Market Size of Italy Cardiovascular Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Medium |
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?
Italy Cardiovascular Devices Market Analysis
Italy's cardiovascular devices market is projected to grow at a CAGR of 4.5% over the forecast period.
The COVID-19 pandemic has impacted the growth of the Italian cardiovascular devices market. For instance, in January 2021, the National Institute of Health reported that the total number of emergency department (ED) visits for heart issues in Italy was around 2,572 in the year 2020, while in the previous year, the number of ED visits for heart ailments in Italy was around 8,071. A 213.8% reduction in emergency heart visits was observed in Italy during the COVID-19 pandemic, which led to a reduction in demand for cardiovascular devices in Italy. Thus, COVID-19 impacted the growth of the studied market. However, in the current scenario, due to the reduction in COVID-19 cases and the resumption of emergency services in hospitals, the number of patients undergoing cardiac surgeries has increased compared to the beginning of the pandemic, and the demand for cardiovascular devices has increased. Thus, the market is expected to witness significant growth over the forecast period.
The factors driving the growth of the studied market are the increasing burden of cardiovascular diseases coupled with a rising geriatric population, rapid technological advancements, and an increased preference for minimally invasive procedures.
The steadily rising prevalence of chronic heart ailments and sedentary lifestyles engender a high incidence of cardiovascular diseases (CVDs). In addition, the rising geriatric population diagnosed with cardiovascular disorders is contributing to the growth of this market. For instance, in July 2022, the United Nations reported that 14.2 million people aged above 65 years were estimated in Italy, and this number is expected to increase to 18.1 million by the end of 2040. Similarly, an article published by the journal Minerva Cardioangiologica in June 2021 reported the prevalence of CVDs in Italy is expected to increase with aging. Thus, the rising geriatric population is increasing the demand for cardiovascular devices in Italy as this population is more prevalent to CVDs and thus contributing to the growth of the studied market.
Furthermore, the technological advancement leading to new product launches is expected to drive the growth of the studied market. For instance, in October 2022, Thubrikar Aortic Valve, Inc., reported that it had completed the initial CE Mark-enabling study using the Optimum Transcatheter Aortic Valve (Optimum TAV) in patients with severe aortic stenosis. Similarly, in March 2022, Cathi Distribution GmbH launched the Cathis RHC 2 in Europe, including Italy; it is a next-generation suitable heart catheter (RHC) simulator. Thus, such product launches and studies for product approval are likely to contribute to the growth of the studied market.
Thus, with the increasing burden of cardiovascular diseases coupled with a rising geriatric population, rapid technological advancements, and an increased preference for minimally invasive procedures, the market is expected to project growth over the forecast period. However, stringent regulatory policies and high costs associated with cardiovascular devices and procedures are some of the factors hindering market growth in Italy.
Italy Cardiovascular Devices Industry Segmentation
As per the scope of this report, cardiovascular devices are used for the diagnosis of heart diseases and the treatment of related health problems. Italy's cardiovascular devices market is segmented by Device Type (Diagnostic and Monitoring Devices (Electrocardiogram (ECG), Remote Cardiac Monitoring, Other Diagnostic, and Monitoring Devices), 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 | |||||||||
| |||||||||
|
Italy Cardiovascular Devices Market Size Summary
The Italian cardiovascular devices market is poised for growth, driven by an increasing prevalence of cardiovascular diseases and a rising geriatric population. The market's expansion is supported by rapid technological advancements and a growing preference for minimally invasive procedures. The COVID-19 pandemic initially hindered market growth due to a significant reduction in emergency heart visits, but the resumption of services and a decrease in cases have led to a resurgence in demand for cardiovascular devices. The market is characterized by the introduction of innovative products, such as the Optimum Transcatheter Aortic Valve and the Cathis RHC 2 simulator, which are expected to further propel growth. However, challenges such as stringent regulatory policies and high costs associated with these devices and procedures continue to pose obstacles.
The market landscape is moderately competitive, with both local and international companies like Abbott Laboratories, Boston Scientific Corporation, and Medtronic PLC actively participating. The demand for coronary stents is anticipated to rise due to the increasing cases of atherosclerosis linked to high cholesterol levels. New product launches, such as Translumina's Vivo Isar dual-drug polymer-free coated stent, are expected to drive segment growth. Additionally, the adoption of remote cardiac monitoring (RCM) devices is on the rise, fueled by technological developments and the growing elderly population, which is more susceptible to cardiovascular conditions. Collaborations and new product approvals, such as Biotronik's HeartInsight device, are also contributing to the market's expansion.
Italy 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 Coupled with Rising Geriatric Population
-
1.2.2 Rapid Technological Advancements and the Increased Preference for Minimally Invasive Procedures
-
-
1.3 Market Restraints
-
1.3.1 Stringent Regulatory Policies and High Cost of Instruments and Procedures
-
-
1.4 Porter Five Forces
-
1.4.1 Bargaining Power of Suppliers
-
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 - Value in USD million)
-
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
-
-
-
Italy Cardiovascular Devices Market Size FAQs
What is the current Italy Cardiovascular Devices Market size?
The Italy Cardiovascular Devices Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)
Who are the key players in Italy Cardiovascular Devices Market?
Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, Medtronic PLC and Siemens Healthineers AG are the major companies operating in the Italy Cardiovascular Devices Market.
