Cardiology Devices - Malta | Statista Market Forecast

The Cardiology Devices market market in Malta is anticipated to achieve a projected revenue of US$8.35m in 2024.
It is expected that the revenue will exhibit a compound annual growth rate (CAGR 2024-2029) of 6.93%, leading to a market volume of US$11.67m by 2029.
In terms of global comparison, the United States is predicted to generate the highest revenue, amounting to US$25.77bn in 2024.
Malta's cardiology device market is experiencing a surge in demand due to the country's growing elderly population and increased focus on cardiovascular 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 Malta is experiencing steady growth, driven by increasing customer preferences for advanced medical technology and the rising prevalence of cardiovascular diseases.

Customer preferences: In Malta, customers are increasingly seeking advanced cardiology devices that offer accurate diagnosis and effective treatment options. They are willing to invest in innovative technologies that can improve patient outcomes and enhance the quality of care. As a result, there is a growing demand for minimally invasive procedures and implantable devices such as pacemakers, defibrillators, and stents.

Trends in the market: One of the key trends in the Cardiology Devices market in Malta is the adoption of minimally invasive procedures. These procedures offer several benefits over traditional open-heart surgeries, including shorter recovery times, reduced risk of complications, and improved patient comfort. As a result, there is a growing demand for devices such as catheters, guidewires, and stents that enable minimally invasive interventions. Another trend in the market is the increasing use of implantable devices. Pacemakers and defibrillators are commonly used to regulate heart rhythms and prevent life-threatening arrhythmias. With the aging population and the rising prevalence of cardiovascular diseases, the demand for these devices is expected to increase in Malta. Additionally, advancements in technology have led to the development of implantable devices that can monitor and transmit patient data remotely, enabling healthcare professionals to provide timely and personalized care.

Local special circumstances: Malta has a well-developed healthcare system that provides universal access to healthcare services. The government has made significant investments in healthcare infrastructure and has implemented policies to promote preventive care and early detection of cardiovascular diseases. This has created a favorable environment for the growth of the Cardiology Devices market in Malta. Furthermore, the country's strategic location in the Mediterranean region makes it an attractive destination for medical tourism. Many patients from neighboring countries seek cardiac treatments in Malta due to the availability of advanced cardiology devices and high-quality healthcare services.

Underlying macroeconomic factors: The growth of the Cardiology Devices market in Malta is also influenced by underlying macroeconomic factors. The country has a stable economy with a high per capita income, which enables individuals to afford expensive medical treatments. Additionally, the government provides subsidies and insurance coverage for certain cardiology devices, making them more accessible to the general population. Furthermore, the increasing prevalence of cardiovascular diseases in Malta is driving the demand for cardiology devices. Factors such as sedentary lifestyles, unhealthy dietary habits, and an aging population contribute to the rising burden of cardiovascular diseases. As a result, there is a growing need for advanced cardiology devices to diagnose and treat these conditions effectively. In conclusion, the Cardiology Devices market in Malta is experiencing steady growth due to increasing customer preferences for advanced medical technology and the rising prevalence of cardiovascular diseases. The adoption of minimally invasive procedures and the use of implantable devices are key trends in the market. The country's well-developed healthcare system, strategic location, and favorable macroeconomic factors 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.