The cardiovascular monitoring and diagnostic devices market is estimated to be valued at US$2,955.1 Mn in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cardiovascular monitoring and diagnostic devices market comprises devices used for monitoring and diagnosing various cardiovascular diseases and disorders. Some key products in this market include ECG systems, event monitors, holter monitors, implantable loop recorders, cardiac output monitoring devices, electrophysiology lab devices, and intravascular ultrasound systems. These devices help in early detection of cardiovascular diseases, continuous monitoring of heart health, and aid in treatment and management of various heart conditions. Growing prevalence of cardiovascular diseases and increasing geriatric population are major factors driving demand for these diagnostic and monitoring devices.
Market Dynamics:
The primary drivers boosting growth of the Global Cardiovascular Monitoring And Diagnostic Devices Market include rising rates of cardiovascular diseases across the globe and growing geriatric population susceptible to heart conditions. As per World Health Organization, cardiovascular diseases account for over 17 million deaths every year, which is nearly one third of all global deaths. With aging population worldwide, incidence of heart disorders is increasing rapidly. This is prompting greater uptake of diagnostic testing and disease monitoring tools. Moreover, technological advancements enabling miniaturization and development of remote monitoring systems is also fueling market expansion. Growing adoption of digital health tools amid COVID-19 pandemic has further accelerated demand. However, high costs of advanced devices and lack of reimbursement policies in developing nations are major challenges.
Segment Analysis
The cardiovascular monitoring and diagnostic devices market is primarily segmented into electrocardiography (ECG) devices, remote patient monitoring (RPM) devices, implantable loop recorders (ILR), event monitors, holter monitors and other monitoring devices. Among these, the ECG devices segment dominates the market and accounts for the largest market share. The large share of this segment can be attributed to the widespread adoption of these devices in hospitals and healthcare centers for detection of any abnormalities or disorders in heart functioning.
PEST Analysis
Political: Governments across various countries are increasingly focusing on improving healthcare infrastructure and providing universal coverage of cardiovascular diseases. This is expected to create a conducive environment for market growth.
Economic: Rising geriatric population and increasing prevalence of cardiovascular diseases have boosted healthcare spending. This has accelerated the demand for effective diagnostic and monitoring tools.
Social: Growing awareness about prevention and early detection of heart conditions through regular check-ups has raised the adoption of cardiovascular monitoring devices.
Technological: Introduction of advanced technologies such as implantable devices, remote monitoring solutions and artificial intelligence is expanding the capabilities of monitoring systems.
Key Takeaways
The global cardiovascular monitoring and diagnostic devices market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of cardiovascular disorders, rise in obese population and growing geriatric demographic.
Regional analysis: North America dominates the global market owing to the presence of major players, rising healthcare expenditure and growing burden of cardiovascular diseases in the region. Additionally, Asia Pacific is projected to experience the highest growth rate during the forecast period due to increasing penetration of monitoring devices and expanding medical infrastructure in countries like China and India.
Key players: Key players operating in the cardiovascular monitoring and diagnostic devices market are GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd, Lidco Group plc., Biotricity Inc., Bittium Corporation, VivaQuant. These companies are focused on developing advanced and innovative devices to diagnose cardiovascular disorders efficiently.
Read More: https://www.ukwebwire.com/cardiovascular-monitoring-and-diagnostic-devices-market-size
An up to date business and commerce study conducted at the headquarters of Transparency Market Research (TMR) has detected that while the global cardiovascular monitoring and diagnostic devices market is showing great promise for the future, the vendor landscape is already highly competitive.
Devices that can monitor and diagnose the cardiovascular system makes for a market that is dynamic in nature, with strong emphasis on technological advancements.
For instance, Medtronic PLC offers Autolog Autotransfusion system, HMS plus hemostasis management system, and ACT plus automated coagulation timer system, which is used in cardiovascular and vascular surgeries and ECMO.
On the other hand, new entrants are also expected to make a mark in this market if they can match up to the technical expertise or harness the concept of wearables, although intellectual property rights and strict regulatory approach may act as a barrier for them.Request COVID Analysis on Cardiovascular Monitoring and Diagnostic Devices Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=2385Global Cardiovascular Monitoring and Diagnostic Devices Market to be worth US$3,629.5 mn by 2025According to the projections of the TMR report, the opportunities in the global cardiovascular monitoring and diagnostic devices market will translate into a revenue of US$3,629.5 mn by the end of 2024, with the demand expanding at a notable CAGR of 6.5% during the forecast period of 2017 to 2024.
The report has also evaluated that the market was worth US$2,329.7 mn as of 2017.
Based on product type, the report segments the market for cardiovascular monitoring and diagnostic into ECG systems, event monitors, diagnostic catheters, holter monitors, ECG management systems, and implantable loop recorders.
TheBusinessResearchCompany published its Cardiovascular Monitoring And Diagnostic Devices And Equipment Global Market Report 2019 which provides strategists, marketers and senior management with the critical information they need to assess the global cardiovascular monitoring and diagnostic devices and equipment market.
The report covers the cardiovascular monitoring and diagnostic devices and equipment market’s segments- cardiopulmonary stress testing systems, ECG data management Systems, ECG monitoring equipment, ECG stress testing systems, event monitoring systems, holter monitoring systems, hospitals/physician clinic (continuous glucose monitors), home/emergency, research and development (clinical trials, universities, CRO).Explore Complete Report https://www.thebusinessresearchcompany.com/report/cardiovascular-monitoring-and-diagnostic-devices-and-equipment-global-market-reportCardiovascular Monitoring And Diagnostic Devices And Equipment Global Market Report 2019 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 50+ geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It also compares the market’s historic and forecast growth.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Request to get the sample of this report https://www.thebusinessresearchcompany.com/sample.aspx?id=2423=smpCompanies in the cardiovascular monitoring and diagnostic devices and equipment market are developing implantable cardiac monitors (ICMs) to monitor heart rhythm.
The study of the Cardiovascular Monitoring and Diagnostic Devices market by Reports and Data offers a comprehensive overview of the market size and trends of the Cardiovascular Monitoring and Diagnostic Devices market on a global and regional scale.
The insightful information offered by the report assists in making profitable business decisions and formulate strategic investment plans to gain maximum returns.
In addition to this, the study is equipped with a detailed analysis of the companies to help the readers understand the competitive scope of the market.Furthermore, the report also covers a thorough analysis of the key factors influencing the market growth.
The pandemic has affected the market directly by disrupting the global supply chains, halting the manufacturing and production processes, and altering the economic landscape of the market.
The report also offers a current and future assessment of the impact of the pandemic on the Cardiovascular Monitoring and Diagnostic Devices market.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/3281 The report aims to provide an in-depth analysis of the competitive landscape with profiles of key market competitors.
It covers extensive analysis of the competitors along with their business expansion plans, product launches and brand promotions, and the advancements in the manufacturing processes and product portfolio.The report also provides an extensive analysis of the latest product developments, technological advancement, and advancements research and developments in the global Cardiovascular Monitoring and Diagnostic Devices industry.
