The global cardiopulmonary stress testing systems market comprises both medium and small sized players striving to attain a stable position in the market, states Transparency Market Research (TMR) in a research report. The level of competition in the market is moderate as the two leading multinational companies, GE Healthcare and Philips Healthcare, occupy a significant share in the market. These companies dominate the market due to the popularity of the CPET and SPECT systems they manufacture. GE Healthcare, Philips, CareFusion, and Spacelabs Healthcare together accounted for a share of approximately 78.7% in the global cardiopulmonary stress testing systems market in 2014. The leading players are adopting strategies such as mergers and acquisitions and collaborations in order to remain competitive in the market.
The global cardiopulmonary stress testing systems market is anticipated to exhibit a CAGR of 8.2% between 2015 and 2023. The market is projected to be worth US$6.7 bn in 2023, rising from a valuation of US$3.3 bn in 2014.
Alarming Rise in Cardiovascular and Pulmonary Diseases to Augment Adoption of CPET Systems
Cardiopulmonary exercise testing (CPET) systems emerged dominant in the global cardiopulmonary stress testing systems market in terms of both revenue share and growth. The CPET systems segment is expected to witness a promising 8.5% CAGR from 2015 to 2023. The demand for CPET systems is gaining momentum due to the steady technological advancements in the devices, which help medical professionals monitor the functional parameters of the human body during physical activities. CPET is a sensitive and non-invasive stress test conducted to measure the breathing capacity of a person and the amount of gas exchanged in the process. This testing system is used for the diagnosis of the response of hematopoietic, neuropsychological, cardiovascular, pulmonary, and skeletal muscle systems to rigorous physical activities. This test is useful for detecting lung and heart disorders such as asthma, shortness of breath, heart failure, ischemic heart disease, and various other types of pulmonary diseases. The demand for CPET systems is expected to rise over the coming years due to the rise in the prevalence of cardiovascular and pulmonary disorders and the growing adoption of CPET among professional sportspersons.
Geographically, the global cardiopulmonary stress testing systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and North Africa. Amidst these, North America dominated the market in 2014 in terms of consumption and is expected to retain a leading position in the market. The North America market for cardiopulmonary stress testing systems stood at US$1.3 bn in 2014 and is estimated to rise to a valuation of US$2.4 bn by the end of 2023. According to a TMR analyst, “The growth of the market in this region can be attributed to the persistent adoption of cardiac monitoring systems and increasing cases of cardiopulmonary diseases.”
Rising Demographic Facing Obesity and Old Age Issues to Act as Key Market Driver
According to a report by the World Health Organization (WHO), the age demographic exhibiting strong growth across the world is the 65+ years segment. It has been projected that the number of people above the age of 60 will grow from 11% to 22% of the global population from 2000 to 2050. Countries such as South Korea, Thailand, China, Brazil, Japan, the U.K., and the U.S. are likely to witness massive growth in the geriatric population. Moreover, the rising obesity rates in many developed and developing economies have given rise to concerns over the prevalence of heart disorders. As a result of this, the adoption of cardiopulmonary stress testing systems is anticipated to grow steadily over the coming years.
Furthermore, this market is expected to be driven by the steady incorporation of upcoming advanced technologies, which are likely to enhance the systems used for the diagnosis and monitoring of cardiovascular diseases. As a result of the growing penetration of high-end systems, the rate of diagnosis is also expected to rise.
This review is based on a Transparency Market Research report titled “Cardiopulmonary Stress Testing Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
The global Cardiopulmonary Stress Testing Systems market is segmented as follows:
Global Cardiopulmonary Stress Testing Systems Market, by Product Type
- Cardiopulmonary Exercise Testing (CPET) Systems
- Portable CPET Systems
- Desktop CPET Systems
- Stress ECG
- Pulse Oximeters
- Stress Blood Pressure Monitors
Global Cardiopulmonary Stress Testing Systems Market, by Geography
- North America
- Rest of Europe
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East and North Africa
- Saudi Arabia
- Rest of MENA
- Rest of the World (RoW)
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