Global Diagnostic Cardiology Market Size to Reach USD 8.57 Billion in 2032 | Emergen Research

Vancouver, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global diagnostic cardiology market size was USD 5.35 Billion in 2022 and is expected to register a steady revenue CAGR of 4.8% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of cardiovascular disorders is a key factor driving market revenue growth. According to the American Heart Association, Cardiovascular Disease (CVD) is the leading cause of death in the U.S., with 928,741 deaths predicted in 2020. Coronary Heart Disease (CHD) was the major cause of CVD fatalities (41.2%) in the U.S. in 2020, followed by stroke (17.3%), other CVDs (16.8%), high blood pressure (12.9%), heart failure (9.2%), and artery diseases (2.6%).

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However, lengthy process of getting approval is a key factor, which could restrain market revenue growth. These devices are designed to provide critical information about a patient’s heart health. Beyond safety, regulatory authorities also need to assess the effectiveness of diagnostic cardiology devices, which requires thorough clinical trials to demonstrate that the device can reliably and accurately diagnose or monitor cardiac conditions. In addition, collection and analysis of clinical trial data is a meticulous and time consuming process. Regulatory agencies, such as US Food and Drug Administration (FDA), have limited resources and receive numerous device submissions. Reviewing these submissions thoroughly takes times, especially if regulators request additional information or clarification.

Scope of Research

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Major Companies and Competitive Landscape

The global diagnostic cardiology market is fragmented, with several medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new cardiovascular diagnostic devices. Some major players included in the global diagnostic cardiology market report are:

• Hill-Rom Holdings, Inc.
• GE HealthCare Technologies, Inc.
• Koninklijke Philips N.V.
• F. Hoffmann-La Roche Ltd.
• Nihon Kohden Corporation
• bioMérieux SA
• Norav Medical
• Medtronic plc
• Boston Scientific Corporation
• Siemens Healthineers GmbH
• Terumo Corporation
• Cardinal Health, Inc.

Strategic Development

• In August 2023, Siemens Healthineers introduced the Acuson Origin1, a specialized cardiovascular ultrasound system featuring enhanced Artificial Intelligence (AI) capabilities. Created to enhance patient outcomes and streamline minimally invasive cardiac procedures for healthcare providers, the Acuson Origin covers the full spectrum of cardiovascular patient care, encompassing diagnostic, structural heart, electrophysiological, and pediatric procedures.
• In May 2023, Masimo disclosed that its Radius VSM, a wearable patient monitor for continuous multi-parameter vital signs, obtained Food and Drug Administration (FDA) 510(k) clearance. Built on a modular platform, the Radius VSM enables healthcare professionals to oversee a diverse range of physiological measurements, including Masimo SET pulse oximetry, noninvasive blood pressure, temperature, respiration rate, and Electrocardiography (ECG).

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Some Key Highlights From the Report

• The Electrocardiogram (ECG) monitoring device segment accounted for largest revenue share in the global diagnostic cardiology market in 2022. This is due to increasing use of Electrocardiogram (ECG) monitoring devices in diagnostic cardiology by recording and analyzing the electrical activity of heart over a period of time. One such monitors is the Holter monitors, which record heart’s electrical signals continuously during daily activities, providing a comprehensive view of heart rhythm over an extended period. Holter monitors can be employed to assess a patient’s risk of developing certain heart conditions, particularly atrial fibrillation, which is associated with the higher risk of stroke.
• The hospitals and clinics segment is expected to register steadily fast revenue growth rate in the diagnostic cardiology market during the forecast period. This is mainly attributed to increasing number of individuals having cardiac arrhythmias and seeking cardiovascular disease diagnosis at healthcare facilities. Furthermore, high investments in acquiring ECG equipment to enhance cardiac care and provision of reimbursements for Holter and event monitors in developed markets are also expected to drive revenue growth of this segment during the forecast period.
• The North America market is expected to account for largest revenue share in the global diagnostic cardiology market over the forecast period. This is due to increasing prevalence of cardiovascular disorders, such as stroke, atrial fibrillation and others, in the region. Moreover, rising awareness toward heart screening and diagnosis and technological advancements in cardiology care are also expected to drive market revenue growth during the forecast period.

• In January 2022, Spacelabs Healthcare, a company of OSI Systems, Inc., announced the availability of CardioPulse Go and CardioPulse Prime resting Electrocardiograph (ECG) devices. Both new devices have characteristics, such as up-to-date order lists, continuous connectivity, and Patient Data Query (PDQ), making these highly efficient even in the most critical conditions.

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Emergen Research has segmented the global diagnostic cardiology market on the basis of product, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2019-2032)

• • ECG Monitoring Device
    • • Resting ECG Systems
      • Holter Monitoring Device
      • Event Monitoring Device
      • Others
  • Cardiac Imaging
    • • Echocardiogram
      • Positron Emission Tomography (PET)
      • Magnetic Resonance Angiography
      • Others
  • Contrast Agents
  • Accessories

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Hospitals and Clinics
  • Ambulatory Surgical Centers (ASCs)
  • Diagnostic Imaging Centers
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • • U.S.
      • Canada
      • Mexico
  • Europe
    • • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
  • Latin America
    • • Brazil
      • Rest of LATAM
  • Middle East & Africa
    • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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