Wilmington, Delaware, United States, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to Transparency Market Research, the cardiovascular diagnostic & monitoring devices market was valued at US$ 14.2 Bn in 2021 and is anticipated to expand at a CAGR of 7.5% during the forecast period 2022 to 2031, and surpass US$ 29.0 Bn by the end of 2031.
High salt intake in the diet and lifestyle changes have led to considerable prevalence of cardiovascular diseases among the global population. Additionally, increased consumption of alcohol and tobacco coupled with a rise in smoking habits have proved to be the main reasons for the occurrence of cardiovascular diseases. If detected early, cardiovascular diseases can be effectively treated. Demand for early diagnosis of cardiovascular diseases is expected to rise in the coming years.
Business opportunities for cardiovascular diagnostic & monitoring devices market are predicted to increase owing to the introduction of new products with innovative features. Further, incorporating cutting-edge technologies into cardiovascular devices, such as artificial intelligence (AI), enhances patient care and lowers the mortality rate.
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Cardiovascular Diagnostic & Monitoring Devices Market: Growth Drivers
- Cardiac monitoring devices are vital as they are used to determine the severity of cardiac failure. Concurrently, the effectiveness of treatments conducted by adopting techniques such as surgeries, drugs, and device implants have augmented the market growth. Preventable cardiovascular disease (CVD) is one of the leading causes of death worldwide. Pre-monitoring and pre-diagnosis can prevent majority of CVDs. Arrhythmias, or irregular heartbeats, can be avoided if detected early. Cardiac monitoring products help patients who are at high risk of heart disease by assisting with diagnosis and monitoring, which eventually propels the cardiovascular diagnostic & monitoring devices industry growth.
- Use of conventional electronic medical records and integration of medical data with a mobile device by doctors and healthcare networks has reduced. On the other hand, the emerging trend of using new wireless monitoring tools for the treatment of cardiac patients has created new business opportunities for the global market. Development of these wireless cardiac monitoring devices has resulted in preference for personalized medicine. Consequently, healthcare workers are trained to use cutting-edge biosensing which predicts events before they occur. These aspects are projected to offer immense growth opportunities to the cardiovascular diagnostic & monitoring devices industry.
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Key Findings of Cardiovascular Diagnostic & Monitoring Devices Market
- In terms of end user, the cardiovascular diagnostic & monitoring devices market is expected to be dominated by the hospitals segment. The hospitals sector is being driven by favorable reimbursement policies and improved healthcare infrastructure in developing nations worldwide.
- The ECG devices segment is projected to expand extensively between 2021 and 2031 owing to expanding use of these devices to detect cardiovascular diseases. It also assists in choosing the best treatment. ECG is a painless and non-invasive procedure which has gained traction across the globe.
Cardiovascular Diagnostic & Monitoring Devices Market: Regional Assessment
- North America is projected to account for maximum revenue share of the global market. Key factors driving the market in the region include a well-established healthcare infrastructure and rapid adoption of technologically advanced products including implantable loop recorders, Holter monitors, and others.
- In the United States, a large chunk of population have heart failure and arrhythmia which may require ongoing monitoring through cardiovascular monitoring devices. The business is expected to grow significantly during the forecast period due to the high prevalence of heart failure in the United States and the significant healthcare spending on treatment. Strong healthcare infrastructure is likely to help the cardiovascular diagnostic and monitoring devices market in Canada to grow rapidly between 2022 and 2031.
- During the forecast period, the market in Asia Pacific is expected to grow at the fastest rate. Expansion of health care infrastructure is expected to drive demand between 2021 and 2031 in the region.
Cardiovascular Diagnostic & Monitoring Devices Market: Key Players
Key players operating in the global market are:
- Koninklijke Philips N.V.
- Nihon Kohden Corporation
- Boston Scientific Corporation
- Abbott Laboratories
- GE Healthcare
Global Cardiovascular Diagnostic & Monitoring Devices Market: Segmentation
By Product
- ECG Devices
- Holter Monitors
- Event Monitors
- Implantable Loop Recorders
- Mobile Cardiac Telemetry
By End-user
- Hospitals
- Clinics
- Ambulatory Surgery Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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