Cardiology Devices - Jamaica | Statista Market Forecast

The projected revenue for the Cardiology Devices market market in Jamaica is estimated to reach US$20.00m in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 5.72%, leading to a market volume of US$26.41m by 2029.
In terms of global comparison, the United States is anticipated to generate the highest revenue in this market, amounting to US$25.77bn in 2024.
Jamaica's cardiology device market is experiencing a surge in demand due to the country's growing elderly population and increased awareness about heart health.

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 Jamaica is experiencing steady growth and development, driven by customer preferences for advanced medical technology and the increasing prevalence of cardiovascular diseases in the country.

Customer preferences: Customers in Jamaica are increasingly seeking advanced and innovative cardiology devices to address their healthcare needs. They value devices that offer accurate diagnosis and treatment options, as well as those that are minimally invasive and provide faster recovery times. This preference for advanced technology is driving the demand for state-of-the-art cardiology devices in the market.

Trends in the market: One of the key trends in the Cardiology Devices market in Jamaica is the increasing adoption of minimally invasive procedures. Patients are opting for procedures such as angioplasty and stenting, which involve smaller incisions and shorter recovery times compared to traditional open-heart surgeries. This trend is driving the demand for devices such as stents, catheters, and balloons, which are used in these minimally invasive procedures. Another trend in the market is the growing focus on remote monitoring and telemedicine. With the advancement in technology, healthcare providers in Jamaica are increasingly using remote monitoring devices to track patients' heart health and provide timely interventions. This trend is driving the demand for devices such as remote cardiac monitors and mobile-based electrocardiogram (ECG) devices.

Local special circumstances: Jamaica has a high prevalence of cardiovascular diseases, including hypertension, coronary artery disease, and heart failure. This is attributed to factors such as sedentary lifestyles, unhealthy diets, and genetic predisposition. The high prevalence of cardiovascular diseases in the country creates a significant demand for cardiology devices to diagnose and treat these conditions.

Underlying macroeconomic factors: The Jamaican economy has been experiencing steady growth, which has resulted in increased healthcare spending. The government has been investing in improving the healthcare infrastructure and expanding access to quality healthcare services. This investment has contributed to the growth of the Cardiology Devices market in Jamaica, as healthcare facilities are equipped with the necessary devices to diagnose and treat cardiovascular diseases. In conclusion, the Cardiology Devices market in Jamaica is witnessing growth and development driven by customer preferences for advanced technology, increasing adoption of minimally invasive procedures, and the high prevalence of cardiovascular diseases in the country. The market is expected to continue growing as the Jamaican economy expands and healthcare spending increases.

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.