Global Cardiovascular Monitoring and Diagnostic Devices Market, By Product (ECG Systems [Resting ECG Systems, Stress ECG Systems], Event Monitors, Holter Monitors, Implantable Loop Recorders, ECG Management Systems) and opportunities and forecast 2020-2027
Cardiovascular Monitoring and Diagnostic Devices Market Overview
The global Cardiovascular Monitoring and Diagnostic Devices Market is projected to expand at a significant rate in the forthcoming years. The growing prevalence of Cardiovascular Diseases is the key factor to boost the growth of global Cardiovascular Monitoring and Diagnostic Devices market. Many people are being diagnosed with cardiovascular diseases such as peripheral artery disease, coronary artery diseases, congenital heart diseases, and pulmonary conditions, shifting focus towards preventive healthcare. According to World Health Organization, Cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. More than four out of five CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people under 70 years of age.
Moreover, increasing the risk of hypertension, heart muscle weakness, an increasing number of people who have diabetes, and obesity are some major factors facilitating the market’s development in the coming years. As well, the cardiovascular monitoring and diagnostic devices market stand to gain additional traction from the increasing old age population and growing concept of medical tourism.
On the other side, factors such as the substantially high cost of these devices and lack of adequate reimbursement policies in several underdeveloped countries are expected to hamper the growth of the market. Besides this, the vendors in the market are introducing wearable and advanced medical devices such as implantable loop recorders for cardiovascular monitoring. This fact is expected to create new growth opportunities for the market’s expansion in the forecast period. Covid-19 Impact on Cardiovascular Monitoring and Diagnostic Devices Market:
In addition, the current Cardiovascular Monitoring and Diagnostic Devices Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Cardiovascular Monitoring and Diagnostic Devices Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.Cardiovascular Monitoring and Diagnostic Devices Market Segment Overview
Based on product, the ECG Systems segment has the largest share in the market. 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. In addition to this, ECG is the most preferred technique used across the globe for the diagnosis of cardiovascular disease owing to cost-effectiveness and high efficiency in cardiac treatment.
Furthermore, the Holter Monitors segment has significant growth in the market. A Holter monitor continuously observes various electrical activities of the cardiovascular system and records the ECG of arrhythmia patients consistently. In addition, an increasing number of cases of arrhythmia and conduction block is the main factor boosting the market for Holter monitors.
Cardiovascular Monitoring and Diagnostic Devices Market, By Product
Cardiovascular Monitoring and Diagnostic Devices Market Regional Overview
- ECG Systems
- Resting ECG Systems
- Stress ECG Systems
- Event Monitors
- Holter Monitors
- Implantable Loop Recorders
- ECG Management Systems
Region-wise, North America accounts for a major share in the cardiovascular monitoring and diagnostic devices market. Factors such as the high incidence of cardiovascular diseases, improved reimbursement policies, modern health care facilities, well-organized health care infrastructure, and high awareness among patients and physicians are propelling the market’s growth in this region. In addition to this, according to the center for disease control and prevention, Heart disease is the leading cause of death in the United States. One person dies every 36 seconds in the United States from cardiovascular disease. About 655,000 Americans die from heart disease each year, that’s 1 in every 4 deaths.
Likewise, Asia-pacific is expected to provide the highest growth rate due to the increasing prevalence of cardiovascular diseases, growing awareness, and presence of uncharted opportunities in India, China, and other countries in Southeast Asia.
Cardiovascular Monitoring and Diagnostic Devices Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)Cardiovascular Monitoring and Diagnostic Devices Market Competitor overview
Some key developments and strategies adopted by manufacturers in Cardiovascular Monitoring and Diagnostic Devices are highlighted below.
· In July 2021, The U.S. Food and Drug Administration (FDA) has cleared the Angel Medical Systems Inc. second-generation AngelMed Guardian device. It is the world's first implantable cardiac detection monitor and patient-warning system for acute coronary syndrome (ACS) events, including silent heart attacks. The new, second-generation device is enhanced with ease-of-use adaptations and an updated, long-life battery that could potentially double the life of the implanted device.Cardiovascular Monitoring and Diagnostic Devices Market, Key Players
· Medtronic PLC
· Boston Scientific Corporation
· GE Healthcare
· LivaNova PLC
· Philips Healthcare
· Siemens Healthcare
· St. Jude Medical, Inc.
· Nihon Kohden Corporation
· Welch Allyn, Inc.
· Spacelabs Healthcare
· Hill-Rom Holdings, Inc.