Sweden Cardiovascular Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 0.33 Billion |
| Market Size (2029) | USD 0.41 Billion |
| CAGR (2024 - 2029) | 4.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sweden Cardiovascular Devices Market Analysis
The Sweden Cardiovascular Devices Market size is estimated at USD 0.33 billion in 2024, and is expected to reach USD 0.41 billion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).
Factors such as rapid technological advancements, the increasing burden of CVD, and increased preference for minimally invasive procedures are projected to drive the demand for cardiovascular devices in Sweden, driving the market growth.
Cardiovascular disease (CVD) is Sweden's leading cause of healthcare burden. The prevalence and incidence of the disease are increasing with time. According to the article published by PubMed in March 2022, when the research was conducted in primary healthcare centers in southern Sweden, the overall prevalence of heart failure (HF) was 2.06%.
The source also stated that age and the degree of multimorbidity increase the prevalence of HF, and 99.07% of the patients with HF were associated with multimorbidity. Thus, such a high burden and persistent risk of CVD among the target population in Sweden is expected to demand cardiology medical devices for treatment and diagnosis, thereby driving the market growth.
The increasing mergers and acquisitions of products and services and product innovations fuel market growth. For instance, in June 2022, Coala-Life Group AB, a Swedish medical technology company, agreed to acquire 100% of the shares in Vitrics Management Group Inc. for a purchase price of USD 4.5 million on a cash and debt-free basis. Vitrics' platform and customer base will be able to be scaled up through Coala's national sales force, enable faster organic growth, and effectively get the Coala Heart Monitor out to even more patients in need.
Therefore, the factors above are expected to contribute to the growth of the cardiovascular devices market in Sweden. However, stringent regulatory systems and the high cost of devices and procedures might hamper the market's growth over the analysis period.
Sweden Cardiovascular Devices Market Trends
Stents is Expected to Witness Growth Over the Forecast Period
A stent is a cardiovascular device that resembles a tiny coil of wire mesh and supports the artery's walls, aids in preventing it from re-narrowing and is used during angioplasty. These are currently used most frequently in most patients undergoing angioplasty. Once implanted, stents are designed to be permanent and keep patients' arteries open. Thus, the stent by therapeutic and surgical devices segment is anticipated to gain demand and witness growth over the analysis period.
According to the research article published by BMJ Open in June 2022, when the study was conducted nationwide to observe the incidence, contemporary management, and outcome in Swedish spontaneous coronary artery dissection (SCAD) patients, 30.6% of SCAD patients received stents, 65.5% of SCAD patients with 100% coronary artery occlusion who underwent percutaneous coronary intervention (PCI) were treated with stent implantation, and 23% of patients with non-occlusive SCAD were treated with stent implantation in Sweden. Thus, this shows a high adoption of stents in the country.
This is further anticipated to drive the segment's growth over the forecast period. Additionally, frequent product launches, innovations, and advancements are other factors expected to fuel market growth. For instance, in April 2024, Sweden-based Getinge received certification for Advanta V12 covered stent system by European Union Medical Device Regulation (EU MDR).
Therefore, the factors mentioned above, such as the rising usage of cardiovascular stents and the increasing prevalence of cardiovascular diseases, are expected to drive the segment's growth significantly and contribute to the overall market growth over the forecast period.
Remote Cardiac Monitoring Segment is Expected to Hold a Significant Share in the Market Over the Forecast Period of the Study
Remote cardiac monitoring (RCM) devices are at-home devices that enable electrocardiographic (ECG) monitoring for patients suffering from cardiovascular disease. Then, the device electronically transfers the data to the healthcare team. The increasing prevalence of cardiovascular diseases in Sweden, the rising geriatric population, and the rising developments by key market players are expected to boost segment growth.
The increasing prevalence of cardiovascular diseases in Sweden is a major factor in increasing the adoption of RCM devices. For instance, according to an article published by Elsevier in November 2022, a cohort study was conducted in Sweden, which showed an association between long-term exposure to traffic-related air pollutants and the development of atherosclerosis in a middle-aged population. Thus, the increasing burden of cardiovascular diseases such as atherosclerosis is expected to boost segment growth.
