PUBLISHER: The Business Research Company | PRODUCT CODE: 1387685
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387685
“Cardiovascular Monitoring And Diagnostic Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiovascular monitoring and diagnostic devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiovascular monitoring and diagnostic devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cardiovascular monitoring and diagnostic devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Cardiovascular monitoring and diagnostic devices are essential tools used in diagnosing, monitoring, and treating cardiovascular conditions.
The primary product categories in this market encompass cardiopulmonary stress testing systems, ECG data management systems, ECG monitoring equipment, ECG stress testing systems, event monitoring systems, and Holter monitoring systems. ECG monitoring equipment, for example, functions as an electronic tool to record the heart's electrical activity. These devices are utilized for specific conditions like heart disease and coronary heart disease. They find application across various sectors, including hospitals, physician clinics, emergency settings, and research and development purposes in settings such as clinical trials, universities, and CROs.
The cardiovascular monitoring and diagnostic devices and equipment market research report is one of a series of new reports from The Business Research Company that provides cardiovascular monitoring and diagnostic devices and equipment market statistics, including cardiovascular monitoring and diagnostic devices and equipment industry global market size, regional shares, competitors with a cardiovascular monitoring and diagnostic devices and equipment market share, detailed cardiovascular monitoring and diagnostic devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiovascular monitoring and diagnostic devices and equipment industry. This cardiovascular monitoring and diagnostic devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cardiovascular monitoring and diagnostic devices and equipment market size has grown rapidly in recent years. It will grow from $3.59 billion in 2023 to $4.01 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. Historical growth in the sector can be linked to the prevalence of cardiovascular diseases, an aging population, the emphasis on preventive healthcare, and the integration of telemedicine services.
The cardiovascular monitoring and diagnostic devices and equipment market size is expected to see strong growth in the next few years. It will grow to $5.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated expansion in the upcoming period can be credited to personalized medicine, digital health advancements, chronic disease management, and the implementation of remote patient monitoring. Key trends in the projected period encompass the utilization of wearable and mobile monitoring devices, AI-supported diagnostics, point-of-care testing, and remote cardiac rehabilitation.
The progress in the cardiovascular monitoring and diagnostic devices and equipment market is expected to be bolstered by improved healthcare infrastructure in the coming period. Healthcare infrastructure encompasses the necessary physical structures, personnel, and systems required to provide effective healthcare services and cater to the health needs of specific populations. It plays a crucial role in the advancement and effective use of cardiovascular monitoring and diagnostic devices. A robust infrastructure ensures access to high-quality medical devices, aiding in the prevention, diagnosis, and treatment of cardiovascular diseases. Notably, U.S. healthcare expenditure rose by 2.7% in 2021, totaling $4.3 trillion or $12,914 per individual, representing 18.3% of the nation's Gross Domestic Product. Consequently, the expansion of healthcare infrastructure is a significant driver of growth in the cardiovascular monitoring and diagnostic devices and equipment market.
The cardiovascular monitoring and diagnostic devices and equipment market is seeing a surge due to the expanding population affected by obesity and diabetes. The risk factors linked to these health conditions, such as high blood pressure and elevated cholesterol levels, are known contributors to the onset of cardiovascular diseases. Research conducted by the American Heart Association (AMA) indicates a projected increase in CVD cases to 22.2 million by 2030. Moreover, another AMA study in the United States reports that 26 million individuals have received diagnoses of diabetes, with over 9 million estimated to have the condition without a formal diagnosis.
The cardiovascular monitoring and diagnostic devices and equipment market faces constraints due to the FDA's stringent regulatory oversight governing these products based on associated risks. These devices fall under the FDA's class II classification, representing moderate to high-risk medical equipment. Class II devices operate under specific controls such as performance standards that dictate manufacturing specifications, post-market surveillance ensuring safety after market release, and other regulatory standards like patient registries and unique labeling requirements. An instance is Angel Medical Systems' implantable cardiac monitor, which faced unanimous rejection by an FDA panel due to unmet performance specifications. These monitors continuously observe a patient's ECG in real-time, examining heart rhythm for up to 36 months, primarily used to analyze transient symptoms with arrhythmic origins, like unexplained palpitations.
