Tag Archives: Cardiovascular Monitoring and Diagnostic Devices Market

Study: Market for Cardiovascular Monitoring and Diagnostic Devices Remains Strong

Global Cardiovascular Monitoring and Diagnostic Devices Market: Overview

The number of deaths due to cardiovascular diseases and their prevalence has been increasing speedily in the last couple of years, thus attracting the attention of government bodies, bio research firms, and healthcare institutions alike. Numerous companies are venturing into the global cardiovascular monitoring and diagnostic devices market with an innovative approach and a range of high-end products for the purpose of treating various cardiovascular ailments. Research and development projects are being taken up by several institutions and there has also been a considerable rise in terms of the funding provided by governments. Furthermore, government organizations are also implementing different health schemes in order to improve the awareness level regarding cardiovascular diseases and reducing their prevalence.

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The report is an investigation in the growth of the global cardiovascular monitoring and diagnostic devices market over the last couple of years and in the coming years. The market research publication further reasons out the causes of the changes in the market across the globe. It does this so by presenting an evaluation of the dynamics and the trends prevalent from the last few years and the ones that are likely to retain an impact during the forecast period. The Porter’s five forces analysis is being taken into consideration for the analysts to provide a clear view of the vendor landscape to the readers. Mergers, agreements, acquisitions, and other partnerships have also been highlighted in the report. The study further delves into the working of the various leading companies along with the information on the products, strategies, and shares of the companies in question.

Global Cardiovascular Monitoring and Diagnostic Devices Market: Trends and Prospects

With the growing number of people crossing the age of 65, the prevalence of cardiovascular diseases is also magnifying. It has been expected that a huge rise in the geriatric population across the world will trigger the demand for effective and efficient cardiovascular monitoring and diagnostic devices. The impact on the adoption of different varieties of cardiovascular monitoring and diagnostic devices across regions such as the Middle East and Asia Pacific is expected to be humungous due to the flourishing medical tourism sector in the emerging economies of these regions. The growth of the market is expected to be further supplemented by the low cost of procedure and availability of affordable and reliable labor, especially in countries such as Indonesia, China, India, and Turkey. The threat of cardiovascular diseases is also rising due to the prevalence of factors such as growing consumption of alcohol and tobacco, high level of stress, unhealthy food habits, and lack of physical activities. This, in turn, is also warranting the demand for cardiovascular monitoring and diagnostic devices across the globe.

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Global Cardiovascular Monitoring and Diagnostic Devices Market: Regional Outlook

North America is expected to emerge as the leading market in the global cardiovascular monitoring and diagnostic devices market owing the favorable reimbursement policies provided by the governments in the region, growing awareness among consumers regarding the availability of treatment and diagnosis methods, and advanced healthcare infrastructure. Europe is likely to closely follow North America due to high incidence of cardiovascular diseases.

Global Cardiovascular Monitoring and Diagnostic Devices Market: Vendor Landscape

Some of the leading vendors in the market are Siemens Healthcare, St. Jude Medical Inc., Spacelabs Healthcare, Philips Healthcare, and GE Healthcare.

 

Cardiovascular Monitoring and Diagnostic Devices Market: New Insights for the Healthcare

Intense competition and high entry barriers outline the present state of the competitive landscape of the global cardiovascular monitoring and diagnostic devices market, states a recent Transparency Market Research (TMR) report. In the markedly consolidated market, the top two vendors, GE Healthcare and Philips Healthcare, accounted for a more than 55% share in 2015. Moreover, these two companies have their headquarters in Europe, granting this regional market a high level of saturation. The other half of the competitive landscape is, however, highly fragmented with a large number of specialty vendors operating in regional pockets.

However, the rising prevalence of a number of cardiovascular diseases coupled with the rising global demand for technologically advanced and innovative devices would attract new entrants to the market. As a result, the competition in the market is expected to further intensify in the next few years. Pulling ahead in these foreseeable tough times will require alignment of business strategies towards untapped opportunities in several regional territories and innovative ways of promoting products. Other key vendors operating in the global cardiovascular monitoring and diagnostic devices market include Spacelabs Healthcare, St. Jude Medical, Inc., and Siemens Healthcare.

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Vast Geriatric Population Base and Flourishing Medical Tourism Industry Key to Market’s Growth

According to estimates derived by the United Nations University (UNU), the share of people aged above 65 years in the global population is expected to rise from 7% in 2000 to 16% by 2050. As people above the age of 65 years are more prone to acquiring cardiovascular diseases, the vast rise in the world’s geriatric population in the near future will stimulated demand for effective cardiovascular monitoring and diagnostic devices.

Additionally, the flourishing sector of medical tourism in developing countries will have a sizeable impact on the consumption of a variety of cardiovascular monitoring and diagnostic devices in regions such as Asia Pacific and Middle East in the next few years. Low procedural costs and availability of reliable and affordable labor in countries such as Turkey, India, China, and Indonesia will make them the most preferred foreign destinations for undertaking complex cardiovascular diagnosis and surgeries.

