Cardiology Devices - Lithuania | Statista Market Forecast

The Cardiology Devices market market in Lithuania is forecasted to achieve a revenue of US$44.62m in 2024.
It is expected to experience a Compound Annual Growth Rate (CAGR 2024-2029) of 5.56%, leading to a market volume of US$58.48m by 2029.
When comparing globally, the United States is projected to generate the highest revenue of US$25.77bn in 2024.
Lithuania has seen a rise in demand for advanced cardiology devices, as the country strives to improve healthcare services and enhance patient outcomes.

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 Lithuania has been experiencing steady growth in recent years, driven by customer preferences for advanced medical technology and the increasing prevalence of cardiovascular diseases in the country. Customer preferences in the Cardiology Devices market in Lithuania are largely influenced by global trends and advancements in medical technology. Patients and healthcare professionals in Lithuania are increasingly seeking innovative and state-of-the-art cardiology devices that offer improved accuracy, reliability, and patient comfort. This has led to a growing demand for advanced diagnostic and treatment devices such as electrocardiography (ECG) machines, cardiac ultrasound systems, and implantable cardioverter-defibrillators (ICDs). Additionally, there is a preference for devices that can be easily integrated into existing healthcare infrastructure and provide seamless data sharing capabilities. One of the key trends in the Cardiology Devices market in Lithuania is the increasing adoption of minimally invasive procedures for the diagnosis and treatment of cardiovascular diseases. Minimally invasive techniques, such as percutaneous coronary intervention (PCI) and transcatheter aortic valve replacement (TAVR), offer several advantages over traditional open-heart surgeries, including shorter recovery times, reduced risk of complications, and improved patient outcomes. As a result, there has been a growing demand for cardiology devices that support these minimally invasive procedures, such as coronary stents, balloon catheters, and transcatheter heart valves. Another trend in the market is the integration of artificial intelligence (AI) and machine learning (ML) technologies into cardiology devices. AI and ML algorithms can analyze large amounts of patient data and provide accurate predictions and diagnoses, enabling healthcare professionals to make more informed decisions and improve patient outcomes. In Lithuania, there is a growing interest in AI-powered cardiology devices that can assist in the early detection and prevention of cardiovascular diseases, as well as personalized treatment planning. Local special circumstances in Lithuania, such as the aging population and the high prevalence of cardiovascular diseases, have also contributed to the growth of the Cardiology Devices market. The aging population in Lithuania has led to an increased demand for cardiology devices, as older individuals are more susceptible to cardiovascular diseases and require regular monitoring and treatment. Additionally, the high prevalence of risk factors such as smoking, unhealthy diet, and sedentary lifestyle has resulted in a higher incidence of cardiovascular diseases, further driving the demand for cardiology devices. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives to improve healthcare infrastructure, have also played a role in the development of the Cardiology Devices market in Lithuania. The government has been investing in the modernization of healthcare facilities and the implementation of digital health technologies, creating a favorable environment for the adoption of advanced cardiology devices. Furthermore, the increasing healthcare expenditure in the country has allowed for greater accessibility and affordability of cardiology devices, making them more widely available to patients. Overall, the Cardiology Devices market in Lithuania is experiencing growth due to customer preferences for advanced medical technology, the adoption of minimally invasive procedures, the integration of AI and ML technologies, local special circumstances such as the aging population and high prevalence of cardiovascular diseases, and underlying macroeconomic factors such as increasing healthcare expenditure and government initiatives.

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.