Heart Failure Diagnostic And Monitoring Device Market Growth Is Attributed To The Increasing Demand For Holter Monitors

According to Precision Business Insights (PBI), the latest report, the heart failure diagnostic and monitoring device market is expected to be worth USD 2,640.6 billion in 2022, growing at a 4.8% CAGR from 2022 to 2028. A disorder called heart failure prevents the heart from adequately pumping blood. Researchers and manufacturers are concentrating on creating quick and accurate diagnostic tools to identify heart failure earlier. Electrocardiograms and blood tests are the two most prevalent diagnostic options for heart failure diagnosis, and the electrocardiogram is the technique with the highest usage rate for detecting heart failure. The market for heart failure diagnostic and monitoring device is anticipated to grow due to technological progress, the introduction of new products, and expanding R&D efforts. The need for heart failure testing is increasing due to the rising number of cardiovascular testing programs and public awareness campaigns.

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Holter Monitors Segment to Dominate the Heart Failure Diagnostic and Monitoring Device Market:
The holter monitors segment is expected to account for a larger revenue share in the global heart failure diagnostic and monitoring device market, with a value share worldwide. It is projected to grow at a X% CAGR between 2022 and 2028. The segment's expansion can be attributed to the higher illness prevalence brought on by rising unhealthy food intake and a fast-paced lifestyle that negatively affects cardiac health and result in cardiac arrests and blockages. The Holter monitor also helps in the early diagnosis of aberrant heart rhythms and provides the advantage of cardiac rhythm treatment without interfering with a patient's regular activities. The cost-effectiveness of these gadgets is also a factor in the revenue growth, which raises the procedure adoption rate.

Asia Pacific Heart Failure Diagnostic and Monitoring Device Market:
The Asia Pacific market is expected to increase in the global heart failure diagnostic and monitoring device market over the forecast period. It is projected to grow at a CAGR of X% in the coming years. Huge populations, an increase in cardiovascular disease prevalence, rising healthcare costs, and increased government investment in creating sophisticated healthcare infrastructure are all characteristics of Asia Pacific that are anticipated to fuel the expansion of the heart failure diagnostic and monitoring device market in the region. The World Health Organization estimates that low- and middle-income nations account for about 75% of deaths caused by cardiovascular illnesses. The adoption of cardiovascular devices in Asia is fueled by the expanding access to healthcare services and affordability. Additionally, the region's fast-increasing senior population is anticipated to impact the need for cardiovascular equipment. By 2050, the United Nations predicts that almost 80% of the world's older adults will reside in low- and middle-income nations.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global heart failure diagnostic and monitoring device market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In April 2021, Phoenix Cardiac Devices received CE mark for its Basal Annuloplasty of the Cardio Externally device.

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The heart failure diagnostic and monitoring device market is segmented based on product, tests, and geography:
Based on the product, the market is segmented into the following:
• ECG Systems
• Holter Monitors
• Event Monitors
• Implantable Loop Recorders

Based on the tests, the market is segmented into the following:
• Blood Tests
• Chest X-Ray
• Electrocardiogram (ECG)
• Echocardiogram
• Stress Test
• Cardiac Computerized Tomography (CT) Scan or Magnetic Resonance Imaging (MRI)
• Coronary Angiogram
• Myocardial Biopsy

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the heart failure diagnostic and monitoring device market report are Abbott Laboratories, Beckman Coulter, Abiomed Inc., Berlin Heart GmbH, Biotronik SE and Co. KG, Boston Scientific Corporation, HeartWare International Inc., Jarvik Heart Inc., Medtronic plc., and St. Jude Medical.

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