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UAE Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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    Report

  • 75 Pages
  • April 2023
  • Region: United Arab Emirates
  • Mordor Intelligence
  • ID: 5764546
UP TO OFF until Mar 31st 2024
The UAE cardiovascular devices market is expected to record a CAGR of 5.9% during the forecast period.

The COVID-19 pandemic impacted the market significantly. The market was adversely affected during the initial phase of the pandemic due to lockdowns and shutdowns and the reduction in patient volume. According to the study published in the Official Journal of the Gulf Heart Association in March 2021, there was a significant drop in acute coronary syndrome during the pandemic. This ranged from 30% to 60%. Such a reduction in patient volume impacted the demand for cardiovascular devices significantly, affecting the market's growth during the pandemic. However, the United Arab Emirates (UAE) government continued normal operations in the healthcare system following proper regulations and restrictions. Thus, these ongoing surgeries during the pandemic created a demand for cardiovascular devices. Therefore, the pandemic impacted the market considerably.

The key contributors to the market's growth are the growing burden of cardiovascular diseases and technological advancements. Cardiovascular diseases are one of the leading causes of mortality and morbidity in the UAE. Additionally, according to a survey result published in Gulf Insider in September 2021, over half of UAE citizens experienced heart disease at some point. More than a thousand UAE citizens participated in the study. The results showed 55% of those polled either had heart illness (12%), had a close friend or relative afflicted with the disease (53%), or experienced both. This burden of CVD among the target population in the country is anticipated to drive demand for cardiovascular devices, thereby contributing to the market's growth. As per the NCBI article published in December 2021, the study was conducted among several UAE residents, 57% of which mentioned that they do not involve vigorous activity, 66% frequently or consistently indulge in fast food, 65% take fried food as a main course, and 75% reported poor or fair practice considering CVD. These are major risk factors for CVD. In addition, as per the source mentioned above, the UAE has the second-highest cardiovascular mortality rate and is higher than the rate found in other Gulf Cooperation Council (GCC) countries. A sedentary lifestyle among the population is expected to add a burden.

Hence, the importance of early diagnosis and treatment is rising, boosting the cardiovascular devices market's growth in UAE.

UAE Cardiovascular Devices Market Trends

Electrocardiogram Segment is Expected to Witness Significant Growth Rate in the Cardiovascular Devices Market

The electrocardiogram (ECG) segment is expected to hold a significant share of the market’s growth over the forecast period. ECG monitors record electrical signals from the heart to detect abnormalities. The development of commercially advanced devices, enabled with Bluetooth sensors and mobile app technology, is anticipated to drive the market’s growth in UAE. Technological advancements in these devices are driving the segment’s growth. The rising prevalence of cardiovascular risks such as obesity and various other factors accounts for the development of the studied segment. Such cardiovascular risk factors among the UAE population contributed to the growing demand for electrocardiograms to have an early and effective diagnosis of cardiovascular conditions, thereby contributing to the growth of the market studied. According to the World Obesity Atlas report in 2022, the prevalence of obesity among women by 2030 was estimated to be 50%, while in men by 37% in UAE. Obesity is a severe health issue beyond just being an aesthetic concern. Research shows that it is closely related to several illnesses, including type 2 diabetes, sleep disorders, high blood pressure, and cholesterol, all of which are linked to heart disease and stroke.

Additionally, the launch of various advanced cardiovascular diagnostic devices to meet the growing demand for advanced cardiac care is expected to contribute to the growth of the studied segment in the UAE. For instance, in June 2021, Cardiac Insight launched the Cardea SOLO ECG system at Arab Health 2021, the largest healthcare exhibition in the Middle East.

Thus the factors mentioned above are expected to contribute to the growth of the studied segment over the forecast period.



Remote Cardiac Monitoring is Expected to Witness Notable Growth Rate in the Cardiovascular Devices Market

Remote cardiac monitoring is a method by which information from a patient's implantable rhythm management device can be communicated directly to a physician's office. Remote cardiac monitoring allows remote electrocardiographic monitoring of patients with suspected cardiac arrhythmias or at risk of developing arrhythmias. Factors such as the high prevalence of cardiovascular diseases, the rising geriatric population who are prone to cardiovascular disorders, and increasing product launches are expected to drive segment growth.

The prevalence of heart disease among the UAE population is expected to drive the demand for remote cardiac monitoring devices, thereby contributing to the growth of the studied segment. For instance, in the article published by Khaleejtimes in November 2022, every year in the UAE around 8,000 and 10,000 patients suffer from a stroke, equating to about 1 patient every hour. Such a high frequency of heart diseases in the UAE is expected to fuel the demand for remote cardiac monitoring, thereby boosting segment growth.

Also, the launch of various awareness campaigns for atrial fibrillation among the UAE population is expected to contribute to the growth of the studied segment. For instance, in October 2022, FibriCheck partnered with Pfizer and Altibbi and launched an awareness campaign to detect atrial fibrillation in the United Arab Emirates. Such awareness campaigns are expected to drive the demand for remote cardiac devices to reduce the diagnosis of the incidence of atrial fibrillation at early stages, thereby contributing to the growth of the market. Likewise, the market strategies adopted by the key players such as collaborations, mergers, and partnerships for the development of remote monitoring solutions are also expected to reflect on the growth of the studied segment. For instance, in March 2022, BioIntellisence partnered with UAE-based Mubadala health on remote patient monitoring for the usage of Biosticker and BioButton wearable medical devices across the UAE. These devices are useful for continuous tracking of resting heart rate, temperature, respiratory rate, and others. Such innovative remote patient monitoring devices which are used in monitoring the heart rate are expected to fuel the segment growth.



UAE Cardiovascular Devices Market Competitor Analysis

The UAE cardiovascular devices market is moderately consolidated in nature due to the presence of a few companies operating globally and regionally. 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, Siemens Healthineers AG, and Canon Medical Systems Corporation.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Report
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements and Rising Preference for Minimally Invasive Procedures
4.2.2 Increasing Burden of Cardiovascular Diseases
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies and High Cost of Instruments and Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Device Type
5.1.1 Diagnostic and Monitoring Devices
5.1.1.1 Electrocardiogram (ECG)
5.1.1.2 Remote Cardiac Monitoring
5.1.1.3 Other Diagnostic and Monitoring Devices
5.1.2 Therapeutic and Surgical Devices
5.1.2.1 Cardiac Assist Devices
5.1.2.2 Cardiac Rhythm Management Device
5.1.2.3 Catheter
5.1.2.4 Grafts
5.1.2.5 Other Therapeutic and Surgical Devices
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Al Naghi Medical Co.
6.1.3 Cardinal Health Inc.
6.1.4 Atlas Medical LLC
6.1.5 GE Healthcare
6.1.6 W. L. Gore & Associates Inc.
6.1.7 Medtronic PLC
6.1.8 Biotronik
6.1.9 Siemens Healthineers AG
6.1.10 Advanced Healthcare LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Al Naghi Medical Co.
  • Cardinal Health Inc.
  • Atlas Medical LLC
  • GE Healthcare
  • W. L. Gore & Associates Inc.
  • Medtronic PLC
  • Biotronik
  • Siemens Healthineers AG
  • Advanced Healthcare LLC

Methodology

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