That aging has a significant impact on the cardiovascular system of humans is a well-known fact. As the world’s population of people aged more than 60 years rises at an alarming pace, the risk of deaths directly caused by a number of cardiovascular conditions is also rising. The WHO stated that nearly 17.5 mn deaths across the globe occurred due to a cardiovascular disease in 2015, accounting for a massive 31% of total global deaths that year.
Rising geriatric population and heightening concerns regarding the rising burden of cardiovascular diseases on struggling economies are the chief factors driving the increased demand for effective cardiac rehabilitation measures across the globe. Increased awareness regarding the fact that cardiovascular diseases can be prevented by adopting healthy lifestyles are also playing a major role in the rising global consumption of cardiac rehabilitation devices such as stationary bicycle, treadmills, elliptical trainers, heart rate monitors, and rowers. In addition to these factors, the rising intervention of government and private bodies are also playing a major role in raising the awareness regarding preventive measures, cardiac rehabilitation practices, and products.
TMR findings suggest that the global cardiac rehabilitation market expansion at a 5.4% CAGR from 2016 to 2024. The market, which had a valuation of US$1,010.93 mn in 2015, will rise to US$1,622.9 mn by 2024.
Elliptical Trainers to Gain Prominence
Several studies have highlighted the vast and more beneficiary health effects of elliptical trainers, the devices that mimic climbing stairs, in comparison to other devices commonly used for cardio fitness. A study by the National Center for Biotechnology Information (NCBI) states that elliptical trainers have more benefits than exercises such as ground and treadmill walking and cycling. As a result, variety of elliptical trainers, such as seated and upright models, will be the most preferred cardiac rehabilitation products in the years to come.
The segment also dominates presently, accounting for an approximately 27% share of the global market in 2015. The valuation of the elliptical trainers segment is expected to expand at a healthy 6.0% CAGR from 2016 to 2024 in the global cardiac rehabilitation market.
The segment of heart rate monitors is also expected to gain a major push in the global cardiac rehabilitation market in the next few years. Factors that will increase the popularity of heart rate monitors will be the rising technological advancements, increasingly reliable outputs of new-age products, and their portable nature. The segment will expand at an approximately 7% CAGR from 2016 to 2024.
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North America to Continue Dominating Global Market but Emerging Economies to Fare Better for Investment Returns
The impact of cardiovascular diseases is especially tasking for developing and underdeveloped economies such as countries in Latin America, Asia Pacific, and Africa. The population in these regions accounts for a huge share of 82% in the overall deaths caused by non-communicable diseases across the world every year. A massive 37% of this is on account of deaths caused due to cardiovascular diseases.
As cardiovascular diseases form a huge burden on the already weak economies of developing and underdeveloped countries, and efforts are being undertaken to raise awareness regarding the need for cardiac rehabilitation for patients with cardiac disorders.
The global cardiac rehabilitation market will gain a sizeable share in the overall revenues from North America, which is presently the dominant regional market, over the period of forecast as well. North America accounted for over 50% share in the global market in 2014. However, developing regions across Asia Pacific and Latin America will lead to the most lucrative returns on investment owing to rising healthcare expenditure and increased awareness among the population. The market in Asia Pacific will expand at the highest CAGR of 6.8% from 2016 to 2024.