Spain Cardiovascular Devices Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 4.50 % |
| 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?
Spain Cardiovascular Devices Market Analysis
The Spain Cardiovascular Devices Market is expected to register a CAGR of 4.5% over the forecast period.
The COVID-19 pandemic impacted the market initially due to the delay of elective cardiovascular procedures. While some cardiovascular procedures were considered urgent, others were postponed and delayed since the beginning of the pandemic. Hence, lifestyle changes and medication were temporarily prescribed instead of cardiovascular procedures for some patients. Another factor that negatively impacted the market was the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. However, many companies have reported an increase in their cardiovascular device revenue post-pandemic. For instance, according to the 2022 annual report of Medtronic, the revenue of the cardiovascular segment increased from USD 10,772 million in 2021 to USD 11,423 million in 2022, which showed an increase of 6%. Thus, the market has regained traction and is expected to have a stable growth during the forecast period of the study.
Cardiovascular devices are considered to be used to diagnose and treat heart disease and related health problems. Due to the increasing prevalence and risk rate of cardiovascular diseases, the demand for cardiovascular devices has increased in Spain. As a result, there are also many technological advancements in the market related to the development of cardiovascular devices that are more efficient and accurate.
The major factor driving the market is the rising burden of various coronary heart diseases, such as stroke and cardiomyopathy, which cause a healthcare burden of cardiac-related deaths. Cardiovascular diseases are found to be the most prevalent across Spain, and they are the leading causes of death. According to an article published by the journal of Taylor & Francis Online in August 2022, there were around 814,470 patients suffering from ischemic heart disease in Spain, of which 71% were males, and a few related comorbidities are hypertension, hypercholesterolemia, diabetes mellitus, and tobacco use among other. Thus, the increasing number of cardiovascular diseases across Spain is driving the growth of the market studied.
Moreover, technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such advancement having a significant positive impact on cardiology with improved capabilities to diagnose certain heart conditions. For instance, In January 2022, Medtronic announced that it would acquire cardiac mapping and ablation technology developer Affera. The company expects the transaction to close in the first half of its 2023 fiscal year.
Additionally, increasing demand for cardiovascular devices has made Spain a lucrative market for global players, which has helped the market growth in recent years. Moreover, increasing demand for minimally invasive cardiac procedures for treatment has also propelled market growth. However, the high cost of devices and procedures has been restraining the market growth.
Spain Cardiovascular Devices Market Trends
This section covers the major market trends shaping the Spain Cardiovascular Devices Market according to our research experts:
Electrocardiogram (ECG) is Expected to Hold a Significant Share of the Market Over the Forecast Period
Electrocardiography (ECG) is the process of producing an electrocardiogram of the electrical activity of the heart. These electrodes detect the small electrical changes that result from cardiac muscle depolarization followed by repolarization during each cardiac cycle. Changes in the typical ECG pattern occur in numerous cardiac abnormalities, including cardiac rhythm disturbances (such as atrial fibrillation and ventricular tachycardia), inadequate coronary artery blood flow (such as myocardial ischemia and myocardial infarction), and electrolyte disturbances (such as hypokalemia and hyperkalemia).
According to an article published by NCBI in June 2022, an electrocardiogram can be used to detect various cardiovascular diseases, such as myocardial injury and ischemia, and to check the presence of prior infarction, cardiopulmonary resuscitation, and rheumatic heart disease, among others. Hence, the increasing disease-detecting capabilities of electrocardiograms are expected to drive segment growth.
Moreover, the increasing geriatric population is also expected to aid in market growth. For instance, In January 2022, according to WHO, the population over 65 years in Spain amounted to 9.54 million people, thus continuing the upward trend witnessed in previous years. Between 2002 and 2022, the elderly population increased by more than two million. Thus, the increasing geriatric population is adding to the number of people susceptible to cardiovascular diseases, which are responsible for the growth of the studied market.
Remote Cardiac Monitoring is Expected to Hold a Significant Share of the Market Over the Forecast Period
The major factors driving the growth of the segment are the increasing prevalence of cardiac diseases, increasing adoption of remote cardiac monitoring systems, and advancement in the field of cardiac monitoring.
Increasing adoption of remote cardiac monitoring is a major factor driving the growth of the segment. For instance, according to the 2021 recommendations by the European Society of Cardiology, remote cardiac monitoring was recommended to reduce the number of in-office follow-ups in patients with pacemakers who have difficulties attending in-office visits (e.g., due to reduced mobility or other commitments or according to patient preference). Remote cardiac monitoring is also recommended in case a device component has been recalled or is on advisory to enable early detection of actionable events in patients, particularly those at increased risk (e.g., in case of pacemaker dependency).
