New York, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The global Cardiovascular Monitoring and Diagnostic Devices Market is expected to witness significant growth at a remarkable CAGR of 5.0% during the forecast period of 2023-2031. The increasing prevalence of cardiovascular diseases, growing demand for minimally invasive and non-invasive procedures, and others are accelerating the demand for cardiovascular monitoring and diagnostic devices, which, in turn, is boosting market growth. In addition, the increasing technological advancements in cardiovascular monitoring and diagnostic devices will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the cardiovascular monitoring and diagnostic devices market is poised for strong expansion and is expected to reach USD 29,883.03 Million by 2031 and is expected to reach USD 20,248.85 million in 2023 with a compound annual growth rate of 5.0% during the period of 2023-2031. The market was valued at USD 19,406.68 million in 2022. The report highlights the increasing prevalence of cardiovascular diseases across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the cardiovascular monitoring and diagnostic devices market.
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Cardiovascular monitoring and diagnostic devices refer to a range of tools and equipment used to access and analyze the functioning of cardiovascular systems. These devices are employed to track various parameters such as heart rate, blood pressure, electrocardiogram (ECG), and other vital signs, aiding in the diagnosis, management, and monitoring of cardiovascular conditions.
These devices help in the early detection and diagnosis of conditions such as arrhythmias, heart failure, coronary artery disease, and other cardiac abnormalities. Continuous monitoring of heart rate, blood pressure, and other vital signs assists in assessing the overall functioning of the heart, providing critical information for healthcare professionals. These devices aid in evaluating the risk factors associated with cardiovascular diseases, enabling timely interventions and preventive measures.
Global Cardiovascular Monitoring and Diagnostic Devices Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 29,883.03 Million |
| CAGR (2023-2031) | 5.0% |
| By Product | Electrocardiogram (ECG) Devices (Resting ECG Devices, Stress ECG Devices, and Holter Monitors), Event Monitors, Blood Pressure Monitors, Implantable Loop Recorders (ILRs), Echocardiograms, and Others |
| By End User | Hospitals and Clinics, Ambulatory Surgical Centers, Homecare Centers, Research and Academic Institutes, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Medtronic, Boston Scientific, Abbott Laboratories, GE Healthcare, Asahi Kasei Corporation, Omron Healthcare, Hill-Rom Holdings, Nihon Kohden, SCHILLER AG, ACS Diagnostics, Lepu Medical Technology, and Baxter |
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Global Cardiovascular Monitoring and Diagnostic Devices Market Segmentation Details:
Based on Product, the electrocardiogram (ECG) devices segment contributed the largest shares to the market growth in 2022. ECG devices are the most widely used cardiovascular monitoring and diagnostic devices. ECG devices are affordable, accessible, and provide valuable information about the heart's health. The increasing availability of ECG devices, the growing demand for personalized medicine, and the growing demand for remote monitoring is driving the segment growth worldwide.
Based on the End User, the hospitals and clinics segment accounted for the largest market share in the year 2022. Hospitals and clinics need cardiovascular monitoring and diagnostic devices to diagnose and monitor a wide range of cardiovascular conditions, including heart failure, coronary artery disease, and arrhythmias. Overall, the use of cardiovascular monitoring and diagnostic devices in hospitals and clinics is positively driving the segment growth across the globe.
Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. The high number of people with heart disease in North America, the well-developed healthcare system in the region, and the fast adoption of new technologies are driving the demand for cardiovascular monitoring and diagnostic devices in North America.
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Competitive Landscape
Medtronic, Boston Scientific, Abbott Laboratories, and GE Healthcare are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of cardiovascular monitoring and diagnostic devices. Further, the cardiovascular monitoring and diagnostic devices market is expected to grow steadily due to the increasing technological advancements in cardiovascular monitoring and diagnostic devices, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend of early detection and diagnosis of cardiovascular diseases is benefiting the market growth globally.
Recent Developments
- In May 2023, Abbott Laboratories announced its Assert-IQ insertable cardiac monitor (ICM) has received U.S. Food and Drug Administration (FDA) clearance, giving physicians a new option for diagnostic evaluation and long-term monitoring of people experiencing irregular heartbeats.
- On November 8, 2022, OMRON Healthcare, a global healthcare company, announced a collaboration with Cardio Signal, a U.S.-based health technology company. The collaboration aims to bring innovations in early cardiovascular disease detection to support clinicians.
- In January 2022, Philips introduced the first at-home, 12-lead electrocardiogram (ECG) solution for decentralized clinical trials. The solution uses PCA 500 ECG patch data recording technology to help participants record data at home. The solution is designed to improve patient recruitment, compliance, and retention by reducing the need for site visits.
Key Market Takeaways
- North America accounted for the highest market share at 38.50% valued at USD 7,471.57 million in 2022 and will reach USD 7,805.93 million in 2023 and is expected to reach USD 11,537.84 million in 2031. Moreover, in North America, the U.S. accounted for the highest market share of 23.05% during the base year of 2022.
- Based on product, the electrocardiogram (ECG) devices segment accounted for the highest share contribution to the cardiovascular monitoring and diagnostic devices market statistics in 2022.
- In the end users, the hospitals and clinics segment are expected to contribute significant shares to the growth of cardiovascular monitoring and diagnostic devices market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for cardiovascular monitoring and diagnostic devices due to the growing number of people with heart disease in Asia Pacific, the increasing amount of money people spend, and the growing awareness of the benefits of finding and treating heart disease early are driving the growth of the cardiovascular monitoring and diagnostic devices market in the region.
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List of Major Global Cardiovascular Monitoring and Diagnostic Devices Market:
- Medtronic
- Boston Scientific
- Abbott Laboratories
- GE Healthcare
- Asahi Kasei Corporation
- Omron Healthcare
- Hill-Rom Holdings
- Nihon Kohden
- SCHILLER AG
- ACS Diagnostics
- Lepu Medical Technology
- Baxter
Global Cardiovascular Monitoring and Diagnostic Devices Market Segmentation:
- By Product
- Electrocardiogram (ECG) Devices
- Resting ECG Devices
- Stress ECG Devices
- Holter Monitors
- Event Monitors
- Blood Pressure Monitors
- Implantable Loop Recorders (ILRs)
- Echocardiograms
- Others
- Electrocardiogram (ECG) Devices
- By End User
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Homecare Centers
- Research and Academic Institutes
- Others
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Frequently Asked Questions in the Cardiovascular Monitoring and Diagnostic Devices Market Report
- What was the market size of the cardiovascular monitoring and diagnostic devices industry in 2023?
- In 2023, the market size of cardiovascular monitoring and diagnostic devices is USD 20,248.85 million.
- What will be the potential market valuation for the cardiovascular monitoring and diagnostic devices industry by 2031?
- In 2031, the market size of cardiovascular monitoring and diagnostic devices will be expected to reach USD 29,883.03 million.
- What are the key factors restraining the growth of the cardiovascular monitoring and diagnostic devices market?
- High cost of cardiovascular monitoring and diagnostics devices along with complex monitoring devices is restraining the market growth at the global level.
- What is the dominant segment in the cardiovascular monitoring and diagnostic devices market by product?
- In 2022, the electrocardiogram (ECG) devices segment accounted for the highest market share in the overall cardiovascular monitoring and diagnostic devices market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the cardiovascular monitoring and diagnostic devices market?
- Asia Pacific region accounted for the highest CAGR in the overall cardiovascular monitoring and diagnostic devices market.
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