Cardiology Devices - Tanzania | Statista Market Forecast

The projected revenue for the Cardiology Devices market market in Tanzania is set to reach US$25.75m by 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of 9.79%, leading to a market volume of US$41.08m by 2029.
When comparing globally, the United States is projected to generate the highest revenue of US$25.77bn in 2024.
In Tanzania, the demand for advanced cardiology devices is on the rise, as the country strives to improve its healthcare infrastructure and provide better cardiac care services to its population.

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 Tanzania is experiencing steady growth due to increasing customer preferences for advanced medical technology, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Tanzania are increasingly demanding advanced cardiology devices that offer accurate diagnosis and effective treatment. They prefer devices that are user-friendly, portable, and have advanced features such as wireless connectivity and real-time monitoring capabilities. This preference is driven by the need for convenience, cost-effectiveness, and improved patient outcomes.

Trends in the market: One of the key trends in the Cardiology Devices market in Tanzania is the growing adoption of telemedicine. This trend is driven by the need to provide healthcare services to remote areas where access to specialized cardiology care is limited. Telemedicine enables healthcare professionals to remotely monitor patients' cardiac health, provide timely interventions, and reduce the need for hospital visits. This trend is expected to continue as the government and healthcare providers invest in infrastructure and technology to support telemedicine services. Another trend in the market is the increasing focus on preventive cardiology. Healthcare providers in Tanzania are recognizing the importance of early detection and prevention of cardiovascular diseases. This has led to a growing demand for cardiac screening devices and wearable technologies that can monitor heart health on a regular basis. The rise in lifestyle-related diseases, such as hypertension and diabetes, has further fueled the demand for preventive cardiology devices.

Local special circumstances: Tanzania has a high burden of cardiovascular diseases, with hypertension being one of the leading causes of morbidity and mortality. This has created a significant demand for cardiology devices, including blood pressure monitors, ECG machines, and cardiac catheters. The government and healthcare providers are focusing on improving access to these devices in order to enhance the quality of care and reduce the burden on healthcare facilities.

Underlying macroeconomic factors: The Cardiology Devices market in Tanzania is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in healthcare spending. This has enabled healthcare providers to invest in advanced cardiology devices and infrastructure. Additionally, the government has implemented policies to improve healthcare access and quality, which has further supported the growth of the market. In conclusion, the Cardiology Devices market in Tanzania is witnessing growth due to increasing customer preferences for advanced technology, emerging trends in the market such as telemedicine and preventive cardiology, local special circumstances related to the high burden of cardiovascular diseases, and underlying macroeconomic factors such as economic growth and government initiatives.

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.