Stress test or exercise test is a measure of determining how the heart of a patient works under stressful and normal conditions. Stress test enables a physician or health care provider to identify anomalies such as lack of oxygen to heart and blood flow in stressful conditions. The patient is prepared for the test by attaching an electrocardiogram (EKG) machine and the test is performed using various equipment. The results displayed by the electrocardiogram machine along with other results enable the health care provider or physician to evaluate how well the heart of the patient responds to stressful conditions and what type of exercise and physical activities are suitable for the patient. Patients suffering from some form of cardiovascular disorders such as irregular heartbeat, chest pain, or difficulty in breathing are usually recommended a stress test.
The global stress test equipment market has been segmented based on product type, application, accessories, and region. In terms of product type, the market has been categorized into bench top equipment, portable/trolley mounted equipment, and wearable equipment. The portable/trolley mounted equipment segment accounted for the largest share of the global stress test equipment market in 2016, owing to factors such as ease of handling and technological advancements in product offerings by major market players. However, new product introductions in the wearable equipment segment and rising consumer preference for wearable devices are expected to drive the wearable equipment segment during the forecast period. Based on application, the global stress test equipment market has been segmented into cardio-pulmonary and cardiac applications. Accessories include product offerings offered by market players in conjunction with the equipment for specific purposes.
Major factors expected to drive the global stress test equipment market include aging population, growing awareness among general population about various cardiac and respiratory diseases, and sedentary lifestyles especially in the emerging countries. Rising incidence of cardiovascular and respiratory diseases leading to heart diseases, increasing demand for wearable monitoring systems in emerging countries, and new product offerings by market players are factors expected to propel the global stress test equipment market during the forecast period. However, lack of uniformity in reimbursement for stress test equipment in various regions is expected to restrain the market during the forecast period.
In terms of region, the global stress test equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global stress test equipment market during the forecast period. Major factors attributed to North America’s market dominance include rising incidence of cardiovascular and respiratory diseases, developed health care infrastructure, and increasing demand for new and advanced products among the general population in the region. According to the Centers for Disease Control, heart diseases account for an estimated 600,000 deaths in the U.S. each year; around 735,000 suffer from heart attack each year in the country. Asia Pacific is expected to register a significant growth rate from 2017 to 2025.
Key players operating in the global stress test equipment market include General Electric Company, Schiller, Clarity Medical Pvt. Ltd., OSI Systems, Inc., Koninklijke Philips N.V., MGC Diagnostics Corporation, custo med GmbH, and Mortara Instrument, Inc..
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
- 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?
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.