July 24, 2024
Cardiovascular Monitoring And Diagnostic Devices Market

The rise of remote patient monitoring systems is anticipated to open up new avenues for the cardiovascular monitoring and diagnostic devices market

The cardiovascular monitoring and diagnostic devices market is estimated to be valued at US$2,955.1 Mn in 2023 and is expected to exhibit a CAGR of 1.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The cardiovascular monitoring and diagnostic devices market comprises devices used for monitoring and diagnosing various cardiovascular diseases and disorders. Some key products in this market include ECG systems, event monitors, holter monitors, implantable loop recorders, cardiac output monitoring devices, electrophysiology lab devices, and intravascular ultrasound systems. These devices help in early detection of cardiovascular diseases, continuous monitoring of heart health, and aid in treatment and management of various heart conditions. Growing prevalence of cardiovascular diseases and increasing geriatric population are major factors driving demand for these diagnostic and monitoring devices.

Market Dynamics:
The primary drivers boosting growth of the Global Cardiovascular Monitoring And Diagnostic Devices Market include rising rates of cardiovascular diseases across the globe and growing geriatric population susceptible to heart conditions. As per World Health Organization, cardiovascular diseases account for over 17 million deaths every year, which is nearly one third of all global deaths. With aging population worldwide, incidence of heart disorders is increasing rapidly. This is prompting greater uptake of diagnostic testing and disease monitoring tools. Moreover, technological advancements enabling miniaturization and development of remote monitoring systems is also fueling market expansion. Growing adoption of digital health tools amid COVID-19 pandemic has further accelerated demand. However, high costs of advanced devices and lack of reimbursement policies in developing nations are major challenges.
Segment Analysis
The cardiovascular monitoring and diagnostic devices market is primarily segmented into electrocardiography (ECG) devices, remote patient monitoring (RPM) devices, implantable loop recorders (ILR), event monitors, holter monitors and other monitoring devices. Among these, the ECG devices segment dominates the market and accounts for the largest market share. The large share of this segment can be attributed to the widespread adoption of these devices in hospitals and healthcare centers for detection of any abnormalities or disorders in heart functioning.

PEST Analysis
Political: Governments across various countries are increasingly focusing on improving healthcare infrastructure and providing universal coverage of cardiovascular diseases. This is expected to create a conducive environment for market growth.
Economic: Rising geriatric population and increasing prevalence of cardiovascular diseases have boosted healthcare spending. This has accelerated the demand for effective diagnostic and monitoring tools.
Social: Growing awareness about prevention and early detection of heart conditions through regular check-ups has raised the adoption of cardiovascular monitoring devices.
Technological: Introduction of advanced technologies such as implantable devices, remote monitoring solutions and artificial intelligence is expanding the capabilities of monitoring systems.

Key Takeaways
The global cardiovascular monitoring and diagnostic devices market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of cardiovascular disorders, rise in obese population and growing geriatric demographic.

Regional analysis: North America dominates the global market owing to the presence of major players, rising healthcare expenditure and growing burden of cardiovascular diseases in the region. Additionally, Asia Pacific is projected to experience the highest growth rate during the forecast period due to increasing penetration of monitoring devices and expanding medical infrastructure in countries like China and India.

Key players: Key players operating in the cardiovascular monitoring and diagnostic devices market are GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd, Lidco Group plc., Biotricity Inc., Bittium Corporation, VivaQuant. These companies are focused on developing advanced and innovative devices to diagnose cardiovascular disorders efficiently.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it