Cardiology Devices - Ireland | Statista Market Forecast

In Ireland, the revenue in the Cardiology Devices market market is forecasted to reach US$164.30m in 2024.
The market is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.25%, leading to a market volume of US$202.40m by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$25.77bn in 2024.
Ireland has emerged as a leading hub for cardiovascular device innovation, attracting top talent and investment in the field.

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 Ireland is experiencing steady growth due to increasing customer preferences for advanced medical technology and a rising incidence of cardiovascular diseases.

Customer preferences: Customers in Ireland are increasingly opting for cardiology devices that offer advanced features and improved patient outcomes. This includes devices such as implantable cardioverter defibrillators (ICDs), pacemakers, and cardiac monitoring devices. The demand for these devices is driven by the need for accurate diagnosis, effective treatment, and better management of cardiovascular diseases.

Trends in the market: One of the key trends in the Cardiology Devices market in Ireland is the adoption of minimally invasive procedures. This trend is driven by the desire to reduce patient discomfort, shorten recovery times, and minimize the risk of complications. Minimally invasive procedures, such as percutaneous coronary intervention (PCI) and transcatheter aortic valve replacement (TAVR), are increasingly being used in the treatment of cardiovascular diseases. These procedures require specialized cardiology devices, such as stents and transcatheter heart valves, which are in high demand in the market. Another trend in the market is the increasing use of remote monitoring and telemedicine solutions. These technologies allow healthcare providers to remotely monitor patients with cardiovascular diseases, enabling early detection of potential complications and timely intervention. The use of remote monitoring devices and telemedicine solutions is particularly beneficial in a country like Ireland, where access to healthcare services in rural areas can be challenging.

Local special circumstances: Ireland has a high prevalence of cardiovascular diseases, which is driving the demand for cardiology devices in the country. Factors such as an aging population, sedentary lifestyles, and unhealthy dietary habits contribute to the high incidence of cardiovascular diseases. As a result, there is a growing need for cardiology devices that can effectively diagnose and treat these conditions.

Underlying macroeconomic factors: The growth of the Cardiology Devices market in Ireland is also influenced by underlying macroeconomic factors. The country has a well-developed healthcare system and a strong emphasis on medical research and innovation. The government provides support for the development and adoption of advanced medical technologies, which creates a conducive environment for the growth of the cardiology devices market. Additionally, Ireland's favorable business environment and skilled workforce attract multinational companies to establish their presence in the country, further driving the market growth. In conclusion, the Cardiology Devices market in Ireland is experiencing steady growth due to increasing customer preferences for advanced medical technology, a rising incidence of cardiovascular diseases, and the adoption of minimally invasive procedures. The market is also influenced by local special circumstances, such as the high prevalence of cardiovascular diseases in the country. Furthermore, underlying macroeconomic factors, including a well-developed healthcare system and government support for medical innovation, contribute to 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.