Leading companies in the cardiovascular monitoring and diagnostic devices market are introducing cutting-edge solutions like the LUX-Dx II+ to cater to patients' needs effectively. The LUX-Dx II+ insertable cardiac monitor (ICM) system represents the next generation in ICM technology, offering physicians a fresh diagnostic evaluation and prolonged monitoring option for individuals with irregular heart rhythms. In October 2023, Boston Scientific, a US-based firm, introduced the LUX-Dx II+ system, featuring advanced dual-stage algorithms, high-quality S-ECG signal clarity, remote programming capabilities, wireless connectivity, a dedicated patient app, and a compact design.
The rise of new product launches stands out as a significant trend in the market for cardiovascular monitoring and diagnostic devices and equipment. Companies within the sector are emphasizing the introduction of new products to enhance their product line and fortify their market presence. As an illustration, in August 2022, SmartCardia SA, a Switzerland-based medical equipment manufacturer, introduced the 7L patch, a 7-lead cardiac monitoring patch in the Indian market. This monitoring patch integrates medical wearable technology with artificial intelligence (AI) to deliver predictive and personalized patient insights through remote monitoring. The 7L patch, monitored by SmartCardia's AI platform, is analyzed by certified cardiac technicians and cardiologists, enabling real-time detection of critical arrhythmia events with accuracy comparable to that of cardiologists.
The FDA in the United States has placed cardiovascular monitoring and diagnostic devices in the Class II category due to their moderate to high risk. This classification subjects these devices to specific regulations, including standards for performance, prerequisites for premarket data, ongoing post-market oversight, and stipulations for labeling associated with device usage. For instance, the labeling requirements mandate the inclusion of contraindications, adverse reactions, precautions, warnings, and other necessary instructions before these devices are made available in the market.
Major companies operating in the cardiovascular monitoring and diagnostic devices and equipment market include Medtronic PLC, Boston Scientific Corporation, GE Healthcare, Johnson & Johnson, Philips Healthcare, Siemens Healthcare, St. Jude MedicalInc., Nihon Kohden Corporation, Fukuda Denshi Co. Ltd., Sorin Group, Welch Allyn Inc., LivaNova PLC, Spacelabs Healthcare, Opto Circuits India Ltd., BPL Health Management Solutions, OSI Systems Inc., Hill-Rom Holdings Inc., Schiller AG, Abbott Cardiovascular, Accellent Inc., Aerotel medical systems Ltd., Asahi Kasei Corporation, Bioheart Inc., Biosensors international group Ltd., Cook group incorporated, Drager Medical AG & Co. KGaA., Molecular devices LLC, Edwards Lifesciences Corp., Biotronik Inc., Koninklijke Philips N.V., Endotronix Inc., Smartcardia, Personal Safety Corporation, Ivy Biomedical Systems Inc., Cardio Diagnostics Holdings Inc., ECG Excellence BV, Aktiia SA, HD Medical, HeartFlow Inc., VPG Medical, BioTelemetry Inc., Preventice Solutions, Mortara Instrument Inc., Getemed Medizin-Und Informationstechnik Ag, LifeWatch Technologies Ltd., QRS Diagnostic
North America was the largest region in global cardiovascular monitoring and diagnostic devices and equipment market in 2023. Western Europe was the second-largest region in cardiovascular monitoring and diagnostic devices and equipment market. The regions covered in the cardiovascular monitoring and diagnostic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cardiovascular monitoring and diagnostic devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cardiovascular monitoring and diagnostic devices and equipment market consist of sales of cardiopulmonary stress testing systems, electrocardiogram (ECG) data management systems, ECG monitoring equipment, ECG stress testing systems, event monitoring systems, and holter monitoring systems that are used for diagnosis and treatment of cardio diseases. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.