Cardiology Devices - Norway | Statista Market Forecast

In Norway, the projected revenue for the Cardiology Devices market market is expected to reach US$243.80m in 2024.
This indicates a positive growth trend in the market.
Furthermore, it is predicted that the revenue will continue to rise with an annual growth rate (CAGR 2024-2029) of 3.14%.
This will result in a market volume of US$284.60m by 2029.
When comparing the global market, it is worth noting that the United States is projected to generate the highest revenue in the Cardiology Devices market market, with an estimated amount of US$25.77bn in 2024.
This highlights the significant market presence and potential of the United States in this industry.
Norway is leading the way in the development and adoption of innovative cardiology devices in the medical technology market.

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 Norway has been experiencing steady growth in recent years, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Cardiology Devices market in Norway have been shifting towards more advanced and innovative devices. Patients and healthcare professionals are increasingly demanding devices that offer improved accuracy, reliability, and ease of use. This has led to a growing demand for technologically advanced cardiology devices such as implantable cardioverter-defibrillators (ICDs), pacemakers, and cardiac monitoring devices. Additionally, there is a growing preference for minimally invasive procedures and devices that allow for quicker recovery and reduced hospital stays. Trends in the market indicate a strong focus on research and development of new cardiology devices. Manufacturers are investing heavily in developing innovative technologies to address the evolving needs of patients and healthcare professionals. This includes the development of wireless monitoring devices, remote patient monitoring systems, and artificial intelligence-driven diagnostic tools. Furthermore, there is a growing trend towards the integration of cardiology devices with digital health platforms, allowing for seamless data collection, analysis, and remote patient management. Local special circumstances in Norway also contribute to the development of the Cardiology Devices market. The country has a well-established healthcare system with a high level of healthcare expenditure per capita. This enables patients to access advanced cardiology devices and treatments. Additionally, Norway has a high prevalence of cardiovascular diseases, which drives the demand for cardiology devices. The government also plays a significant role in promoting the adoption of innovative technologies in healthcare, further supporting the growth of the market. Underlying macroeconomic factors have also played a role in the development of the Cardiology Devices market in Norway. The country has a strong economy and a high standard of living, which allows for greater affordability and accessibility of advanced medical technologies. Furthermore, the government provides subsidies and reimbursement schemes for cardiology devices, making them more affordable for patients. This has led to increased adoption of cardiology devices and contributed to the overall growth of the market. In conclusion, the Cardiology Devices market in Norway is experiencing steady growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced and innovative cardiology devices, the focus on research and development, the high prevalence of cardiovascular diseases, and the supportive healthcare system and government policies all contribute to the growth of the market in Norway.

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.