Market Size of Argentina Cardiovascular Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | 2.10 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Argentina Cardiovascular Devices Market Analysis
The Argentina cardiovascular devices market is expected to register a CAGR of 2.1% during the forecast period.
The COVID-19 pandemic affected the studied market significantly. During the initial phase of the pandemic, only emergency patients with severe complications were allowed in healthcare settings. This hampered demand generation for cardiovascular devices in the initial phases of the pandemic. However, as COVID-19 was considered a probable risk factor for acute cardiovascular complications, the demand for cardiovascular devices increased during the later phases of the pandemic in the country. According to an article published in Medicine Journal in December 2021, when an exploratory study was conducted in Argentina, 30.3% of the sample reported suffering from some type of chronic disease, among which 4.45% of people reported chronic cardiovascular disease (CVD). As chronic CVD cases often require better diagnosis and surgery for treatment, these cases created a demand for cardiology surgical devices and diagnostic devices. Such instances show that demand for cardiovascular devices increased in Argentina during the later phases of the pandemic, and positively impacted the studied market growth. Thus, the COVID-19 pandemic considerably impacted the market growth in the country and is further expected to continue its growth over the forecast period.
The major factors driving the growth of the market in Argentina are the increasing burden of cardiovascular diseases and the increased adoption of minimally invasive procedures. According to the World Population Review's data titled 'Heart Disease Rates by Country 2022', over 993 people for every 100,000 people in Argentina get severely affected by heart disease, every year. This shows that there is a burden of heart disease in the country. Thus, the large population affected by heart diseases in the nation requires appropriate cardiovascular disease diagnosis and surgery for treatment. This creates demand for the availability of various cardiovascular devices. Hence, it is likely to boost the growth of the studied market.
Thus, the market is expected to show growth over the forecast period owing to the high burden of CVD and its risk factors. However, the stringent regulatory policies and the high cost of instruments and procedures are expected to restrict the market growth over the forecast period.
Argentina Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are used to treat or prevent different cardiovascular conditions. The Argentina Cardiovascular Devices market is Segmented by Device Type (Diagnostic and Monitoring Devices (Electrocardiogram (ECG), Remote Cardiac Monitoring, and Other Diagnostic and Monitoring Devices) and Therapeutic and Surgical Devices (Cardiac Assist Devices, Cardiac Rhythm Management Devices, Catheter, Grafts, Heart Valves, Stents, Other Therapeutic and Surgical Devices)). The report offers the value (in USD million) for the above segments.
By Device Type | |||||||||
| |||||||||
|
Argentina Cardiovascular Devices Market Size Summary
The Argentina cardiovascular devices market is poised for growth, driven by the increasing prevalence of cardiovascular diseases and the rising adoption of minimally invasive procedures. The market experienced a significant impact due to the COVID-19 pandemic, initially hindering demand but later witnessing an increase as the virus was linked to acute cardiovascular complications. This led to a heightened need for diagnostic and surgical devices to manage chronic cardiovascular conditions. The demand for cardiovascular devices is further bolstered by the high incidence of heart disease in the country, necessitating effective diagnosis and treatment solutions. Despite the positive growth trajectory, the market faces challenges from stringent regulatory policies and the high costs associated with medical instruments and procedures.
The market is characterized by the growing adoption of technologies such as electrocardiograms (ECGs) and stents, which are integral to interventional cardiology. The availability of portable and wireless ECG devices has enhanced remote monitoring capabilities, contributing to segmental growth. Stents, used primarily in angioplasty procedures, offer benefits like reduced recovery time and lower complication risks compared to traditional surgeries, driving their adoption. The competitive landscape of the Argentina cardiovascular devices market includes key players like W. L. Gore & Associates, Inc., Siemens Healthineers AG, and Medtronic PLC, among others. Recent regulatory approvals for new devices, such as the Alwide Plus Balloon Catheter and the VitaFlow Transcatheter Aortic Valve, indicate ongoing innovation and expansion within the market.
Argentina Cardiovascular Devices Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Increasing Burden of Cardiovascular Diseases
-
1.2.2 Increased Preference of Minimally Invasive Procedures
-
-
1.3 Market Restraints
-
1.3.1 Stringent Regulatory Policies
-
1.3.2 High Cost of Instruments and Procedures
-
-
1.4 Porter's Five Force Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - in USD Millions)
-
2.1 By Device Type
-
2.1.1 Diagnostic and Monitoring Devices
-
2.1.1.1 Electrocardiogram (ECG)
-
2.1.1.2 Remote Cardiac Monitoring
-
2.1.1.3 Other Diagnostic and Monitoring Devices
-
-
2.1.2 Therapeutic and Surgical Devices
-
2.1.2.1 Cardiac Assist Devices
-
2.1.2.2 Cardiac Rhythm Management Devices
-
2.1.2.3 Catheter
-
2.1.2.4 Grafts
-
2.1.2.5 Heart Valves
-
2.1.2.6 Stents
-
2.1.2.7 Other Therapeutic and Surgical Devices
-
-
-
Argentina Cardiovascular Devices Market Size FAQs
What is the current Argentina Cardiovascular Devices Market size?
The Argentina Cardiovascular Devices Market is projected to register a CAGR of 2.10% during the forecast period (2024-2029)
Who are the key players in Argentina Cardiovascular Devices Market?
W. L. Gore & Associates, Inc, Siemens Healthineers AG, Medtronic PLC, Canon Medical Systems Corporation and Philips Healthcare are the major companies operating in the Argentina Cardiovascular Devices Market.