Furthermore, the latest advancements in remote cardiac monitoring and patient awareness about the symptoms of cardiovascular diseases are also driving the segment's growth. Thus, due to the aforementioned factors, the remote cardiac monitoring segment is expected to experience growth during the forecast period.
Spain Cardiovascular Devices Industry Overview
The Spain cardiovascular devices market is fragmented in nature. Spain is a developed country surrounded by other developed European nations. As a result, it enjoys the presence of most global players in the cardiovascular devices market. Abbott, BIOTRONIK, Boston Scientific Corporation, Cardinal Health, Edwards Lifesciences Corporation, Medtronic, Siemens Healthineers, Terumo Corporation, and W. L. Gore & Associates, Inc are some of the key players present in the country.
Spain Cardiovascular Devices Market Leaders
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Boston Scientific Corporation
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Cardinal Health
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Siemens Healthineers
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Medtronic
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Abbott
*Disclaimer: Major Players sorted in no particular order
Spain Cardiovascular Devices Market News
- October 2022- Global Instrumentation LLC received CE Mark certification for the M5 Wearable ECG Recorder. The CE mark will allow the company to engage in the next steps of the country-specific entrance of the product into the European Union (EU).
- April 2022- Venus Medtech announced that its in-house developed innovative transcatheter pulmonic valve replacement (TPVR) system VenusP-Valve received CE marking under the Medical Devices Regulation (MDR), which is to be marketed across Europe.
Spain Cardiovascular Devices Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rapid Technological Advances to Boost the Market Growth
- 4.2.2 Increasing Prevalence of Cardiovascular Diseases in Spain
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4.3 Market Restraints
- 4.3.1 High Cost of Devices and Procedures
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value in USD million)
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5.1 By Device Type
- 5.1.1 Diagnostic & Monitoring Devices
- 5.1.1.1 Electrocardiogram (ECG)
- 5.1.1.2 Remote Cardiac Monitoring
- 5.1.1.3 Other Diagnostic & Monitoring Devices
- 5.1.2 Therapeutic & Surgical Devices
- 5.1.2.1 Cardiac Assist Devices
- 5.1.2.2 Cardiac Rhythm Management Device
- 5.1.2.3 Catheter, Stents and Grafts
- 5.1.2.4 Heart Valves
- 5.1.2.5 Other Therapeutic & Surgical Devices
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Abbott
- 6.1.2 BIOTRONIK
- 6.1.3 Boston Scientific Corporation
- 6.1.4 Cardinal Health
- 6.1.5 Edwards Lifesciences Corporation
- 6.1.6 Medtronic
- 6.1.7 Siemens Healthineers
- 6.1.8 Terumo Corporation
- 6.1.9 W. L. Gore & Associates, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spain Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are used to diagnose, monitor, and treat heart disease and related health problems. A cardiac device keeps the heart beating with a normal rhythm.
The Spain Cardiovascular Devices Market is segmented by Device Type (Diagnostic & Monitoring Devices (Electrocardiogram (ECG), Remote Cardiac Monitoring, and Other Diagnostic and Monitoring Devices) and Therapeutic & Surgical devices (Cardiac Assist Devices, Cardiac Rhythm Management Devices, Catheter, Stents and Grafts, Heart Valves, and Other Therapeutic and Surgical Devices)). The report offers value (in USD million) for the above segments.
| By Device Type | Diagnostic & Monitoring Devices | Electrocardiogram (ECG) |
| Remote Cardiac Monitoring | ||
| Other Diagnostic & Monitoring Devices | ||
| By Device Type | Therapeutic & Surgical Devices | Cardiac Assist Devices |
| Cardiac Rhythm Management Device | ||
| Catheter, Stents and Grafts | ||
| Heart Valves | ||
| Other Therapeutic & Surgical Devices |
Spain Cardiovascular Devices Market Research FAQs
What is the current Spain Cardiovascular Devices Market size?
The Spain Cardiovascular Devices Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)
Who are the key players in Spain Cardiovascular Devices Market?
Boston Scientific Corporation, Cardinal Health, Siemens Healthineers, Medtronic and Abbott are the major companies operating in the Spain Cardiovascular Devices Market.
What years does this Spain Cardiovascular Devices Market cover?
The report covers the Spain Cardiovascular Devices Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Spain Cardiovascular Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Spain Cardiovascular Devices Industry Report
Statistics for the 2024 Spain Cardiovascular Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Spain Cardiovascular Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
