The cardiovascular devices market in Sweden is expected to grow at a 6.1% CAGR during the forecast period, 2020 - 2025. The increasing morbidity and mortality of cardiovascular diseases are one of the major contributors to this market. According to the National Board of Health and Welfare, 2018, almost 33% of the deaths occurred in Sweden were due to cardiovascular diseases. Hence, early diagnosis and treatment are of utmost importance in the case of cardiovascular diseases. Furthermore, technological advancements that are coming up related to cardiovascular health management is also expected to impact the market positively. In 2017, Coala Life received a grant from the Swedish Government Agency for developing an AI-based system that will help in detecting the cardiac diseases at early stages. Hence, it is expected to boost market growth over the forecast period in Sweden.

Key Market Trends

Cardiac Rhythm Management Device Market is Expected to Show a Significant Growth in the Cardiovascular Devices Market

Cardiac rhythm management (CRM) devices, including pacemakers, implantable defibrillators, cardiac resynchronization therapy, etc., are one of the majorly used devices in case of cardiac arrhythmia. The rising number of the aging population in Sweden is expected to act as a key contributor in this segment. According to the data by the Organisation for Economic Co-operation and Development, around 19.86 % of the total population constitutes for the older population. Aging affects the cardiovascular system and thereby might acquire cardiac arrhythmia. According to a study carried out in Sweden by Gerontology and Geriatric Medicine, in 2019, around 4.9% of the elderly people were found to be prevalent with arterial fibrillation and around 8.9% had other kinds of arrhythmias such as ventricular premature complexes, supraventricular tachycardia, and supraventricular extrasystole. Thus, with the growing burden of the aging population and associated heart diseases, it is expected to influence positively the market growth.

Competitive Landscape

The major players in the market are Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc., Edwards Lifesciences, GE Healthcare, W. L. Gore & Associates, Inc., Medtronic PLC, Biotronik and Siemens Healthineers AG. Some of the local players are partnering with global players so as to develop new products in the market. For instance, in 2017, Coala Life which is a Swedish based company partnered with Bayer AG digital cardiac monitoring to help patients with undiagnosed heart diseases to treat and avoid complications such as stroke and myocardial infarction.

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