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Sweden Cardiovascular Devices Market Size (2024 - 2029)

The Sweden cardiovascular devices market is projected to experience growth driven by factors such as technological advancements, the increasing prevalence of cardiovascular diseases, and a preference for minimally invasive procedures. The market's expansion is supported by the rising demand for cardiology medical devices due to the high healthcare burden of cardiovascular conditions in Sweden. Additionally, mergers, acquisitions, and product innovations are expected to further fuel market growth. However, challenges such as stringent regulations and the high cost of devices and procedures may impede the market's progress.

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Market Size of Sweden Cardiovascular Devices Industry

Sweden Cardiovascular Devices Market Summary
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

Sweden Cardiovascular Devices Market 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 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.

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 Device
Catheter
Stent
Other Therapeutic and Surgical Devices
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Sweden Cardiovascular Devices Market Size Summary

The cardiovascular devices market in Sweden is poised for growth, driven by rapid technological advancements and an increasing prevalence of cardiovascular diseases (CVD). The market is characterized by a rising preference for minimally invasive procedures, which is expected to bolster the demand for cardiovascular devices. The burden of CVD in Sweden, particularly heart failure, is significant, with a high prevalence linked to age and multimorbidity. This persistent healthcare challenge is anticipated to fuel the need for advanced cardiology medical devices for both treatment and diagnosis. Additionally, strategic mergers and acquisitions, such as Coala-Life Group AB's acquisition of Vitrics Management Group Inc., are expected to enhance market dynamics by expanding product offerings and accelerating growth through improved distribution channels.

The market landscape is further shaped by the increasing adoption of cardiovascular stents and remote cardiac monitoring devices. Stents, used during angioplasty to keep arteries open, are witnessing high adoption rates, contributing to the growth of the therapeutic and surgical devices segment. Innovations and product launches, such as Getinge's Advanta V12 covered stent system, are expected to drive segment growth. Meanwhile, remote cardiac monitoring devices are gaining traction due to the rising prevalence of cardiovascular diseases and the aging population in Sweden. Developments by key market players, like Medixine's fundraising efforts to meet the demand for remote patient monitoring solutions, are also contributing to segment expansion. The competitive landscape is dominated by major players such as Abbott Laboratories, Boston Scientific Corporation, and Medtronic PLC, who are actively shaping the market with their innovative solutions and strategic initiatives.

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Sweden Cardiovascular Devices Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rapid Technological Advancements

      2. 1.2.2 Increasing Burden of Cardiovascular Diseases

      3. 1.2.3 Increased Preference of Minimally Invasive Procedures

    3. 1.3 Market Restraints

      1. 1.3.1 Stringent Regulatory Policies

      2. 1.3.2 High Cost of Instruments and Procedures

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Device Type

      1. 2.1.1 Diagnostic and Monitoring Devices

        1. 2.1.1.1 Electrocardiogram (ECG)

        2. 2.1.1.2 Remote Cardiac Monitoring

        3. 2.1.1.3 Other Diagnostic and Monitoring Devices

      2. 2.1.2 Therapeutic and Surgical Devices

        1. 2.1.2.1 Cardiac Assist Devices

        2. 2.1.2.2 Cardiac Rhythm Management Device

        3. 2.1.2.3 Catheter

        4. 2.1.2.4 Stent

        5. 2.1.2.5 Other Therapeutic and Surgical Devices

Sweden Cardiovascular Devices Market Size FAQs

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.

In 2024, the Sweden Cardiovascular Devices Market size is expected to reach USD 0.33 billion.

Sweden Cardiovascular Devices Market Report Snapshots

Sweden Cardiovascular Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)