Sweden Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Sweden Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Swedish Cardiovascular Devices market is poised to grow at a CAGR of 6.1% over the forecast period.

The COVID-19 pandemic affected the studied market significantly. Since the pandemic's beginning, healthcare systems in Sweden have resulted in the interruption of 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.

According to the article “Risk of Acute Myocardial Infarction and Ischaemic Stroke following COVID-19 in Sweden: A Self-Controlled Case Series (SCCS) and Matched Cohort Study” published in July 2021, when SCCS and matched cohort study was done in Sweden, COVID-19 was found to be a risk factor for acute myocardial infarction and ischaemic stroke. The findings of the study also suggested that the clinical profile of COVID-19 includes acute myocardial infarction and ischemic stroke. Thus, there was an increased risk of various 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 have increased. Thus, the pandemic had a significant impact on the studied market.

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 research article “Disparities in Prevalence of Heart Failure According to Age, Multimorbidity Level, and Socioeconomic Status in Southern Sweden: A Cross-Sectional Study” published 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%. Age and the degree of multimorbidity both increase the prevalence of HF. 99.07% of the patients with HF were associated with multimorbidity. That means the country has a burden of HF. Thus, such a 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 aforesaid factors 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.

Key Market TrendsStents by Therapeutic and Surgical Devices Sub-Segment is Expected to Witness Growth 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.

According to the research article “Nationwide Observational Study of Incidence, Management, and Outcome of Spontaneous Coronary Artery Dissection: A Report from The Swedish Coronary Angiography and Angioplasty Register” published in June 2022, when the study was conducted nationwide to observe the incidence, contemporary management, and outcome in Swedish spontaneous coronary artery dissection (SCAD) patients, 30.6% of SCAD patients received stents, 65.5% of SCAD patients with 100% coronary artery occlusion who underwent percutaneous coronary intervention (PCI) were treated with stent implantation, and 23% of patients with non-occlusive SCAD were treated with stent implantation in Sweden. Thus, this shows a high adoption of stents in the country. This is further anticipated to drive the segment's growth over the forecast period. Additionally, frequent product launches, innovations, and advancements are several other factors that are expected to fuel market growth.

Therefore, the above-mentioned factors are expected to drive the segment's growth significantly and contribute to the overall market growth over the forecast period.

Competitive Landscape

The cardiovascular devices market in Sweden is highly competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the key companies which are currently dominating the market are Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Occlutech, Scandinavian Real Heart AB, and Coala Life, among others.key

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