Being the leading cause of death and witnessing a high rise in prevalence, the class of ailments that come under the purview of cardiovascular diseases is witnessing increased focus from healthcare, research, and government bodies alike. A large number of companies are venturing into the market with an innovative range of products for diagnosing and treating a variety of cardiovascular diseases. Research and development activities are being granted increasingly more funds and governments bodies are implementing various health schemes aimed at reducing the prevalence and improving awareness about cardiovascular diseases.
Transparency Market Research states that the global cardiovascular monitoring and diagnostic devices market held an opportunity of US$1.8 bn in 2015. The market is expected to expand at a 6.4% CAGR over the period between 2016 and 2024, and rise to a valuation of US$3.1 bn by 2024.
Electrocardiogram (ECG) Systems Lead on Account of Cost Effectiveness and High Efficiency
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The product segment of ECG systems presently holds the largest share in the global cardiovascular monitoring and diagnostic devices market. The widespread presence and high preference for ECG systems in developed and developing regions alike are key to the segment’s leading market position. ECG systems are expected to remain the key contributor to the market’s overall revenues over 206 and 2024 as well, expanding at a 6.3% CAGR in the global market.
However, the segment of implantable loop recorders is expected to witness the fastest expansion, a 7.1% CAGR from 2016 to 2024. The segment is projected to benefit from the rising awareness about the use of these devices in diagnosing syncope. As several cases of the disease remain undiagnosed when other conventional diagnostic methods are used, implantable loop recorders are gaining an increased level of adoption across medical diagnostic centers globally. The valuation of the segment is expected to reach US$152.7 mn by 2024.
The segment of Holter monitors also holds immense growth promise owing to the rising prevalence of conditions such as arrhythmia and conduction block. The segment was valued at US$416.1 mn in 2015 and is expected to expand at a high single-digit CAGR from 2016 to 2024.
North America to Continue Taking Largest Share of Pie but Emerging Economies Hold More Promise
North America accounted for the largest share of the overall revenues of the global cardiovascular monitoring and diagnostic devices market in 2015. The region is expected to remain the largest market over the period between 2016 and 2024 as well. Factors such as favorable reimbursement policies, high awareness about available diagnosis and treatment methods among patients and physicians, favorable reimbursement policies, and efficient healthcare infrastructure are factors that will help North America remain at the forefront of the global market. Europe, the second largest contributor to the global cardiovascular monitoring and diagnostic devices market in 2015, will also remain a lucrative owing to large scale healthcare infrastructure development activities and rising prevalence of cardiovascular disease.
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However, developing regions such as Latin America and Asia Pacific will present the most promising growth opportunities for the global cardiovascular monitoring and diagnostic devices market over the period between 2016 and 2024. The presence of vast untapped growth prospects, rising healthcare expenditure, and increasing awareness about the efficiency of available techniques and devices in effectively curing several cardiovascular conditions will remain key to the overall growth of the market.
Several research studies also state that the risk of cardiovascular diseases is substantially high in mid- and low-income economies. This substantiates the fact that a large variety of cardiovascular monitoring and diagnostic devices will be consumed in Asia Pacific and Latin America in the next few years. The market for these devices will expand at a 7.5% in Asia Pacific and a 7.3% CAGR in Latin America over the period between 2016 and 2024.
In the highly dynamic global market for cardiovascular monitoring and diagnostic devices market, the top two vendors, GE Healthcare and Philips Healthcare accounted for a more than 55% of the global market in 2015. Other key vendors in the market are Spacelabs Healthcare, St. Jude Medical, Inc., and Siemens Healthcare.