Cardiology Devices - Morocco | Statista Market Forecast

Morocco is expected to witness significant growth in the Cardiology Devices market market.
The projected revenue for this market in Morocco is estimated to reach US$98.18m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of 8.15% from 2024 to 2029.
As a result, the market volume is predicted to reach US$145.20m by 2029.
In comparison to other countries, the United States is projected to generate the highest revenue in the Cardiology Devices market market, amounting to US$25.77bn in 2024.
In Morocco, there is a growing demand for innovative cardiology devices, as the country seeks to improve its healthcare infrastructure and provide better cardiac care to its population.

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 Morocco is experiencing steady growth due to several factors.

Customer preferences: In recent years, there has been a growing demand for advanced cardiology devices in Morocco. This can be attributed to the increasing prevalence of cardiovascular diseases in the country, as well as the rising awareness about the importance of early diagnosis and treatment. Customers in Morocco are increasingly seeking state-of-the-art cardiology devices that offer accurate diagnosis and effective treatment options. They are also looking for 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 Morocco is the adoption of innovative technologies. Manufacturers are constantly developing new devices that offer improved accuracy and efficiency in diagnosing and treating cardiovascular diseases. For example, there has been a shift towards minimally invasive procedures, such as catheter-based interventions, which require advanced imaging and navigation systems. Additionally, there is a growing demand for implantable devices, such as pacemakers and defibrillators, which can effectively manage heart rhythm disorders.

Local special circumstances: Morocco has a well-established healthcare system, with a strong network of hospitals and clinics across the country. This provides a conducive environment for the growth of the Cardiology Devices market. Furthermore, the government has been actively investing in healthcare infrastructure and promoting the use of advanced medical technologies. This has created opportunities for both domestic and international manufacturers to expand their presence in the market.

Underlying macroeconomic factors: The steady growth of the Cardiology Devices market in Morocco can also be attributed to favorable macroeconomic factors. The country has been experiencing a stable economic growth, which has led to an increase in disposable income and healthcare expenditure. As a result, more individuals are able to afford advanced cardiology devices and treatments. Additionally, the aging population in Morocco is also contributing to the growth of the market, as older individuals are more prone to cardiovascular diseases and require specialized care. In conclusion, the Cardiology Devices market in Morocco is witnessing steady growth due to customer preferences for advanced and user-friendly devices, the adoption of innovative technologies, the country's well-established healthcare system, and favorable macroeconomic factors. As the prevalence of cardiovascular diseases continues to rise, the demand for cardiology devices is expected to further increase in the coming years.

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.