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Robust Growth Projected for Cardiovascular Monitoring and Diagnostic Devices Market
Cardiovascular Monitoring And Diagnostic Devices And Equipment Market
The cardiovascular monitoring and diagnostic devices and equipment market have witnessed significant expansion, escalating from $3.59 billion in 2023 to $4.01 billion in 2024, showcasing an impressive compound annual growth rate (CAGR) of 11.4%. This positive trajectory is anticipated to persist, propelling the market to reach $5.77 billion by 2028, with a projected CAGR of 9.5%. Key drivers influencing this substantial growth are elucidated below.
Enhanced Healthcare Infrastructure Fuels Market Growth
The anticipated growth of the cardiovascular monitoring and diagnostic devices and equipment market is underpinned by improved healthcare infrastructure. Enhanced healthcare infrastructure is vital for the effective development, implementation, and utilization of cardiovascular monitoring and diagnostic devices. It encompasses physical facilities, skilled personnel, and robust systems required to provide healthcare services efficiently. Notably, in the U.S., healthcare spending reached $4.3 trillion in 2021, reflecting a 2.7% increase. This growth in healthcare spending, accounting for 18.3% of the nation's Gross Domestic Product, underscores the pivotal role of enhanced healthcare infrastructure in driving the cardiovascular monitoring and diagnostic devices and equipment market.
Rising Prevalence of Obesity and Diabetes Sparks Market Growth
The surge in individuals suffering from obesity and diabetes is a major catalyst for the cardiovascular monitoring and diagnostic devices market. Obesity and diabetes contribute to risk factors such as high blood pressure and high cholesterol, leading to cardiovascular diseases. Studies by the American Heart Association predict that cardiovascular diseases will affect 22.2 million individuals by 2030. Moreover, the U.S. alone has 26 million diagnosed cases of diabetes, with an additional 9 million undiagnosed cases, further emphasizing the need for cardiovascular monitoring and diagnostic devices.
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Key Industry Players and Market Dynamics
Major companies driving the cardiovascular monitoring and diagnostic devices market include Medtronic PLC, Boston Scientific Corporation, GE Healthcare, Johnson & Johnson, Philips Healthcare, Siemens Healthcare, and St. Jude Medical Inc., among others. These companies play a pivotal role in the development of innovative products, such as Boston Scientific's LUX-Dx II+, an insertable cardiac monitor system that enhances diagnostic evaluation and long-term monitoring of irregular heartbeats.
Innovative Product Launches Shape Market Advancements
The introduction of novel products is a prominent trend shaping the cardiovascular monitoring and diagnostic devices market. Companies are focusing on product launches to bolster their portfolios and fortify their market positions. For example, SmartCardia SA launched the 7L patch, a 7-lead cardiac monitoring patch in India in August 2022. This wearable technology, coupled with artificial intelligence, provides predictive and personalized patient insights through remote monitoring.
Regional Dynamics
North America emerged as the largest region in the global cardiovascular monitoring and diagnostic devices market in 2023, with Western Europe following as the second-largest region. The comprehensive market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation
The cardiovascular monitoring and diagnostic devices market covered in this report are segmented as follows:
•By Product Type: Cardiopulmonary Stress Testing Systems, ECG Data Management Systems, ECG Monitoring Equipment, ECG Stress Testing Systems, Event Monitoring Systems, Holter Monitoring Systems
•By Type: Heart Disease, Coronary Heart Disease
•By End-Use: Hospitals/Physician Clinic (Continuous Glucose Monitors), Home/Emergency, Research and Development (Clinical Trials, Universities, CRO)
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Cardiovascular Monitoring And Diagnostic Devices And Equipment Global Market Report 2024from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheCardiovascular Monitoring And Diagnostic Devices And Equipment Global Market Report 2024byThe Business Research Company is the most comprehensive report that provides insights on cardiovascular monitoring and diagnostic devices and equipment market size, cardiovascular monitoring and diagnostic devices and equipment market drivers and trends, cardiovascular monitoring and diagnostic devices and equipment market major players, cardiovascular monitoring and diagnostic devices and equipment market competitors' revenues, cardiovascular monitoring and diagnostic devices and equipment market positioning, and cardiovascular monitoring and diagnostic devices and equipment market growth across geographies.The cardiovascular monitoring and diagnostic devices and equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the cardiovascular monitoring and diagnostic devices and equipment market report and tap into segments with the highest growth potential.
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