Cardiology Devices - GCC | Statista Market Forecast

The Cardiology Devices market market in the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)) is forecasted to achieve a revenue of US$1.85bn by the year 2024.
It is projected that the revenue will experience an annual growth rate (CAGR 2024-2029) of 7.56%, leading to a market volume of US$2.66bn by 2029.
When compared globally, the United States is expected to generate the highest revenue in the Cardiology Devices market market, amounting to US$25.77bn in the year 2024.
The GCC countries are experiencing a surge in demand for advanced cardiology devices to cater to their growing population and rising 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 GCC is experiencing steady growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In the GCC region, customers have a growing awareness of the importance of cardiovascular health and are increasingly seeking advanced cardiology devices to diagnose and treat heart conditions. They prefer devices that are technologically advanced, reliable, and offer accurate results. Additionally, customers in the GCC region value devices that are user-friendly and can be easily integrated into existing healthcare systems.

Trends in the market: One of the major trends in the Cardiology Devices market in the GCC is the increasing adoption of minimally invasive procedures. This trend is driven by the desire for quicker recovery times, reduced scarring, and less post-operative pain. As a result, there is a growing demand for devices such as cardiac catheters, stents, and implantable cardiac monitors that enable minimally invasive procedures. Another trend in the market is the integration of digital technologies. The use of digital health solutions, such as remote monitoring and telemedicine, is gaining popularity in the GCC region. These technologies allow healthcare providers to remotely monitor patients with cardiovascular conditions, provide timely interventions, and improve patient outcomes. The integration of digital technologies in cardiology devices is expected to further drive market growth in the GCC region.

Local special circumstances: The GCC region has a high prevalence of cardiovascular diseases, including hypertension, coronary artery disease, and heart failure. This high disease burden has created a significant demand for cardiology devices. Additionally, the GCC countries have invested heavily in healthcare infrastructure and are focused on improving healthcare outcomes. This has led to increased government initiatives, favorable reimbursement policies, and collaborations with international healthcare organizations. These local special circumstances contribute to the growth of the Cardiology Devices market in the GCC.

Underlying macroeconomic factors: The GCC region is experiencing economic growth, driven by factors such as population growth, urbanization, and increased healthcare spending. As the population grows and becomes more affluent, there is a greater demand for healthcare services, including cardiology devices. The GCC countries are also investing in healthcare infrastructure and are attracting international companies to establish their presence in the region. These underlying macroeconomic factors create a favorable environment for the growth of the Cardiology Devices market in the GCC. In conclusion, the Cardiology Devices market in the GCC is growing due to customer preferences for advanced and user-friendly devices, trends such as the adoption of minimally invasive procedures and digital health solutions, local special circumstances such as the high prevalence of cardiovascular diseases and government initiatives, and underlying macroeconomic factors such as population growth and increased healthcare spending.

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.