The size of the global cardiovascular monitoring and diagnostic devices market is estimated to be growing at a CAGR of 7.18% during the forecast period. The size of the market is predicted to be USD 3404 million by 2026 from USD 2407 million in 2021.
Cardiovascular disease is a medical condition that affects the structure and function of organs associated with the heart's function and its circulation.
Cardiovascular diseases are the primary cause of death and witnessing a high rise in prevalence. Many people are being diagnosed with cardiovascular diseases such as periphery artery diseases, coronary artery diseases, congenital heart diseases, and pulmonary conditions, shifting focus towards preventative healthcare.
Increasing the risk of hypertension, heart muscle weakness, increasing the number of people who have diabetes, and obesity are the major factors driving the market. Technological advancements have enabled additional features such as portability in performing various tests, which further add to the growth of the cardiovascular monitoring market.
With the newly innovative developments for diagnosing and treating cardiovascular diseases, the cardiac monitoring and diagnostic devices market grows at a lucrative growth rate. The demand for cardiac monitoring and diagnostic products is powered by increased awareness of a healthy lifestyle. Increasing expenditure in the manufacturing of medical devices is also one of the compelling reasons for expanding the global market for diagnostic devices and cardiovascular monitoring.
At the very same time, the untapped demand is creating new opportunities for the cardiac monitoring and diagnostic devices market throughout the coming period, together with the latest rising technological developments in cardiovascular care and diagnostics.
However, unclear reimbursement policies, strict government regulations for products, and the high cost of monitoring devices are some of the major factors hindering the growth of the global cardiovascular monitoring and diagnostic devices market.
Impact of COVID-19 on the global cardiovascular monitoring and diagnostic devices market:
The novel coronavirus (COVID 19) pandemic crisis has affected the medical industry worldwide. The pandemic was originated in Wuhan, China, in December 2019. The COVID-19 can severely impact the cardiovascular system and can also cause difficulties in the kidneys, brain, and other organs in humans. The emergency patients require care from a multidisciplinary team. In some cases, the COVID pandemic has created acute heart failure, myocarditis, shock, and thromboembolism. Due to the COVID-19, the demand for cardiovascular monitoring and diagnostic devices has significantly grown, and a few countries severely suffered from the shortage of these devices in the recent past.
On the other end, during the initial stages of the pandemic period, the number of patients suffering from a heart attack that seek emergency hospital care is decreased by almost 50%, according to the European Society of Cardiology study. The number of scheduled cardiac appointments were postponed or canceled, having detected the initial stages of arrhythmia or any other complicated heart conditions. Many of the cardiac providers and other relevant technologies have adapted their offerings to make the patients feel more comfortable and protected to access.
Nonetheless, taking the situation ahead, the global market for cardiovascular monitoring and diagnostic devices is expected to grow healthy rate between 2021 to 2026.
Market Size Available
2020 to 2026
2021 to 2026
By Product & Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
GE Healthcare, Philips Healthcare, Siemens Healthcare, Boston Scientific Corporation, St. Jude Medical, Inc., Nihon Kohden Corporation, Welch Allyn, Inc., Spacelabs Healthcare, LivaNova PLC, and Hill-Rom Holdings, Inc.
This research report on the global cardiovascular monitoring and diagnostic devices market has been segmented and sub-segmented into the following categories.
Cardiovascular Monitoring and Diagnostic Devices Market - By Product:
Based on product type, ECG systems accounted for the largest share in the market and expected to maintain their stronghold in the market during the forecast period due to widespread availability and increasing preference for these devices in developed and developing regions.
Cardiovascular Monitoring and Diagnostic Devices Market - By Region:
North America is the largest market for the cardiovascular diagnostic and monitoring devices market. It is expected to sustain its substantial share owing to its favorable reimbursement policies and high awareness about available diagnosis and treatment methods among patients and physicians.
Asia-Pacific is estimated to be the fastest-growing region during the forecast period due to raising awareness about accessible devices' effectiveness in successfully curing several cardiovascular conditions and increasing healthcare spending.
Also, developing and emerging economies like China and India provide lucrative opportunities for growth for the market players during the forecast period.
PROMISING PLAYERS IN THIS MARKET:
GE Healthcare and Phillips healthcare dominated the global Cardiovascular Monitoring and Diagnostic Devices Market, accounting for an approximately 50% share. Other major players covered in the report are Siemens Healthcare, Boston Scientific Corporation, St. Jude Medical, Inc., Nihon Kohden Corporation, and Welch Allyn, Inc.
RECENT MARKET DEVELOPMENTS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Product Type
5.1.1 ECG Systems
188.8.131.52 Resting ECG Systems
184.108.40.206 Stress ECG Systems
5.1.2 Event Monitors
5.1.3 Holter Monitors
5.1.4 Implantable Loop Recorders
5.1.5 ECG Management Systems
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.4 Rest of Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 GE Healthcare
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Philips Healthcare
8.3 Siemens Healthcare
8.4 Boston Scientific Corporation
8.5 St. Jude Medical, Inc
8.6 Nihon Kohden Corporation
8.7 Welch Allyn, Inc.
8.8 Spacelabs Healthcare
8.9 LivaNova PLC
8.10 Hill-Rom Holdings, Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures