy improves, individuals have more disposable income to spend on healthcare, including the purchase of advanced cardiology devices. Furthermore, the government of Fiji has been investing in improving healthcare infrastructure and services, which has created a favorable environment for the growth of the Cardiology Devices market. In conclusion, the Cardiology Devices market in Fiji is experiencing steady growth due to increasing customer preferences for advanced medical technologies, rising prevalence of cardiovascular diseases, and favorable local special circumstances. The demand for non-invasive diagnostic devices and the adoption of telemedicine and remote patient monitoring solutions are key trends in the market. The high prevalence of cardiovascular diseases and the growing economy of Fiji are underlying macroeconomic factors that are driving the growth of the market.

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.