Cardiovascular Monitoring and Diagnostic Devices Market to Be worth US$3,629.5 Mn by 2025
The World Health Organization (WHO) has rated cardiovascular diseases (CVDs) as the number one cause of deaths across the world, claiming more than 17.7 million people in 2015 and the number is poised to increase consistently in the near future. Thankfully, collaboration of science and technology has led to the advent of devices that can efficiently monitor and diagnose the development of a disorder in the circulatory system including the heart and blood vessels. And, as healthcare infrastructure improves across developed and emerging economies, the uptake of these devices is anticipated to accelerate. According to this business intelligence study, the demand in the global cardiovascular monitoring and diagnostic devices market will increment at an impressive CAGR of 6.5% during the forecast period of 2017 to 2024. The analyst of the report has estimated that there will be opportunities worth US$3,629.5 in the market for devices that can monitor and diagnose cardiovascular system across the world by the end of 2024, substantially more than its evaluated valuation of 2,329.7 mn as of 2017.
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Apart from the strong prevalence of cardiovascular diseases as a result of tobacco use, obesity, and unhealthy diet, improving health insurance portfolio of urban populations, and technological advancements, the cardiovascular monitoring and diagnostic devices market stands to gain additional traction from increasing geriatric population and growing concept of medical tourism. On the other hand, substantially high cost of these devices are keeping them away from a potent chunk of consumer base. Additionally, lack of adequate reimbursement policies in several underdeveloped countries is a challenge in front of the prosperity of this market. Nevertheless, the vendors stand to gain from the introduction of wearable and advanced medical devices such as implantable loop recorders for cardiovascular monitoring.
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ECG Systems to Remain Leading Product Segment until 2024
On the basis of product type, the market for cardiovascular monitoring and diagnostic devices has been segmented into ECG systems including resting and stress, diagnostic catheters, ECG management systems, implantable loop recorders, holder monitors, and event monitors. Among these, the sub-segments of ECG systems collectively provided for a demand that was worth US$1,075.1 mn in 2017, which was more than double of the next fruitful segment of holter monitors. ECG system, which is a diagnostic tool used to assess the electrical and muscular functions of the heart, observes rate and rhythm of the heartbeat, blood flow to the heart muscle, and diagnoses heart attacks. ECG is the most preferred technique used across the world for the diagnosis of cardiovascular disease due to cost effectiveness and high efficiency in cardiac treatment. By the end of 2024, the segment is poised to attain a valuation of US$1,662.7 mn. Most of this potential demand for ECG system is expected out of developing countries owing to their cost factors, safety of procedure, and painlessness.
On the other hand, holder monitors are expected to sustain their position as second most profitable region until 2024, generating a revenue of US$792.7 mn. A holter monitor continuously perceives various electrical activities of the cardiovascular system and records ECG of arrythmia patients consistently. It is also used to detect conduction block in auricles and ventricles. Increasing number of cases of arrhythmia and conduction block is the major factor driving the market for Holter monitor.
North America Most Lucrative Region
Geographically, the report has evaluated the potential of demand for cardiovascular monitoring and diagnostic devices that can be expected out of North America, Europe, Asia Pacific, Latin America, and Rest of the World. According to the American Heart Association, the Centers for Disease Control and Prevention and the National Institutes of Health, cardiovascular disease is the leading cause of death across the globe and the number is expected to reach up to over 23.6 million by 2030. North America was the largest market for cardiovascular monitoring and diagnostic devices in 2017. The region is likely to sustain its leadership position up to 2024, promising for a demand worth of US$1,389.0 mn. High incidence of cardiovascular diseases, better reimbursement policies, modern health care facilities, efficient health care infrastructure, and high awareness among patients and physicians are the major factors driving the market in the region.
Demand from Asia Pacific to expand at a stronger CAGR
However, the demand for devices that diagnose and monitor cardiovascular system is projected to grow at the fastest CAGR of 7.6% during 2017 to 2024 from Asia Pacific. The Asia Pacific market is estimated to be worth US$749.1 mn by 2024, which can be attributed due to increasing prevalence of cardiovascular diseases, rising awareness and presence of unexplored opportunities in India, China, and other countries in Southeast Asia. Patient hospitality services and proper knowledge of handling of devices by surgeons play an important role in mobility of patients as well as growth of the cardiovascular monitoring and diagnostic devices market.
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Medtronic PLC, Boston Scientific Corporation, GE Healthcare, LivaNova PLC, Philips Healthcare, Siemens Healthcare, and St. Jude Medical, Inc. are a few leading companies of this market that have been profiled in this BI report on the cardiovascular monitoring and diagnostic devices market.
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