Cardiology Devices - Germany | Statista Market Forecast

Germany is expected to see a significant increase in revenue within the Cardiology Devices market market.
By 2024, the projected revenue is estimated to reach US$4.92bn.
This growth is anticipated to continue, with an annual growth rate (CAGR 2024-2029) of 5.00%.
As a result, the market volume in Germany is projected to reach US$6.28bn by 2029.
However, when comparing the global market, it is worth noting that the United States is expected to generate the highest revenue.
In 2024, the projected revenue for the United States is estimated to be US$25.77bn.
Germany's cardiology device market is experiencing a surge in demand for innovative and advanced technologies.

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 Germany is experiencing significant growth and development in recent years.

Customer preferences: German customers have shown a strong preference for technologically advanced and innovative cardiology devices. They value devices that offer accurate and reliable results, as well as those that are user-friendly and easy to operate. Additionally, there is a growing demand for devices that can be seamlessly integrated into existing healthcare systems and provide real-time data analysis.

Trends in the market: One of the key trends in the Cardiology Devices market in Germany is the increasing adoption of minimally invasive procedures. This is driven by the desire to reduce patient discomfort and recovery time, as well as the advancements in technology that allow for more precise and effective procedures. As a result, there is a growing demand for devices such as catheters and stents that enable minimally invasive interventions. Another trend in the market is the focus on remote patient monitoring and telemedicine. With the advancement of digital technologies, healthcare providers are now able to remotely monitor patients' cardiac health and provide timely interventions when necessary. This trend is particularly relevant in Germany, where the population is aging and there is a need for efficient and cost-effective healthcare solutions.

Local special circumstances: Germany has a well-developed healthcare system with a strong emphasis on quality and patient safety. This has created a favorable environment for the adoption of advanced cardiology devices. Additionally, the country has a high prevalence of cardiovascular diseases, which further drives the demand for innovative and effective cardiology devices.

Underlying macroeconomic factors: The strong economy of Germany has played a significant role in the growth of the Cardiology Devices market. The country has a high disposable income and a well-funded healthcare system, which allows for greater investment in advanced medical technologies. Furthermore, the favorable reimbursement policies and government initiatives to promote healthcare innovation have also contributed to the growth of the market. In conclusion, the Cardiology Devices market in Germany is experiencing significant growth and development, driven by customer preferences for technologically advanced and innovative devices, the increasing adoption of minimally invasive procedures, and the focus on remote patient monitoring and telemedicine. The local special circumstances, including the well-developed healthcare system and high prevalence of cardiovascular diseases, further support the growth of the market. Additionally, the strong economy and favorable macroeconomic factors in Germany have created a conducive environment for 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.