Cardiology Devices - Sri Lanka | Statista Market Forecast

The projected revenue in the Cardiology Devices market market in Sri Lanka is expected to reach US$32.95m by 2024.
It is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of -1.42%, resulting in a market volume of US$30.68m by 2029.
In global comparison, the United States is expected to generate the highest revenue of US$25.77bn in 2024.
Sri Lanka, with its growing healthcare infrastructure and increasing prevalence of heart disease, is witnessing a rising demand for advanced cardiology devices.

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 Sri Lanka is experiencing steady growth due to increasing customer preferences for advanced medical technology and the rising prevalence of cardiovascular diseases in the country. Customer preferences in the Cardiology Devices market in Sri Lanka are shifting towards technologically advanced and minimally invasive devices. Patients and healthcare professionals are seeking devices that offer accurate diagnosis, effective treatment, and faster recovery times. This preference for advanced technology is driving the demand for innovative cardiology devices such as implantable cardioverter-defibrillators (ICDs), cardiac monitors, and cardiac catheters. Additionally, there is a growing demand for minimally invasive procedures, which require specialized devices such as angioplasty balloons, stents, and atherectomy devices. Trends in the Cardiology Devices market in Sri Lanka include an increasing adoption of digital health technologies and telemedicine. With the advancement of digital health technologies, remote monitoring of cardiac patients has become more accessible and convenient. This trend is particularly beneficial for patients living in rural areas who may not have easy access to specialized healthcare facilities. Telemedicine also enables healthcare professionals to provide timely and accurate diagnosis and treatment recommendations, reducing the need for in-person consultations. Local special circumstances in Sri Lanka that impact the Cardiology Devices market include the growing healthcare infrastructure and government initiatives to improve access to healthcare services. The government has implemented various programs to enhance healthcare facilities and services, particularly in rural areas. These initiatives aim to reduce the burden of cardiovascular diseases and improve patient outcomes. Additionally, the increasing healthcare expenditure and rising disposable income of the population are contributing to the growth of the Cardiology Devices market in Sri Lanka. Underlying macroeconomic factors that are driving the development of the Cardiology Devices market in Sri Lanka include the country's economic growth and demographic changes. Sri Lanka has experienced steady economic growth in recent years, which has led to an increase in healthcare spending. As the population ages, the prevalence of cardiovascular diseases is expected to rise, creating a greater demand for cardiology devices. Furthermore, the government's focus on improving healthcare infrastructure and services is attracting investments from international manufacturers, leading to the availability of a wider range of cardiology devices in the market. In conclusion, the Cardiology Devices market in Sri Lanka is growing due to customer preferences for advanced technology, increasing adoption of digital health technologies, local special circumstances such as government initiatives and improving healthcare infrastructure, and underlying macroeconomic factors including economic growth and demographic changes.

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.