Sweden Cardiovascular Devices Market Size

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).

The COVID-19 pandemic affected the studied market significantly. Since the pandemic's beginning, Sweden's healthcare systems interrupted usual care in many healthcare facilities, exposing vulnerable patients with cardiovascular diseases to significant risks. However, as COVID-19 was considered a probable risk factor for acute cardiovascular complications, the demand for cardiovascular devices increased during the pandemic in the country. For instance, according to the article published by PubMed in July 2021, a study was conducted in Sweden, which showed that COVID-19 was found to be a risk factor for acute myocardial infarction and ischaemic stroke in the country. Thus, there was an increased risk of cardiovascular diseases (CVD) among the target population in Sweden. Owing to the country's burden of heart diseases, cardiovascular devices used for diagnosis and treatment increased. Thus, the pandemic had a significant impact on the studied market. However, as the pandemic has subsided, cardiac care has returned to normal, so the studied market is expected to have stable growth during the forecast period of the study.

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.