Market Size of Spain Cardiovascular Devices Industry
| 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.
