Cardiology Devices - NAFTA | Statista Market Forecast

The Cardiology Devices market market within the North American Free Trade Agreement (in North American Free Trade Agreement (NAFTA)) is anticipated to achieve a revenue of US$28.58bn by the year 2024.
A steady growth is expected in the following years, with an annual growth rate (CAGR 2024-2029) of 5.99%, resulting in a market volume of US$38.22bn by 2029.
In a global context, the United States is expected to generate the highest revenue, reaching US$25.77bn in 2024.
In the NAFTA region, the cardiology devices market is experiencing a surge in demand due to the increasing prevalence of cardiovascular diseases and the growing aging 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 NAFTA is experiencing steady growth and development due to several key factors.

Customer preferences: Customers in the NAFTA region have a strong preference for advanced and innovative cardiology devices. They are willing to invest in cutting-edge technologies that offer improved accuracy, precision, and patient outcomes. Additionally, customers are increasingly looking for devices that are minimally invasive and offer faster recovery times. This preference for advanced and minimally invasive devices is driving the demand for new and improved cardiology devices in the NAFTA market.

Trends in the market: One of the major trends in the Cardiology Devices market in NAFTA is the increasing adoption of remote monitoring and telemedicine solutions. These technologies allow healthcare professionals to remotely monitor patients' cardiac health and provide timely interventions when necessary. The use of remote monitoring and telemedicine solutions is particularly beneficial in rural areas where access to specialized cardiac care may be limited. This trend is expected to continue driving the growth of the cardiology devices market in NAFTA. Another trend in the market is the growing focus on personalized medicine. Advances in genomics and molecular biology have enabled healthcare professionals to tailor treatment plans to individual patients based on their genetic makeup and specific cardiac conditions. This personalized approach to medicine is driving the demand for cardiology devices that can provide accurate and precise diagnostic information, as well as targeted treatment options. As a result, manufacturers in the NAFTA region are investing in research and development to develop innovative cardiology devices that can support personalized medicine.

Local special circumstances: The Cardiology Devices market in NAFTA is also influenced by local special circumstances. For example, the aging population in the region is driving the demand for cardiology devices. As the population ages, the incidence of cardiovascular diseases increases, creating a need for advanced diagnostic and treatment options. Additionally, the high prevalence of risk factors such as obesity, diabetes, and hypertension in the NAFTA region is contributing to the growing demand for cardiology devices.

Underlying macroeconomic factors: The growth of the Cardiology Devices market in NAFTA is also influenced by underlying macroeconomic factors. For instance, the strong healthcare infrastructure and high healthcare expenditure in the region support the adoption of advanced cardiology devices. Additionally, favorable reimbursement policies and government initiatives aimed at improving cardiac care contribute to the growth of the market. The presence of leading manufacturers and research institutions in the NAFTA region also fosters innovation and drives the development of new cardiology devices. In conclusion, the Cardiology Devices market in NAFTA is developing due to customer preferences for advanced and minimally invasive devices, the adoption of remote monitoring and telemedicine solutions, the focus on personalized medicine, local special circumstances such as the aging population and high prevalence of risk factors, and underlying macroeconomic factors such as a strong healthcare infrastructure and favorable reimbursement policies. These factors are driving the growth and development of the cardiology devices market in the NAFTA region.

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.