Cardiology Devices - Pakistan | Statista Market Forecast

The Cardiology Devices market market in Pakistan is estimated to achieve a revenue of US$65.15m in 2024.
It is anticipated that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of 7.72%, leading to a market volume of US$94.49m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$25.77bn in 2024.
In the rapidly growing medical technology market in Pakistan, there is a rising demand for advanced cardiology devices to cater to the increasing cardiovascular disease burden in the country.

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 Pakistan has been experiencing steady growth in recent years. Customer preferences for advanced and innovative cardiology devices, along with local special circumstances and underlying macroeconomic factors, have contributed to this trend. Customer preferences in Pakistan have shifted towards more advanced and innovative cardiology devices. Patients and healthcare professionals in the country are increasingly seeking out devices that offer better accuracy, reliability, and ease of use. This has led to a growing demand for state-of-the-art devices such as implantable cardioverter-defibrillators (ICDs), pacemakers, and cardiac monitors. Additionally, there is a preference for devices that are compatible with telemedicine and remote monitoring technologies, allowing patients to receive continuous care and monitoring from the comfort of their homes. Trends in the market indicate a growing focus on preventive cardiology. As the awareness about cardiovascular diseases and their risk factors increases, there is a greater emphasis on early detection and prevention. This has resulted in a rising demand for non-invasive diagnostic devices such as electrocardiography (ECG) machines and echocardiography systems. These devices enable healthcare professionals to detect and monitor cardiovascular conditions at an early stage, allowing for timely intervention and treatment. Local special circumstances in Pakistan also contribute to the development of the Cardiology Devices market. The country has a high prevalence of cardiovascular diseases, including coronary artery disease, hypertension, and heart failure. This creates a significant demand for cardiology devices to diagnose, monitor, and treat these conditions. Additionally, the government of Pakistan has been actively promoting healthcare infrastructure development, which includes the establishment of specialized cardiology centers and hospitals. This further drives the demand for cardiology devices in the country. Underlying macroeconomic factors play a crucial role in the growth of the Cardiology Devices market in Pakistan. The country's growing population, rising disposable incomes, and improving healthcare infrastructure are key drivers of market growth. As the economy continues to develop, more individuals have access to healthcare services and can afford advanced cardiology devices. Furthermore, the government's focus on healthcare reforms and initiatives to improve healthcare access and quality also contribute to the market's growth. In conclusion, the Cardiology Devices market in Pakistan is experiencing steady growth due to customer preferences for advanced and innovative devices, a focus on preventive cardiology, local special circumstances, and underlying macroeconomic factors. As the country continues to invest in healthcare infrastructure and the population becomes more aware of cardiovascular diseases, 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.