Worldwide Cardiovascular Monitoring and Diagnostic Devices Market to reach US$ 3.1 Bn in 2024: Transparency Market Research

According to a new market report published by Transparency Market Research “Cardiovascular Monitoring and Diagnostic Devices Market – (By Product – ECG Systems, Event Monitors, Holter Monitors, Implantable Loop Recorders, and ECG Management Systems) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”, the global cardiovascular monitoring and diagnostic devices market was valued at US$ 1.8 Bn in 2015 and is estimated to reach US$ 3.1 Bn by 2024 at a CAGR of 6.4% from 2016 to 2024.

Cardiovascular disease is a medical condition that affects the structure and organs (cardiovascular system) associated with the heart and circulation. Equipment used to monitor and diagnose cardiovascular ailments hold immense potential due to increasing prevalence of various cardiac diseases such as coronary heart disease, peripheral arterial disease, deep vein thrombosis and pulmonary embolism, and congenital heart disease. Moreover, rising geriatric population and technological advancements will increase demand for cardiovascular disease monitoring and diagnostics products globally. However, low adoption rate of advanced equipment due to high cost and poor reimbursement policies are likely to hamper market growth.

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The global cardiovascular monitoring and diagnostic devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Rest of the World. These are further categorized into various countries. North America was the largest market for cardiovascular monitoring and diagnostic devices in 2015. Dominance of North America has been attributed to increasing prevalence of chronic cardiovascular diseases, rapidly aging population, and intense governmental regulations relating to public health issues. Major types of cardiovascular monitoring and diagnostic devices that contribute to the growth of the market in North America include ECG systems, event monitors, Holter monitors, implantable loop recorders, and ECG management systems. ECG systems was the largest segment of the cardiovascular monitoring and diagnostic devices market in North America in 2015.

Europe was the second largest market for global cardiovascular monitoring and diagnostic devices market in 2015 due to factors such as increasing application of these devices by hospitals and private clinics. Germany held the largest market share of the cardiovascular monitoring and diagnostic devices market in Europe due to a large patient population base and sophisticated health care infrastructure. Factors attributed to the rapid growth of the cardiovascular monitoring and diagnostic devices market in Europe are growing geriatric population and rising incidence of cardiac disorders. According to studies conducted by the British Heart Foundation, 188,000 heart attacks and 240,000 strokes are reported in the U.K. each year. These factors are likely to accelerate the growth of the cardiovascular monitoring and diagnostic devices market in Europe.

Asia Pacific was the third largest market for cardiovascular monitoring and diagnostic devices in 2015. The market in the region is anticipated to expand at the highest CAGR during the forecast period. Asia Pacific shows a rapid increase in the incidence rate of coronary artery disease, deep vein thrombosis, and peripheral artery disease. This is expected to boost demand for cardiovascular monitoring and diagnostic devices. In addition, larger population base leading to high patient enrollment rate and implementation of government initiatives aimed at improving health care access are likely to propel the market in Asia Pacific.

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GE Healthcare, Philips Healthcare, Welch Allyn-Hill Rom, and Nihon Kohden Corporation, Siemens Healthcare, Spacelabs Healthcare, and St. Jude Medical, Inc., among others are the major players operating in the global cardiovascular monitoring and diagnostic devices market. GE Healthcare was the market leader in 2015.

The global cardiovascular monitoring and diagnostic devices market has been segmented as given below:

Global Cardiovascular Monitoring and Diagnostic Devices Market, by Product

ECG Systems
Resting ECG
Stress ECG
Event Monitors
Holter Monitors
Implantable Loop Recorders
ECG Management Systems
Global Cardiovascular Monitoring and Diagnostic Devices Market, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
France
Rest of Europe
Asia Pacific
Japan
China
India
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Rest of the World

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.