Published: May, 2017
To attain sustainable growth in the highly consolidated arena of the global cardiac rehabilitation market, products costs and innovations are the primary areas of focus of key players, observes Transparency Market Research (TMR) in a new study. Technogym and Brunswick Corporation are the torch bearers in the marketplace, representing a cumulative share of more than 50% in 2015.
The spiraling global demand for cardiac rehabilitation is rendering the market high lucrative, attracting investors to support the development of the market. “There is a high degree of competitive rivalry in the cardiac rehabilitation market, which is fuelled by the introduction of technologically advanced products,” says TMR’s lead analyst. The opportunity in the global market for cardiac rehabilitation was valued at 1.01 bn in 2015 and is anticipated to reach US$1.62 bn by the end of 2024, progressing at a CAGR of 5.4% between 2016 and 2024.
North America to Remain Ahead through 2024
On the basis of device, elliptical trainers dominated the market in 2015, accounting for 27% of the overall market value in the same year. These types of devices are rapidly gaining popularity due to the numerous advantages offered by them. The heart rate monitor segments, on the other hand, will expand at a CAGR greater than any other segment during the forecast period.
Geographically, North America will continue to account for the lion’s share until 2024, owing to the high occurrence of cardiovascular disorders. However, developing regions will emerge more promising due to advancements in healthcare infrastructure and rising awareness among the population. Asia Pacific is poised to exhibit a CAGR of 6.8% during the same period.
High Incidence of Cardiovascular Diseases in Developing and Less Developed Countries Drives Market
The vast rise in the geriatric population indicates a subsequent expansion in the pool of people susceptible to or suffering from cardiovascular diseases. This factor is also the root cause of the increasing rates of morbidity, mortality, disability, and a substantial increase in the healthcare costs worldwide. In addition, the statistics pertaining to the prevalence of cardiovascular diseases and resultant deaths are alarming in developing and less-developed countries. Studies by the World Health Organization (WHO) indicate that low- and middle-income countries across the globe represent whopping 82% of the total number of deaths caused due to non-communicable diseases. Of these, cardiovascular accounted for a substantial 37% share. These factors are, collectively, providing a significant boost to the growth of the global cardiac rehabilitation market. Besides this, constant efforts taken by organizations at national and international levels to prevent and treat cardiovascular diseases are augmenting the market.
High Product Costs Deters Demand for Cardiac Rehabilitation
The global cardiac rehabilitation market is highly capital- and research-intensive in nature. This renders the final price of the product high. Moreover, market players have a high focus on product innovation and therefore, the risk of being replaced by novel and technologically advanced products in this arena is high. These factors, together, are hampering the widespread adoption of cardiac rehabilitation devices.
Besides these factors, the lack of awareness regarding cardiac rehabilitation programs and the dearth of professionals with adequate knowledge regarding cardiac rehabilitation services are also adversely affecting the growth of the global cardiac rehabilitation market.
The above data has been derived from the report by TMR, titled “Cardiac Rehabilitation Market (Device Type - Seated and Upright Elliptical Trainer, Stabilization Ball, Stationary Bicycle, Treadmill, Rower, Heart Rate Monitor, Blood Pressure Monitor) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The cardiac rehabilitation market has been segmented as follows:
Global Cardiac Rehabilitation Market, by Device Type
- Seated and Upright Elliptical Trainer
- Stabilization Ball
- Stationary Bicycle
- Heart Rate Monitor
- Blood Pressure Monitor
Global Cardiac Rehabilitation Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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