Moreover, the rising developments by various players are also enhancing segment growth. For instance, in December 2022, Medixine raised EUR 5 million (USD 5.66 million) to meet the rapidly increased demand for remote patient monitoring solutions. Medixine is active in countries such as Sweden, among others.
Thus, the factors above, such as the rising burden of cardiovascular diseases, the rising geriatric population, and the rising developments by market players, are expected to boost the segment growth.
Sweden Cardiovascular Devices Industry Overview
The cardiovascular devices market in Sweden is highly competitive and consists of several major players. A few of the major players are currently dominating the market in terms of market share. Some key companies currently dominating the market are Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Occlutech, Scandinavian Real Heart AB, and Coala Life, among others.
Sweden Cardiovascular Devices Market Leaders
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Cardinal Health
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Medtronic
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Boston Scientific Corporation
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Biotronik
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Abbott Laboratories
*Disclaimer: Major Players sorted in no particular order
Sweden Cardiovascular Devices Market News
- July 2023: Neko Health, a Swedish startup, received a funding of EUR 60 million (USD 65.8 million) in Series A financing. The Stockholm-based startup's medical scanning technology aims to collect extensive health data to aid doctors in catching diseases early, including cardiovascular diseases.
- January 2022: The first successful pig heart transplant into a human patient was largely made possible by an organ preservation device from the Swedish company XVIVO. When surgeons at the University of Maryland School of Medicine successfully implanted a donor heart (pig heart) into a 57-year-old patient, the heart perfusion device of the XVIVO preserved the pig heart used in the surgery.
Sweden 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
4.2 Market Drivers
4.2.1 Rapid Technological Advancements
4.2.2 Increasing Burden of Cardiovascular Diseases
4.2.3 Increased Preference of Minimally Invasive Procedures
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies
4.3.2 High Cost of Instruments and Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Diagnostic and Monitoring Devices
5.1.1.1 Electrocardiogram (ECG)
5.1.1.2 Remote Cardiac Monitoring
5.1.1.3 Other Diagnostic and Monitoring Devices
5.1.2 Therapeutic and Surgical Devices
5.1.2.1 Cardiac Assist Devices
5.1.2.2 Cardiac Rhythm Management Device
5.1.2.3 Catheter
5.1.2.4 Stent
5.1.2.5 Other Therapeutic and Surgical Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Biotronik
6.1.4 Cardinal Health
6.1.5 GE Healthcare
6.1.6 W. L. Gore & Associates, Inc.
6.1.7 Medtronic
6.1.8 Siemens Healthineers AG
6.1.9 Occlutech
6.1.10 Scandinavian Real Heart AB
6.1.11 Coala Life
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sweden Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are used to diagnose and treat heart disease and related health problems. Also, cardiovascular devices regulate heart rhythm abnormalities and irregular heartbeat, two major examples of irregularities caused by the heart. The Swedish Cardiovascular Devices market is segmented by Device Type. By Device type, the market is segmented into Diagnostic and Monitoring Devices and Therapeutic and Surgical Devices. The report offers the value (in USD) for the above segments.
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Sweden Cardiovascular Devices Market Research FAQs
How big is the Sweden Cardiovascular Devices Market?
The Sweden Cardiovascular Devices Market size is expected to reach USD 0.33 billion in 2024 and grow at a CAGR of 4.20% to reach USD 0.41 billion by 2029.
What is the current Sweden Cardiovascular Devices Market size?
In 2024, the Sweden Cardiovascular Devices Market size is expected to reach USD 0.33 billion.
Who are the key players in Sweden Cardiovascular Devices Market?
Cardinal Health, Medtronic, Boston Scientific Corporation, Biotronik and Abbott Laboratories are the major companies operating in the Sweden Cardiovascular Devices Market.
What years does this Sweden Cardiovascular Devices Market cover, and what was the market size in 2023?
In 2023, the Sweden Cardiovascular Devices Market size was estimated at USD 0.32 billion. The report covers the Sweden Cardiovascular Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sweden Cardiovascular Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sweden Cardiovascular Devices Industry Report
Statistics for the 2024 Sweden Cardiovascular Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sweden Cardiovascular Devices analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
