Cardiology Devices - Taiwan | Statista Market Forecast

The Cardiology Devices market market in Taiwan is expected to witness a significant increase in revenue, projected to reach US$357.60m in 2024.
This growth is anticipated to continue at an annual growth rate of 6.77% from 2024 to 2029, leading to a market volume of US$496.20m by 2029.
When compared globally, 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.
Taiwan is witnessing a growing demand for advanced cardiology devices, driven by a strong healthcare infrastructure and increasing prevalence of cardiovascular diseases.

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 Taiwan has been experiencing steady growth in recent years. Customer preferences in Taiwan have been shifting towards more advanced and innovative cardiology devices. Patients are increasingly seeking out devices that offer better accuracy, reliability, and ease of use. This has led to a growing demand for cutting-edge technologies such as implantable cardioverter defibrillators (ICDs), cardiac monitoring devices, and cardiac catheters. Additionally, there is a strong preference for devices that are minimally invasive, as patients in Taiwan are becoming more conscious of the potential risks and complications associated with invasive procedures. One of the key trends in the market is the increasing adoption of digital health technologies in cardiology. This includes the use of wearable devices and mobile applications for remote monitoring of cardiac health. These technologies allow patients to track their heart rate, blood pressure, and other vital signs in real-time, providing valuable data to both patients and healthcare professionals. The convenience and accessibility of these digital health solutions have made them popular among patients in Taiwan, leading to a growing market for these devices. Another trend in the market is the growing focus on preventive cardiology. There is a growing awareness among the population about the importance of maintaining a healthy heart and preventing cardiovascular diseases. This has led to an increased demand for devices that can help individuals monitor and manage their cardiovascular health. As a result, there has been a rise in the sales of home blood pressure monitors, portable ECG devices, and other self-monitoring tools in Taiwan. Local special circumstances in Taiwan have also contributed to the growth of the Cardiology Devices market. The country has a rapidly aging population, which has resulted in an increased prevalence of cardiovascular diseases. This has created a larger patient pool for cardiology devices and has driven the demand for advanced technologies to manage and treat these conditions. Additionally, Taiwan has a well-developed healthcare system that provides access to high-quality medical care, making it an attractive market for cardiology device manufacturers. Underlying macroeconomic factors have also played a role in the growth of the Cardiology Devices market in Taiwan. The country has a strong economy and a high level of healthcare expenditure, which has allowed for increased investment in healthcare infrastructure and technology. Furthermore, the government has implemented policies to promote the development and adoption of innovative medical technologies, including cardiology devices. These factors have created a favorable environment for the growth of the market in Taiwan. In conclusion, the Cardiology Devices market in Taiwan is experiencing steady growth due to customer preferences for advanced and innovative devices, the adoption of digital health technologies, a focus on preventive cardiology, local special circumstances, and underlying macroeconomic factors. As the population continues to age and the demand for cardiovascular care increases, the market is expected to further expand 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.