Cardiovascular Monitoring and Diagnostic Devices Market: Snapshot
The global cardiovascular monitoring and diagnostic devices market is anticipated to experience an intensified demand in the coming years. Rise in geriatric population, and pervasiveness of t chronic ailments are studied to be the major factor causing the surge in global market. With the research carried out by various health centers, growing government support are also contributing in the growth in growth of cardiovascular monitoring and diagnostic devices in the worldwide market. Several healthcare organizations and government bodies are also now concentrating on the development of such devices for the treatment and diagnosis of cardiovascular illness. Moreover, the rise in people suffering from obesity, prevailing cases of diabetes, risks related to hypertension, weakening of heart muscle, and some other factors churn the market demand for cardiovascular monitoring and diagnostic devices.
The several factors affecting the market demand is also contributing in the global expansion in coming years with a significant CAGR of 6.4% during the forecast period from 2016 to 2024. In the year gone by, 2016 the global market for cardiovascular monitoring and diagnostic devices was evaluated of wroth US$ 1.8 bn, which is foreseen to reach around US$ 3.1 bn by the end of year 2024.
Rise in Number of Geriatric Population to Boost the Market Demand
There has been a rise in number of people suffering and dying of heart ailments, which encourages the manufacturers to develop some efficient and accurate devices for the diagnosis and monitoring of the disease. Apart this, several non-profit organizations and government bodies are also conducting programs to spread awareness among the masses about these ailments, which is likely to help the growth in demand for advanced devices in the market. The leading and new firms both are experimenting and researching on innovating an efficient equipment in order to treat and diagnose the illness. They are exploring several advanced technologies to come up with something better and more effective.
As per the research by United Nations University (UNU) people above the age of 65 years are more prone to heart diseases. This factor stirs up the market demand as well. Moreover several developing economies are investing in medical tourism, which is anticipated to affect the usage of these cardiovascular monitoring and diagnostic equipments. High equipment costs, and improper reimbursement policies are some of the factors that are anticipated to pull down the market growth.
Implantable Loop Recorder to Project a Robust Growth in Coming Years
Based on product types, the market is divided into ECG management systems, event monitors, ECG systems, implantable loop recorders, and Holter monitors. Among these segments, the ECG systems was dominant in 2015 with the highest market shares in terms of revenues. The overall market evaluation for the segment was around US$ 878 mn in that year. Moreover, the implantable loop recorder was also growing at fast pace, which is likely to evolve significantly with a strong CAGR of 7.1% over the forecast period.
The global market for cardiovascular monitoring and diagnostic devices is broadly segmented into Europe, Latin America, North America, Asia Pacific, and Rest of the World. North America region is likely to rule the amrket owing to growth in awareness among the masses about the present diagnosis and curing methods, and well developed healthcare system, along with well-developed reimbursement policies by the regional government. Nevertheless, Europe is also not far behind in terms of dominating the market regions and projects high revenues due to increased cases of cardiovascular disorders. The other region Middle East and Asia Pacific are also expected to demonstrate a noteworthy growth with future scope of advancement in healthcare framework.
Siemens Healthcare, GE Healthcare, Spacelabs Healthcare, Philips Healthcare, and St. Jude Medical Inc. are some of the key players leading the global market for market for cardiovascular monitoring and diagnostic devices.
Cardiovascular Monitoring and Diagnostic Devices Market: Overview
The rising prevalence of chronic disease and the increasing geriatric population are propelling the global market for cardiovascular monitoring and diagnostic devices. Government, research, and healthcare bodies are focusing on the treatment of various cardiovascular diseases. The increased interest and investments from these bodies are fueling the development in the treatments of these generic diseases. The increasing number of people suffering from diabetes and obesity, heart muscle weakening, and increasing risks related to hypertension are other factors driving the market. Technological advancements have provided the devices with portability in conducting tests, which is further adding benefits to the market growth.
The overall market for cardiovascular monitoring and diagnostic devices is witnessing considerable expansion across various product segments such as ECG Systems, Event Monitors, Holter Monitors, Implantable Loop Recorders, and ECG Management Systems. Of these, the ECG Systems segments is expected to dominate the overall market over the forthcoming years.
The report on the cardiovascular monitoring and diagnostic devices market offers a detailed assessment of key factors influencing the market, such as opportunities, challenges, trends, restraints, and drivers. The research report also provides company profiles of prominent market players operating in the market.
Cardiovascular Monitoring and Diagnostic Devices Market: Trends and Opportunities
The rising number of deaths due to cardiovascular diseases is the key factor driving the market for cardiovascular monitoring and diagnostic devices. Various companies are utilizing the latest technologies and innovating products to improve their efficiency and effectively. Numerous medical institutes are initiating research and development programs, which could help the market transform over the forthcoming years. Furthermore, governments and not-profit organizations are starting awareness increasing programs, which is further anticipated to increase the adoption of highly advanced equipment among consumers.
It is expected that the rise in the geriatric population across the world will fuel the prevalence of cardiovascular diseases. The market is further anticipated to grow exponentially due to low cost of procedure and availability of reliable and affordable labor in the countries such as Turkey, India, China, and Indonesia. The growing consumptions of tobacco and alcohol, lack of physical activities, unhealthy food habits, and high level of stress are other factors leading to the risks of cardiovascular diseases. These factors ensure the healthy growth of the market for cardiovascular monitoring and diagnostic devices.
Cardiovascular Monitoring and Diagnostic Devices Market: Geographical Analysis
Geographically, the global cardiovascular monitoring and diagnostic devices market can be segmented into Latin America, Asia Pacific, Europe, North America, and rest of the world. Among these, the North America market is anticipated to lead the global market due to factors such as advanced healthcare infrastructure, rising awareness among consumers pertaining the availability of treatment and diagnosis methods, and the favorable policies initiated by the governments in the region. The Europe segment is following North America and is close to North America in terms of revenue owing to high incidence of cardiovascular diseases within the region. The Middle East and Asia Pacific are most likely to present potential opportunities for the market to grow due to developing healthcare infrastructure and adoption of various varieties of cardiovascular monitoring and diagnostic devices.
Cardiovascular Monitoring and Diagnostic Devices Market: Company mentioned
The market study presents profiling of prominent players operating in the global cardiovascular monitoring and diagnostic devices market. Key players in this market include GE Healthcare, Philips Healthcare, Spacelabs Healthcare, St. Jude Medical Inc., and Siemens Healthcare.
Global Cardiovascular Monitoring and Diagnostic Devices Market: Vendor Landscape
Some of the leading vendors in the market are Siemens Healthcare, St. Jude Medical Inc., Spacelabs Healthcare, Philips Healthcare, and GE Healthcare.
For this study, the market is segmented as follows:
Global Cardiovascular Monitoring and Diagnostic Devices Market, by Product
- ECG Systems
- Resting ECG
- Stress ECG
- Event Monitors
- Holter Monitors
- Implantable Loop Recorders
- ECG Management Systems
Global Cardiovascular Monitoring and Diagnostic Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments