Get In Touch

Cardiovascular Monitoring and Diagnostic Devices Market Flourishing

The World Health Organization (WHO) has rated cardiovascular diseases (CVDs) as the number one cause of deaths across the world, claiming more than 17.7 million people in 2015 and the number is poised to increase consistently in the near future. Thankfully, collaboration of science and technology has led to the advent of devices that can efficiently monitor and diagnose the development of a disorder in the circulatory system including the heart and blood vessels. And, as healthcare infrastructure improves across developed and emerging economies, the uptake of these devices is anticipated to accelerate. According to this business intelligence study, the demand in the global cardiovascular monitoring and diagnostic devices market will increment at an impressive CAGR of 6.5% during the forecast period of 2017 to 2024. The analyst of the report has estimated that there will be opportunities worth US$3,629.5 in the market for devices that can monitor and diagnose cardiovascular system across the world by the end of 2024, substantially more than its evaluated valuation of 2,329.7 mn as of 2017.

global cardiovascular monitoring and diagnostic devices market

Apart from the strong prevalence of cardiovascular diseases as a result of tobacco use, obesity, and unhealthy diet, improving health insurance portfolio of urban populations, and technological advancements, the cardiovascular monitoring and diagnostic devices market stands to gain additional traction from increasing geriatric population and growing concept of medical tourism. On the other hand, substantially high cost of these devices are keeping them away from a potent chunk of consumer base. Additionally, lack of adequate reimbursement policies in several underdeveloped countries is a challenge in front of the prosperity of this market. Nevertheless, the vendors stand to gain from the introduction of wearable and advanced medical devices such as implantable loop recorders for cardiovascular monitoring.

ECG Systems to Remain Leading Product Segment until 2024

On the basis of product type, the market for cardiovascular monitoring and diagnostic devices has been segmented into ECG systems including resting and stress, diagnostic catheters, ECG management systems, implantable loop recorders, holder monitors, and event monitors. Among these, the sub-segments of ECG systems collectively provided for a demand that was worth US$1,075.1 mn in 2017, which was more than double of the next fruitful segment of holter monitors. ECG system, which is a diagnostic tool used to assess the electrical and muscular functions of the heart, observes rate and rhythm of the heartbeat, blood flow to the heart muscle, and diagnoses heart attacks. ECG is the most preferred technique used across the world for the diagnosis of cardiovascular disease due to cost effectiveness and high efficiency in cardiac treatment. By the end of 2024, the segment is poised to attain a valuation of US$1,662.7 mn. Most of this potential demand for ECG system is expected out of developing countries owing to their cost factors, safety of procedure, and painlessness.

On the other hand, holder monitors are expected to sustain their position as second most profitable region until 2024, generating a revenue of US$792.7 mn. A holter monitor continuously perceives various electrical activities of the cardiovascular system and records ECG of arrythmia patients consistently. It is also used to detect conduction block in auricles and ventricles. Increasing number of cases of arrhythmia and conduction block is the major factor driving the market for Holter monitor.

North America Most Lucrative Region

Geographically, the report has evaluated the potential of demand for cardiovascular monitoring and diagnostic devices that can be expected out of North America, Europe, Asia Pacific, Latin America, and Rest of the World.  According to the American Heart Association, the Centers for Disease Control and Prevention and the National Institutes of Health, cardiovascular disease is the leading cause of death across the globe and the number is expected to reach up to over 23.6 million by 2030. North America was the largest market for cardiovascular monitoring and diagnostic devices in 2017. The region is likely to sustain its leadership position up to 2024, promising for a demand worth of US$1,389.0 mn. High incidence of cardiovascular diseases, better reimbursement policies, modern health care facilities, efficient health care infrastructure, and high awareness among patients and physicians are the major factors driving the market in the region.

Demand from Asia Pacific to expand at a stronger CAGR

However, the demand for devices that diagnose and monitor cardiovascular system is projected to grow at the fastest CAGR of 7.6% during 2017 to 2024 from Asia Pacific. The Asia Pacific market is estimated to be worth US$749.1 mn by 2024, which can be attributed due to increasing prevalence of cardiovascular diseases, rising awareness and presence of unexplored opportunities in India, China, and other countries in Southeast Asia. Patient hospitality services and proper knowledge of handling of devices by surgeons play an important role in mobility of patients as well as growth of the cardiovascular monitoring and diagnostic devices market.

Medtronic PLC, Boston Scientific Corporation, GE Healthcare, LivaNova PLC, Philips Healthcare, Siemens Healthcare, and St. Jude Medical, Inc. are a few leading companies of this market that have been profiled in this BI report on the cardiovascular monitoring and diagnostic devices market.

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.

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

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

The global Cardiovascular Monitoring and Diagnostic Devices Market has been segmented as follows:

Product

  • ECG Systems
    • Resting ECG
    • Stress ECG
  • Event Monitors
  • Holter Monitors
  • Implantable Loop Recorders
  • ECG Management Systems

Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Rest of the World

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

1. Preface
     1.1. Report Description
     1.2. Market Segmentation
     1.3. Research Methodology

2. Executive Summary
     2.1. Global Cardiovascular Monitoring and Diagnosis Devices Market Share, by Geography, 2013–2024 (US$ Mn)
     2.2. Global Cardiovascular Monitoring and Diagnosis Devices Market, by Product Type, 2015 (US$ Mn)
     2.3. Global Cardiovascular Monitoring and Diagnosis Devices Market, by Geography, 2015 and 2024 (Value %)
     2.4. Cardiovascular Monitoring and Diagnosis Devices: Market Snapshot

3. Industry Analysis: Cardiovascular Monitoring and Diagnosis Devices Market
     3.1. Industry Overview
     3.2. Market Drivers
     3.3. Market Restraints
     3.4. Market Opportunities
     3.5. Porter’s Five Forces Analysis
     3.6. Market Attractiveness 
     3.7. Market Positioning of Key Players, (Value %) (2015)
     3.8. Recommendations 
     3.9. Global Cardiovascular Monitoring and Diagnosis Devices Market Revenue, by Product Type, 2013-2024 (US$ Mn)
            3.9.1. Introduction
            3.9.2. ECG Systems
                     3.9.2.1. Resting ECG Systems
                     3.9.2.2. Stress ECG Systems
            3.9.3. Event Monitors
            3.9.4. Holter Monitors
            3.9.5. Implantable Loop Recorders
            3.9.6. ECG Management Systems

4. Global Cardiovascular Monitoring and Diagnosis Devices Market Share, by Geography
     4.1. Introduction: Global Cardiovascular Monitoring and Diagnosis Devices Market Revenue, by Country and Product Type, 2013–2024 (US$ Mn)
     4.2. North America Cardiovascular Monitoring and Diagnosis Devices Market Revenue, by Country and Product Type, 2013–2024 (US$ Mn)
     4.3. Europe Cardiovascular Monitoring and Diagnosis Devices Market Revenue, by Country and Product Type, 2013–2024 (US$ Mn)
     4.4. Asia Pacific Cardiovascular Monitoring and Diagnosis Devices Market Revenue, by Country and Product Type, 2013–2024 (US$ Mn)
     4.5. Latin America Cardiovascular Monitoring and Diagnosis Devices Market Revenue, by Country and Product Type, 2013–2024 (US$ Mn)
     4.6. Rest of World Cardiovascular Monitoring and Diagnosis Devices Market Revenue, by Country and Product Type, 2013–2024 (US$ Mn)

5. Company Profiles
     5.1. Boston Scientific Corporation
            5.1.1. Company Overview
            5.1.2. Product Portfolio
            5.1.3. Financial Overview
            5.1.4. Product Portfolio
            5.1.5. Recent Developments
     5.2. Fukuda Denshi Co. Ltd.
            5.2.1. Company Overview
            5.2.2. Product Portfolio
            5.2.3. Financial Overview
            5.2.4. Product Portfolio
            5.2.5. Recent Developments
     5.3. GE Healthcare
            5.3.1. Company Overview
            5.3.2. Product Portfolio
            5.3.3. Financial Overview
            5.3.4. Product Portfolio
            5.3.5. Recent Developments
     5.4. Hill-Rom Holdings, Inc.
            5.4.1. Company Overview
            5.4.2. Product Portfolio
            5.4.3. Financial Overview
            5.4.4. Product Portfolio
            5.4.5. Recent Developments
     5.5. Johnson & Johnson
            5.5.1. Company Overview
            5.5.2. Product Portfolio
            5.5.3. Financial Overview
            5.5.4. Product Portfolio
            5.5.5. Recent Developments
     5.6. LivaNova PLC
            5.6.1. Company Overview
            5.6.2. Product Portfolio
            5.6.3. Financial Overview
            5.6.4. Product Portfolio
            5.6.5. Recent Developments
     5.7. Medtronic plc
            5.7.1. Company Overview
            5.7.2. Product Portfolio
            5.7.3. Financial Overview
            5.7.4. Product Portfolio
            5.7.5. Recent Developments
     5.8. Nihon Kohden Corporation
            5.8.1. Company Overview
            5.8.2. Product Portfolio
            5.8.3. Financial Overview
            5.8.4. Product Portfolio
            5.8.5. Recent Developments
     5.9. Philips Healthcare
            5.9.1. Company Overview
            5.9.2. Product Portfolio
            5.9.3. Financial Overview
            5.9.4. Product Portfolio Company Overview
            5.9.5. Product Portfolio
            5.9.6. Financial Overview
            5.9.7. Product Portfolio
            5.9.8. Recent Developments
            5.9.9. Recent Developments
     5.10. Siemens Healthcare
            5.10.1. Company Overview
            5.10.2. Product Portfolio
            5.10.3. Financial Overview
            5.10.4. Product Portfolio
            5.10.5. Recent Developments
     5.11. Spacelabs Healthcare (OSI Systems, Inc.)
            5.11.1. Company Overview
            5.11.2. Product Portfolio
            5.11.3. Financial Overview
            5.11.4. Product Portfolio
            5.11.5. Recent Developments
     5.12. St. Jude Medical, Inc.,
            5.12.1. Company Overview
            5.12.2. Product Portfolio
            5.12.3. Financial Overview
            5.12.4. Product Portfolio
            5.12.5. Recent Developments

List of Tables

TABLE 1: Cardiovascular Monitoring and Diagnostic Devices Market Snapshot
TABLE 2: Global Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Product Type, (US$ Mn), 2013–2024
TABLE 3: Global ECG Systems Market Revenue (US$ Mn), 2013–2024
TABLE 4: Global Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Geography, (US$ Mn), 2013–2024
TABLE 5: North America Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Country (US$ Mn), 2013–2024
TABLE 6: North America Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Product Type (US$ Mn), 2013–2024
TABLE 7: Europe Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Country (US$ Mn), 2013–2024
TABLE 8: Europe Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Product Type (US$ Mn), 2013–2024
TABLE 9: Asia Pacific Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Country (US$ Mn), 2013–2024
TABLE 10: Asia Pacific Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Product Type (US$ Mn), 2013–2024
TABLE 11: Latin America Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Country (US$ Mn), 2013–2024
TABLE 12: Latin America Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Product Type (US$ Mn), 2013–2024
TABLE 13: Rest of the World Cardiovascular Monitoring and Diagnostic Devices Market Revenue, by Product Type (US$ Mn), 2013–2024

List of Figures

FIG 1. Market Segmentation
FIG 2. Global Cardiovascular Monitoring and Diagnostic Devices Market, Estimates and Forecast, by Revenue, (US$ Mn), 2013–2024
FIG 3. Global Cardiovascular Monitoring and Diagnostic Devices Market, by Product Type, (US$ Mn), 2015
FIG 4. Global Cardiovascular Monitoring and Diagnostic Devices Market, by Geography, (Value %), 2015 and 2024
FIG 5. St. Jude Medical HeartMate 3 (Left Ventricular Assist System)
FIG 6. Global Population, by Age group (%) 2000
FIG 7. Global Population, by Age group (%) 2050
FIG 8. Porter’s Five Forces Analysis: Cardiovascular Monitoring and Diagnostic Devices Market
FIG 9. Market Attractiveness Analysis - Cardiovascular Monitoring and Diagnostic Devices Market
FIG 10. Market Share of Companies, Cardiovascular Monitoring and Diagnostic Devices (%) (2015)
FIG 11. Global Resting ECG Systems Market Revenue, (US$ Mn), 2013–2024
FIG 12. Global Stress ECG Systems Market Revenue, (US$ Mn), 2013–2024
FIG 13. Global Event Monitors Market Revenue, (US$ Mn), 2013–2024
FIG 14. Global Holter Monitors Market Revenue, (US$ Mn), 2013–2024
FIG 15. Global Implantable Loop Recorders Market Revenue, (US$ Mn), 2013–2024
FIG 16. Global ECG Management Systems Market Revenue, (US$ Mn), 2013–2024
FIG 17. Rest of the World Cardiovascular Monitoring and Diagnostic Devices Market Revenue, (US$ Mn), 2013–2024
FIG 18. Boston Scientific Corporation Financial Overview (US$ Mn), 2013–2015
FIG 19. Fukuda Denshi Co., Ltd. Financial Overview (US$ Mn), 2013–2015
FIG 20. GE Healthcare Financial Overview (US$ Mn), 2013–2015
FIG 21. Hill-Rom Holdings, Inc. Financial Overview (US$ Mn), 2013–2015
FIG 22. Johnson & Johnson Financial Overview (US$ Mn), 2013–2015
FIG 23. Medtronic plc Financial Overview (US$ Mn), 2013–2015
FIG 24. Nihon Kohden Corporation Financial Overview (US$ Mn), 2013–2015
FIG 25. Philips Healthcare Financial Overview: (US$ Mn), 2013–2015
FIG 26. Siemens Healthcare Financial Overview (US$ Mn), 2013–2015
FIG 27. Spacelabs Healthcare Financial Overview (US$ Mn), 2013–2015
FIG 28. St. Jude Medical, Inc. Financial Overview (US$ Mn), 2013–2015

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

Request Customization

Crdiovascular Monitoring Diagnostic Devices