Factors such as inadequate physical activities, unhealthy diets, high stress levels, and rising consumption of tobacco and alcohol are substantially increasing risk of cardiovascular disorders in the global population. This has also emerged as a high-impact driver of the global cardiovascular monitoring and diagnostic devices market in the past few years.

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Lack of Favorable Reimbursement Policies and High Cost of Advanced Devices Challenge Expansion across Developing Economies

For most varieties of cardiovascular monitoring and diagnostic devices available in the market presently, high costs and limited or inadequate reimbursement policies are the key hindrances that limit the overall development of the market to a certain extent. In developed regions such as the U.S., Japan, and many European countries, the high costs of devices are supported by sufficient reimbursement for purchasing these devices and tests. However, post purchase activity costs, involving costs for recording and testing activities are not covered under reimbursement policies, bringing down the attractiveness of high-end cardiovascular monitoring and diagnostic devices, especially across cost-sensitive developing regions.

The global market for cardiovascular monitoring and diagnostic devices is expected to expand at a healthy CAGR of 6.4% over the period between 2016 and 2024, rising from a valuation of US$1.8 bn in 2015 to US$3.1 bn by 2024. The segment of ECG systems contributed the largest share to the market’s overall revenues in 2015, accounting for nearly US$878 mn in 2015. However, the segment of implantable loop recorder is expected to expand at the highest CAGR of 7.1% over the period between 2016 and 2024. Geography-wise, Asia Pacific will present the most promising growth opportunities over the said period, expanding at a 7.1% CAGR.

This review of the global cardiovascular monitoring and diagnostic devices market is based on a recent market research report published by Transparency Market Research, titled “Cardiovascular Monitoring and Diagnostic Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”

 

Cardiovascular Monitoring and Diagnostic Devices Market to Grow due to Rising Incidence of Cardiovascular Diseases

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

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.

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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.

 

The Future Shape of Cardiovascular Monitoring and Diagnostic Devices Market

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

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.

 

Global Cardiovascular Monitoring and Diagnostic Devices Market will Report a 9.7% CAGR from 2013 to 2019

Increasing adherence to a deceptive destructive modern lifestyle, intensifying schedules, and unhealthy dietary and other lifestyle choices are the most widespread consequences of urbanization. The situation has inevitably led to a growing incidence of chronic lifestyle diseases all over the world. Cardiovascular diseases, for instance, are now looked upon as one of the leading causes of death around the world. According to the WHO (World Health Organization), cardiovascular diseases will remain the leading cause of death worldwide until 2030.Physical inactivity, unhealthy diet, and growing prevalence of addictions such as smoking have been cited as the most common underlying causes of cardiovascular diseases. These also are the most effective causative agents leading to hypertension and obesity, which again are two of the most common conditions associated with cardiovascular diseases. The rapidly increasing number of patients diagnosed with peripheral artery diseases, congenital heart diseases, pulmonary embolisms, and coronary artery diseases has spurred the demand for precautionary healthcare. Hence, demand for cardiovascular monitoring devices has risen in recent years.

According to a recent report published by Transparency Market Research, the global cardiovascular monitoring devices market, which stood at US$3.7 billion in 2012, will expand at a healthy 9.7% CAGR to reach a valuation of US$7.0 billion by 2019.

Aging Population and Technology Advances to Boost Global Market

The globally increasing incidence of cardiovascular diseases can be largely attributed to the growing geriatric population. The risk of diabetes and hypertension enhances with age, which in turn boosts the demand for cardiovascular diagnostic devices. Moreover, the advent of compact and precise therapeutic and diagnostic devices have made it possible to conduct tests through portable devices, which, according to experts, will significantly bolster the global cardiovascular monitoring devices market. The medical world today has been introduced to wearable medical devices such as heart rate monitors and technologies like implantable loop recorders. This has compelled leading players to pace up innovation, which in turn will propel the market.

Demand for ECG Systems to Remain High

The popular product types encompassed within the ambit of the cardiovascular monitoring devices market are ECG systems, holster monitors, cardiovascular diagnostic catheters, event monitors, ECG management systems, and implantable loop monitors. The demand for ECG systems has surged ahead of its contemporaries owing to the convenience and low cost of the procedure. However, while ECG systems dominated the market for cardiovascular monitoring devices in 2012, recent trends indicate encouraging prospects for the implantable loop monitors segment in the foreseeable future.

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Asia Pacific to Emerge as Fastest Growing Cardiovascular Monitoring Devices Market

The key geographical segments of the cardiovascular monitoring devices market are North America, Asia Pacific, Europe, and Rest of the World. North America has always remained in the vanguard of technological innovations, which is one of the key reasons why the demand for cardiovascular diagnostic devices is the highest from this region.Widespread awareness among patients is likely to keep the demand for cardiovascular diagnostic devices high in North America in the near future as well. However, the growing prevalence of cardiovascular ailments in Asia Pacific, together with increasing patient population and healthcare expenditure, will help the region emerge as the fastest growing cardiovascular monitoring and diagnostic devices market in the forecast period.