New Castle, Delaware, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cardiovascular Digital Solutions Market by Service (Unobtrusive Monitoring, CVD Health Informatics, And Cardiac Rehabilitation Program), Component (Device and Software) End User (Healthcare Provider, Healthcare Consumer, And Other), Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the cardiovascular digital solutions market was valued at $84.4 billion in 2022 and is projected to reach $154.1 billion by 2032, registering a CAGR of 6.2% from 2023 to 2032.
Cardiovascular digital solutions encompass the integration and utilization of digital technologies like AI, wearables, software, virtual healthcare solutions, smartphones, and sensors These digital healthcare systems are being introduced to enhance and deliver effective healthcare solutions. Digital solutions play a crucial role in the intervention of cardiac conditions, early detection and monitoring of patients, thereby enhancing the customization and efficiency of cardiac care.
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Prime determinants of growth
The cardiovascular digital solutions market has experienced significant growth due to a surge in prevalence of cardiac diseases such as hypertension, cardiac arrythmia, stroke among others. Sedentary lifestyles, poor dietary habits, and an aging population have contributed to the escalating incidence of the cardiovascular diseases. The cardiovascular digital solutions leverage cutting-edge technologies such as wearable devices, remote monitoring systems, and telehealth platforms to revolutionize how cardiac diseases are monitored, diagnosed, and treated.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $84.4 billion |
| Market Size in 2032 | $154.1 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 255 |
| Segments covered | Service, Component, End User and Region. |
| Drivers | Rise in prevalence of cardiovascular disorders. Surge in adoption of digital technology in healthcare. Technological advancement in remote patient monitoring. |
| Opportunities | Integration of artificial intelligence in cardiac devices. |
| Restraints | High implementation costs. |
2023 Recession Impact Analysis
- The global recession has created challenging environment for the cardiovascular digital solutions market.
- The high inflation rate and employee layoff by few major players such as Baxter and Philips, has negatively impacted new product development and research activities.
- However, market for cardiovascular digital solutions is expected to recover owing to rise in prevalence of the cardiovascular disorders.
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The unobtrusive monitoring segment to maintain its leadership status throughout the forecast peiod
Based on service, the unobtrusive monitoring segment held the highest market share in 2022, accounting for more than two-fifths of the cardiovascular digital solutions market revenue and is estimated to maintain its dominant status during the forecast period. The growth is attributed to the high adoption of unobtrusive monitoring devices. The same segment would cite the notable CAGR of 6.9% throughout the forecast timeframe.
The software segment to maintain its leadership status throughout the forecast period
Based on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the cardiovascular digital solutions market revenue and is projected to rule the roost throughout the forecast timeframe.. This is attributed to high adoption of the software analysis tool for diagnosis of diseases in the hospitals. The same segment would cite the noteworthy CAGR of 6.5% from 2023 to 2032.
The healthcare consumer segment to maintain its leadership status throughout the forecast period
Based on end user, the healthcare consumer segment held the highest market share in 2022, accounting for more than half of the cardiovascular digital solutions market revenue and is estimated to maintain its dominant status from 2023 to 2032. This is attributed to high adoption of cardiovascular digital solutions by the healthcare consumers. The same segment is projected to witness the fastest CAGR of 6.6% during the forecast period.
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The North America segment to maintain its leadership status throughout the forecast period
Based on region, the North America segment held the highest market share in 2022, accounting for more than one third of the cardiovascular digital solutions market revenue and would maintain the dominance in terms of revenue throughout the forecast timeperiod. This is attributed to high prevalence of cardiovascular diseases and strong presence of the major key players in the region. Asia-Pacific, on the other hand, is estimated to display the highest CAGR of 7.2% from 2023 to 2032.
Leading Market Players:
- Irhythm Technologies, Inc.
- Apple Inc.
- General Electric
- Alivcor, Inc.
- Verily Life Sciences Llc
- Heartflow, Inc
- Koninklijke Philips N.V.
- Cardiac Insight Inc.
- Baxter International Inc.
- Murata Manufacturing Co., Ltd.
The report provides a detailed analysis of these key players in the cardiovascular digital solutions market These players have adopted different strategies such as merger and geographical expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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