Market Size of Argentina Cardiovascular Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 2.10 % |
| 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?
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.
