Cardiology Devices - Singapore | Statista Market Forecast

The projected revenue for the Cardiology Devices market market in Singapore is expected to reach US$156.40m in 2024.
This indicates a positive growth trend in the country's Cardiology Devices market sector.
Furthermore, the market is projected to exhibit a compound annual growth rate (CAGR 2024-2029) of 10.51%, which will contribute to a market volume of US$257.80m by 2029.
This growth is a significant indicator of the increasing demand for Cardiology Devices market in Singapore.
When comparing the global market, it is noteworthy that the United States is anticipated to generate the highest revenue in the Cardiology Devices market market.
In 2024, the United States is projected to generate a revenue of US$25.77bn, reflecting its position as a leading market player in this industry.
This highlights the dominance of the United States in terms of market size and revenue generation.
In Singapore, the demand for advanced cardiology devices is driven by a growing aging population and the government's focus on improving healthcare infrastructure.

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 Singapore is experiencing steady growth due to increasing customer preferences for advanced medical technologies and the rising prevalence of cardiovascular diseases.

Customer preferences: Customers in Singapore are increasingly seeking advanced and innovative cardiology devices that offer accurate diagnosis and effective treatment options. They prefer devices that are minimally invasive, provide real-time monitoring, and offer personalized treatment plans. Additionally, customers are also looking for devices that are portable, user-friendly, and have a longer lifespan. As a result, manufacturers are focusing on developing technologically advanced devices that cater to these preferences.

Trends in the market: One of the key trends in the Cardiology Devices market in Singapore is the growing adoption of telemedicine and remote monitoring systems. These technologies allow healthcare professionals to remotely monitor patients' heart conditions, provide timely interventions, and reduce the need for hospital visits. This trend is driven by the increasing demand for home-based healthcare solutions and the advancements in digital health technologies. Another trend in the market is the rising demand for implantable cardiac devices such as pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy devices (CRTs). This is attributed to the increasing prevalence of cardiovascular diseases, particularly among the aging population. These devices help in regulating the heart's rhythm, preventing sudden cardiac arrest, and improving overall cardiac function.

Local special circumstances: Singapore has a well-developed healthcare infrastructure and a high standard of healthcare delivery. The government's focus on promoting medical tourism and attracting international patients has also contributed to the growth of the Cardiology Devices market. The presence of leading hospitals, research institutions, and skilled healthcare professionals further enhances the market's potential.

Underlying macroeconomic factors: The growing prevalence of cardiovascular diseases in Singapore is primarily driven by factors such as an aging population, sedentary lifestyles, unhealthy dietary habits, and increasing stress levels. These factors contribute to the rising demand for cardiology devices in the country. Furthermore, the government's initiatives to promote preventive healthcare and raise awareness about cardiovascular diseases have also played a significant role in driving the market growth. The implementation of national screening programs and public health campaigns has increased the early detection of heart conditions, leading to a higher demand for diagnostic and treatment devices. In conclusion, the Cardiology Devices market in Singapore is witnessing steady growth due to increasing customer preferences for advanced technologies, the rising prevalence of cardiovascular diseases, and the government's efforts to promote preventive healthcare. The market is expected to continue expanding as manufacturers focus on developing innovative and user-friendly devices to meet the evolving needs of customers.

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.