Global Cardiovascular Monitoring and Diagnostic Devices Market: War on High CVD Prevalence Pushes Production Rates, Says TMR
A little under half the revenue generated in the global cardiovascular monitoring and diagnostic devices market for 2015 was taken up by regional players, pointing towards a highly fragmented market in terms of competition. Medtronic Plc., St. Jude Medical, Inc., Boston Scientific Corporation, and Johnson & Johnson had collectively taken up 51.4% of the market’s value in 2015. The threat of new entrants is expected to remain moderate to low over the coming years. While the incorporation of new technologies is likely to attract new entrants, the intense regulatory control over possession of rights over intellectual property is deterring quite a few of them.
According to a research report released by Transparency Market Research, the global cardiovascular monitoring and diagnostic devices market is expected to progress at an optimistic CAGR of 6.5% within a forecast period from 2016 to 2024, in terms of revenue. This revenue is expected to reach US$3.62 bn by the end of 2024, after closing in on US$2.19 bn by the end of 2016. ECG systems are likely to remain the leading product segment in the market, generating as much as US$1.66 bn by the end of 2024. However, implantable loop recorders will experience a tremendous surge in demand, expanding at a CAGR of 7.3% within the above forecast period.
Future Growth Prospects Rest on APAC Development
One of the optimistic plans that manufacturers from the global cardiovascular monitoring and diagnostic devices market can make is establishing their presence in emerging economies from Asia Pacific. With India, China, and other nations from Asia Pacific showing prolific growth in healthcare and pharmaceutical infrastructure, manufacturers are bound to unearth fruitful deal and alliances within this region. This needs to be combined with greater awareness improving campaigns and marketing drives if manufacturers are to meet the heavy unmet needs from these nations. Meanwhile, North America continues to lead the global cardiovascular monitoring and diagnostic devices market. By the end of 2024, North America is expected to generate US$1.38 bn in revenue within this market.
Cardiovascular Diseases on the Rise, Device Manufacturers Set High Production Capacities
“The leading factor contributing to the global cardiovascular monitoring and diagnostic devices market’s growth rate is the sheer volume of patients checking in for cardiovascular disease treatment. There are two key factors causing this growth in CVD patient numbers. The first is the very high percentage of geriatrics in the world today. The growing number of elderly patients is creating a direct pressure on the demand for cardiovascular monitoring and diagnostic devices, both for hospitals and for remote monitoring. The number of geriatrics in the world is expected to keep increasing over the coming decade,” states a TMR analyst.
The analyst continues, “Secondly, the number of people younger than 60 and engaging in negative lifestyle habits is increasing, further pushing the demand for cardiovascular monitoring and diagnostic devices. With a growing number of the working class population leaning towards smoking, alcohol consumption, imbalanced diets, and stressful living, healthcare industries need to prepare for the influx of patients from these demographics.”
Reimbursement Schemes Deemed Inefficient in Covering Key Cardiovascular Monitoring and Diagnostic Device Costs
One of the leading restraints affecting the global cardiovascular monitoring and diagnostic devices market at the moment is the lack of sufficient reimbursement for the use of these devices. This is especially visible in developed economies from North America and Europe, along with countries such as Japan. Specific devices within this market’s scope hold either limited coverage or no coverage at all, making it highly difficult for patients to avail the relevant treatments and severely reducing the demand for them. This issue is not only persistent on existent technologies, but is likely to affect newer ones being introduced into the healthcare sector. Implantable loop recorders are one example of advanced technologies being stifled by lack of reimbursement policies.
“Manufacturers in the global cardiovascular monitoring and diagnostic devices market are therefore looking at ways they can create advanced devices that are efficient as well as affordable. This is actually becoming easier through the implementation of wireless monitoring technologies and other digital means that allow a much simpler and cheaper way to conduct real time monitoring,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Cardiovascular Monitoring and Diagnostic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key segments of the Global Cardiovascular Monitoring and Diagnostic Devices Market
- 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
- ECG 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 World
- North America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC