Cardiovascular Monitoring & Diagnostic Devices Market

Cardiovascular Monitoring & Diagnostic Devices Market Size (2023 to 2028)

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 3648 million by 2028 from USD 2579 million in 2023.

Cardiovascular disease is a medical condition that affects the structure and function of organs associated with the heart's function and circulation.

MARKET DRIVERS:

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 the focus toward 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 is growing at a lucrative 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.

MARKET RESTRAINTS:

However, unclear reimbursement policies, strict government regulations for products, and the high cost of monitoring devices are some 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 has affected the medical industry worldwide. The pandemic originated in Wuhan, China, in December 2019. COVID-19 can severely impact the cardiovascular system and cause difficulties in the kidneys, brain, and other organs in humans. 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 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 decreased by almost 50%, according to a European Society of Cardiology study. The number of scheduled cardiac appointments were postponed or canceled, having detected the initial stages of arrhythmia or other complicated heart conditions. Many 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 during the forecast period.

REPORT COVERAGE:

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:

• ECG Systems
  • Resting ECG Systems
  • Stress ECG Systems
• Event Monitors
• Holter Monitors
• Implantable Loop Recorders
• ECG Management Systems

Based on product type, ECG systems segment accounted for the largest share of the market and is expected to maintain its 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
• Europe
• Asia-Pacific
• Latin America
• Middle-East and Africa

North America is the largest market for 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:

• Abbott Laboratories (US) has a fair share of the market for cardiac monitoring and heart rhythm control products. The company spends heavily on R&D programs to improve its market position. In 2018, Abbott spent 7.5 percent of its overall income (USD 2.30 billion) in R&D activities, of which the Cardiovascular & Neuromodulation division invested USD 1 billion. Implementation of this project is progressing, although it may hamper the brand value of its goods sold in this market.
• SCHILLER China set up its department of sales and marketing in Guangzhou in 2018. The new site has taken the activities of the company closer to consumers in southern and eastern China.
• In early 2019, ZOLL Medical signed a definitive agreement to buy Cardiac Science Corporation (CSC) to reinforce its position in the automated external defibrillator section.
• At the end of 2020, Rivacor VR-T, Rivacor DR-T, Rivacor HF-T QP, Actor DX, Actor CRT-DX Bipolar, and Acticor CRT-DX obtained FDA approval.