Argentina Cardiovascular Devices Market Size
*Disclaimer: Major Players sorted in no particular order
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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 Trends
This section covers the major market trends shaping the Argentina Cardiovascular Devices Market according to our research experts:
Electrocardiogram (ECG) Sub-segment is Expected to Witness Growth Over the Forecast Period
An electrocardiogram (ECG) records the electrical signals from the heart. It is a common and painless test used to detect heart problems and monitor the heart's health. Due to its increasing adoption in interventional cardiology, the demand for ECG is increasing and it is expected to fuel segmental growth.
Currently, there are portable and compact electrocardiogram (ECG) devices that help in monitoring the heart. Moreover, there has been an increase in the incidence of cardiovascular diseases (CVD), wherein long-term ECG monitoring is necessary and with the introduction of wireless ECG, doctors can monitor and diagnose the patient remotely on time. Additionally, as per an article published by medRxiv in October 2022, when ECG data were collected from patients with Atrial Fibrillation (AF), a common cardiac disorder, from a healthcare center in Argentina, the ECG detected severe arrhythmias in 10% of patients. Thus, such studies and instances show that ECG can detect risk factors and conditions promptly related to CVDs. This creates demand for ECG by further fueling the segment’s growth.
Moreover, there are several courses offered in the country, which focus on the use of ECG. For instance, in August 2021, Fundación Argentina de Ergonomía conducted the Electrocardiogram I course, which began in September 2022. Such activities and initiatives in the country are increasing public awareness about the same. This is further expected to boost the growth of the studied segment. Hence, owing to the advantages of ECG and raising awareness about the same, the segment is expected to show growth in the coming years.
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Stents Sub-Segment is Expected to Grow at a Faster Pace Over the Forecast Period
A stent, which resembles a tiny coil of wire mesh, 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 will 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.
There are several benefits associated with stents used for coronary artery disease (CAD). A cardiac stent is most often used to treat narrowed or blocked coronary arteries. Also, it can be used to improve blood flow immediately post a heart attack. According to December 2021 update by Medtronic Plc., stenting is a minimally invasive alternative to coronary artery bypass grafting (CABG) surgery due to a lower risk of complications than in CABG and it has a much shorter recovery period after CABG surgery. In addition, as per the source above, major surgery is not required, also most patients do not require general anesthesia with minor to least complications. Thus, due to such advantages, there is high adoption of stents in the country. This is further anticipated to drive the segment growth over the forecast period. Therefore, the growth of the segment is anticipated owing to the factors above.
Argentina Cardiovascular Devices Industry Overview
The Argentina cardiovascular devices market is competitive and consists of a few market players. The major players have established themselves in specific segments of the market. Some players currently dominating the market are W. L. Gore & Associates, Inc, Siemens Healthineers AG, Medtronic PLC, Canon Medical Systems Corporation, Philips Healthcare, Abbott Laboratories, Nihon Kohden Corporation, and Welch Allyn Inc., among others.
Argentina Cardiovascular Devices Market Leaders
W. L. Gore & Associates, Inc
Siemens Healthineers AG
Canon Medical Systems Corporation
*Disclaimer: Major Players sorted in no particular order
Argentina Cardiovascular Devices Market News
- In March 2022, MicroPort CardioFlow Medtech Corporation indicated that their Alwide Plus Balloon Catheter (Alwide Plus) had received marketing approval from the Argentine National Administration of Drugs, Foods, and Medical Devices (ANMAT).
- In January 2022, the Argentine National Administration of Drugs, Foods, and Medical Devices (ANMAT) approved the VitaFlow Transcatheter Aortic Valve and Delivery System (VitaFlow) by MicroPort CardioFlow Medtech Corporation.
Argentina Cardiovascular Devices Market Report - Table of Contents
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 Increasing Burden of Cardiovascular Diseases
4.2.2 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 Force 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 Millions)
5.1 By Device Type
5.1.1 Diagnostic and Monitoring Devices
126.96.36.199 Electrocardiogram (ECG)
188.8.131.52 Remote Cardiac Monitoring
184.108.40.206 Other Diagnostic and Monitoring Devices
5.1.2 Therapeutic and Surgical Devices
220.127.116.11 Cardiac Assist Devices
18.104.22.168 Cardiac Rhythm Management Devices
22.214.171.124 Heart Valves
126.96.36.199 Other Therapeutic and Surgical Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 W. L. Gore & Associates, Inc
6.1.2 Siemens Healthineers AG
6.1.3 Medtronic PLC
6.1.4 Canon Medical Systems Corporation
6.1.5 Philips Healthcare
6.1.6 Abbott Laboratories
6.1.7 Nihon Kohden Corporation
6.1.8 Welch Allyn Inc
6.1.10 Biosud Argentina
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Argentina Cardiovascular Devices Market Research FAQs
What is the study period of this market?
The Argentina Cardiovascular Devices Market is studied from 2019 - 2027.
What is the growth rate of Argentina Cardiovascular Devices Market?
The Argentina Cardiovascular Devices Market is growing at a CAGR of 2.1% over the next 5 years.
Who are the key players in Argentina Cardiovascular Devices Market?
W. L. Gore & Associates, Inc, Siemens Healthineers AG, Medtronic PLC, Canon Medical Systems Corporation, Philips Healthcare are the major companies operating in Argentina Cardiovascular Devices Market.
Argentina Cardiovascular Devices Industry Report
Statistics for the 2023 Argentina Cardiovascular Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Argentina Cardiovascular Devices analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.