Cardiology Devices - Iceland | Statista Market Forecast

The Cardiology Devices market market in Iceland is expected to generate a revenue of US$17.51m in 2024.
This represents a significant growth opportunity for the country.
Furthermore, it is projected that the market will experience a compound annual growth rate (CAGR) of 7.35% between 2024 and 2029.
This steady growth is expected to result in a market volume of US$24.96m by 2029.
When comparing in Iceland's market to the global market, it is important to note that the United States will continue to dominate in terms of revenue generation.
In 2024, the United States is forecasted to generate a staggering revenue of US$25.77bn, highlighting its strong position in the global Cardiology Devices market market.
Iceland's cardiology device market is thriving due to the country's high prevalence of cardiovascular diseases and advanced healthcare system.

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 Iceland has been experiencing steady growth in recent years.

Customer preferences: In Iceland, there is a growing demand for advanced cardiology devices due to the increasing prevalence of cardiovascular diseases. Customers are seeking innovative and technologically advanced products that can provide accurate and reliable diagnoses and treatments. They also value devices that are user-friendly and can be easily integrated into existing healthcare systems.

Trends in the market: One of the key trends in the Cardiology Devices market in Iceland is the adoption of minimally invasive procedures. Patients and healthcare professionals are increasingly opting for less invasive techniques that offer quicker recovery times and reduced risk of complications. This has led to a rise in the demand for devices such as catheters, stents, and implantable cardioverter defibrillators (ICDs) that can be used in minimally invasive procedures. Another trend in the market is the integration of digital technologies. Cardiology devices are now equipped with advanced software and connectivity features that allow for remote monitoring and real-time data analysis. This enables healthcare professionals to closely monitor patients' cardiac health and make timely interventions when necessary. The use of digital technologies also improves patient outcomes and reduces healthcare costs.

Local special circumstances: Iceland has a small population and a well-developed healthcare system. This allows for efficient and timely access to cardiology devices and treatments. The government has also invested in the development of specialized cardiology centers and the training of healthcare professionals in the field of cardiology. These factors contribute to the growth of the Cardiology Devices market in Iceland.

Underlying macroeconomic factors: The growing prevalence of cardiovascular diseases, aging population, and increasing healthcare expenditure are the key macroeconomic factors driving the growth of the Cardiology Devices market in Iceland. As the population ages, the incidence of cardiovascular diseases is expected to rise, leading to a higher demand for cardiology devices. Additionally, the government's focus on improving healthcare infrastructure and increasing healthcare spending is expected to further boost the market. In conclusion, the Cardiology Devices market in Iceland is experiencing steady growth due to customer preferences for advanced and user-friendly devices, the adoption of minimally invasive procedures, the integration of digital technologies, the country's well-developed healthcare system, and underlying macroeconomic factors such as the growing prevalence of cardiovascular diseases and increasing healthcare expenditure.

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.