Global Cardiovascular Diagnostic Devices Market: Trends and Outlook
The cardiovascular monitoring and diagnostic devices market is estimated to be valued at US$ 2,955.1 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cardiovascular monitoring and diagnostic devices market consist of devices used for monitoring heart rate, blood pressure, oxygen saturation, and diagnose abnormalities or disorders related to cardiovascular system. Devices such as ECG system, event monitors, Holter monitors, implantable loop recorders, ECG management system etc. are used to monitor heart function and detect any irregularities by continuously measuring electrical activity of heart. While devices like echocardiograms, stress tests, cardiac CT, MRI etc. are used for noninvasive imaging and diagnosis of conditions including coronary artery disease. Increasing prevalence of lifestyle diseases and rising geriatric population has boosted adoption of cardiovascular monitoring and diagnostic devices globally.
Market Dynamics:
Rising prevalence of cardiovascular diseases and growing geriatric population are the major factors fueling growth of cardiovascular monitoring and diagnostic devices market. According to WHO, cardiovascular diseases are the number 1 cause of deaths globally, taking an estimated 17.9 million lives each year. Growing burden of CVDs such as congenital heart disease, heart failure and strokes has raised demand for diagnosis and monitoring devices. Furthermore, rapid technological advancements in diagnostic imaging modalities such as 3D echocardiography and MRI have improved detection of cardiovascular abnormalities. However, high cost of advanced devices and lack of awareness in low-income countries are some of the factors limiting market growth.
SWOT Analysis
Strength: Cardiovascular monitoring and diagnostic devices provide accurate and effective diagnosis of cardiovascular diseases. Availability of advanced monitoring devices allow early detection of heart disorders. Growing adoption of remote patient monitoring devices ensure better management of cardiac patients.
Weakness: High cost of advanced cardiac monitoring devices limits their adoption in developing regions. Lack of skilled professionals for operating complex cardiac diagnostic equipment is a challenge.
Opportunity: Rising geriatric population and increasing prevalence of cardiovascular diseases worldwide present lucrative growth opportunities. Growing investments by manufacturers in development of wireless monitoring devices will boost market expansion.
Threats: Strong competition from alternative treatment therapies can impede market revenue. Stringent regulatory frameworks and longer device approval times also restrict market growth.
Key Takeaways
The global Cardiovascular Monitoring And Diagnostic Devices market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of cardiovascular diseases. Growing obese and geriatric population susceptible to heart ailments will drive market demand.
Regional analysis: North America dominated the global market in 2023, accounting for over 30% revenue share. High healthcare spending and presence of advanced healthcare infrastructure have made the region highly profitable. Asia Pacific is poised to be the fastest growing market, expanding at a CAGR of 12% during the forecast period. China, India and Japan are emerging as major contributors to regional market growth.
Key players: Key players operating in the cardiovascular monitoring and diagnostic devices market are GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd, Lidco Group plc., Biotricity Inc., Bittium Corporation, VivaQuant. These companies are focusing on new product launches and strategic collaborations to consolidate their market presence.
