Spain Cardiovascular Devices Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Spain Cardiovascular Devices Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The cardiovascular devices market is expected to register a CAGR of 4.5% in the forecast period (2022-2027).

The COVID-19 pandemic impacted the production of cardiovascular devices. Furthermore, the delay of elective procedures due to COVID-19-related measures had adversely affected the cardiovascular medical devices market, especially in 2020. While some cardiovascular procedures are considered urgent, others have been postponed and delayed since the beginning of the pandemic. Hence, lifestyle changes and medication can be temporarily prescribed instead of cardiovascular procedures for some patients. Another factor negatively impacting the market is the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. Many medical device companies have experienced losses in their cardiovascular device businesses due to the pandemic. For example, Medtronic PLC has announced a 33% reduction in its cardiac and vascular business sectors in its 2020 quarterly financial results. The risk of infection during surgical procedures and high burden of COVID-19 related hospital admissions has primarily influenced the procedural volume. However, high risk of fibrillation among the patient suffering through COVID-19 and urgent care admissions for patients with heart conditions with decrease in incidence of coronavirus infection has driven the product demand. Moreover, collaborative strategies of government and companies to maintain cardiac care amid pandemic has sustained industrial revenue. Thus, the industry has experienced moderate impact of coronavirus outbreak and will continue to showcase significant growth with declining prevalence of COVID-19.

Cardiovascular devices are considered to be used to diagnose and treat heart disease and related health problems. Due to 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 that have been made in 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 healthcae burden of cardiac-related deaths. Cardiovascular diseases are found to be most prevalent across the Spain, and they are the leading causes of death. As per the 2021 updates of the World Health Organization (WHO), Cardiovascular disease is responsible for 33 percent of deaths in Spain. Risk factors include smoking, obesity, lack of exercise, high cholesterol, high blood pressure and diabetes. In Spain, about 23.9 percent of adults and 21.7 percent of youth smoke. About 26.6 percent of Spaniards are obese. Thus, the increasing cases of cardiovascular diseases across the pain is driving the growth of the studies market.

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.

However there is an increasing demand that has also made Spain a lucrative market for the global players, which has helped the market growth in recent years. Moreover, increasing demand for minimally invasive cardiac procedures for treatment has also propelled the market growth. However, high cost of devices and procedures have been restraining the market growth.

Spain Cardiovascular Devices Market TrendsElectrocardiogram (ECG) is Expected to Dominate the Market

Electrocardiography (ECG) is the process of producing an electrocardiogram of the electrical activity of the heart. These electrodes detect the small electrical changes that are a consequence of cardiac muscle depolarization followed by repolarization during each cardiac cycle. Changes in the normal ECG pattern occur in numerous cardiac abnormalities, including cardiac rhythm disturbances (such as atrial fibrillation and ventricular tachycardia), inadequate coronary artery blood flow (such as myocardial ischemia and myocardial infarction), and electrolyte disturbances (such as hypokalemia and hyperkalemia).

According to the latest World Health Organization data published in 2020 Coronary Heart Disease prevalence among those older than 20 years of 6.4% (7.9% in men and 5.1% in women). For myocardial infarction, the prevalence rate was estimated to be 2.9% (4.2% in men and 2.1% in women). Hence the high prevalence of Cardiovascular disease is expected to help the growth of the market.

Moreover, the increasing geriatric population is also expected to aid in the growth of the market. For instance, In January 2022, according to the World Health Organization, the population aged over 65 years in Spain amounted to 9.54 million people, thus continuing the upward trend witnessed in previous years. Between 2002 and 2022, the elderly population increased by more than two million. According to recent data, people aged over 65 years represent nearly a fifth of the Spanish population. Thus, the increasing geriatric population is adding to the people susceptible to suffering from cardiovascular diseases which are responsible for the demand generation for the studied market.

Spain Cardiovascular Devices Market Competitive Analysis

Spain is a developed country and is also surrounded by other developed European nations. As a result, it enjoys the presence of most of the global players in the cardiovascular devices market. Abbott Vascular, Biotronik, Boston Scientific Corporation, Cardinal Health, Edwards Life Science, Medtronic PLC, Siemens Healthineers, Terumo Medical, and W.L Gore Medical are some of the key players present in the country.

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