Cardiovascular Monitoring and Diagnostic Devices Market size is estimated to reach $3.7 billion by 2026, growing at a CAGR of 7.4% during the forecast period 2021-2026. Cardiovascular disease is the most common chronic disease and the World Health Organization has classified cardiovascular diseases as the number one cause of death in the world. The prevalence of cardiovascular disease is on the rise owing to a sedentary lifestyle, stress and unhealthy eating habits. Besides, the increase in the elderly population is adding to the group of patients with cardiovascular disease. Thus, there is a need to monitor and diagnose the disease at an early stage to avoid further complications, and this awareness between the patient and the doctor helps in adapting the advanced monitoring and diagnostic devices. The devices includes heart rate monitors, electrocardiograph systems, and others. The market is being driven by an increasing number of people suffering from obesity and diabetes. Risk factors including high blood pressure and high cholesterol are associated with obesity and diabetes leads to cardiovascular diseases, which is enhancing the market growth.
Cardiovascular Monitoring and Diagnostic Devices Segment Analysis – By Product Type
The Cardiovascular Monitoring and Diagnostic Devices Market based on the Product Type can be further segmented into ECG (Electrocardiograph) Systems, Event Monitors, Holter Monitors, Implantable Cardiac Monitor, and Others. ECG (Electrocardiograph) Systems segment held the largest share in 2020 owing to the accuracy in assessing the electrical and muscular functions of the heart, monitors heart rate and rhythm, blood flow to the heart muscle, and diagnoses heart attacks at an earlier stage. ECG is the most preferred technique used across the world for the diagnosis of cardiovascular disease owing to its cost-effectiveness and high efficiency in cardiac treatment. Most of this potential demand for ECG system is estimated out of developing countries owing to their cost, the safety of the procedure, and painlessness. Holter Monitors is estimated to be the fastest-growing segment with a CAGR of 8.3% over the period 2021-2026. The growth is owing to its ability to perceive various electrical activities of the cardiovascular system and records the ECG of arrhythmia patients consistently. The rising number of cases of arrhythmia and conduction block is the major factor driving the market for the Holter monitor segment.
Cardiovascular Monitoring and Diagnostic Devices Segment Analysis – By End User
The Cardiovascular Monitoring and Diagnostic Devices Market based on the End User can be further segmented into Hospitals, Clinics, Diagnostic Centers, and Ambulatory Care Centers. Hospitals segment held the largest share in 2020 owing to the factors such as the increasing number of patients suffering from different types of heart diseases are getting admitted in the hospitals coupled with the favorable reimbursement policies, and availability of technologically advanced products in hospitals is likely to drive the segment growth. Diagnostic Centers segment is estimated to be the fastest growing segment with a CAGR of 8.1% over the period 2021-2026. This is owing to the increasing demand to identify underlying health problems in early stages coupled with the cost effectiveness. The rising adoption of computed tomography to diagnose cardiovascular diseases in diagnostic centers is driving the segment growth.
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Cardiovascular Monitoring and Diagnostic Devices Segment Analysis – By Geography
North America held the largest share in 2020 with 33% of overall market. According to the American Heart Association, the Centres for Disease Control and Prevention and the National Institutes of Health, cardiovascular disease is the leading cause of death across the globe and the number is estimated to reach up to over 23.6 million by 2030. High incidence of cardiovascular diseases, presence of modern health care facilities such as advanced heart rate monitor devices, better reimbursement policies, efficient health care infrastructure, and increasing awareness among patients and physicians are the major factors driving the market in the region. Asia-Pacific is estimated to be the fastest growing segment over the period 2021-2026 owing to the factors such as increasing prevalence of cardiovascular diseases, rising awareness and presence of healthcare opportunities, increasing demand for computed tomography in India, China, and other countries in Southeast Asia.
Cardiovascular Monitoring and Diagnostic Devices Market Drivers
Increasing Prevalence of Behavior-Inflicted Circulatory System Diseases
The urban population is drifting towards poor dietary eating habits and using tobacco more frequently, which has led to an increased prevalence of CVD and diseases related to the circulatory systems such as heart valve disease, heart failure, arrhythmias, and hypertension. These are the major factors driving the market growth. Moreover, improving healthcare infrastructure in urban parts of emerging economies, continuous development of technologies, and government focus on providing robust care to its citizens are the key factors that are estimated to positively impact the market in the near future.
Growing Technologies Advancements in Cardiovascular Monitoring and Diagnostic Devices
Rising technological advances in cardiovascular monitoring and diagnostic devices have led to the introduction of novel physiological bio-signals that can increase the frequency at which abnormalities in cardiovascular parameters are detected at an expert-level by automating the diagnosis. Moreover, the manufacturers are focusing on R&D activities on developing advanced implantable cardiac monitor and heart rate monitor to increase the accuracy in monitoring patients for abnormal heart rhythms.
Cardiovascular Monitoring and Diagnostic Devices Market Challenges
Lack of killed Medical Personnel
Cardiovascular Monitoring and Diagnostic Devices require skilled surgeons for obtaining an accurate artifact-free recording of good clinical quality and diagnostic value. Moreover, implantable cardiac monitor algorithms are intentionally set for high sensitivity at the expense of specificity. As a result, numerous false alarms occur that need to be evaluated by healthcare professionals so that over treatment of patients will not occur. Thus skilled medical personnel is required to operate the equipment of heart rate monitors, computed tomography procedures. The lack of large scale availability of such equipment and skilled personnel in under developed economies and developing economies is set to hinder the market growth.
Cardiovascular Monitoring and Diagnostic Devices Industry Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Cardiovascular Monitoring and Diagnostic Devices Market. Key companies of this market are BioTelemetry Inc., Biotronik Se & Co. KG, Boston Scientific Corporation, VitaConnect, Medtronic Plc., Nihon Kohden Corporation, Mortara Instrument Inc., Schiller AG, MedStar Health, Spacelabs Healthcare Inc., St. Jude Medical Inc., and Welch Allyn among others.
In November 2020, VitalConnect®, Inc., announced the launch of its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring. VitalPatch RTM monitors for 21 cardiac arrhythmias through a unique AI-based ECG analysis solution and captures data.
In February 2020, MedStar Health has launched a device that automatically calculates a patient’s risk of having a heart attack or stroke and displays it in their electronic health record with colorful, easy to read, and interactive graphics.
In January 2020, Biotronik announced the launch of its new injectable cardiac monitor (ICM), BIOMONITOR III. The novel device is designed to help patients with irregular heart rhythms by documenting unexplained syncope with increased clarity.
Geographically, North America Cardiovascular Monitoring and Diagnostic Devices Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the high incidence of cardiovascular diseases coupled with the modern health care facilities in the region.
The strong prevalence of diseases related to the circulatory systems such as heart valve disease, heart failure, and arrhythmias across the globe is driving the growth of the market.
Lack of skilled medical personnel is one of the major factors that is said to reduce the growth of the Cardiovascular Monitoring and Diagnostic Devices Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Cardiovascular Monitoring and Diagnostic Devices Market report.
Related Reports :
A. Cardiac Monitoring & Cardiac Rhythm Management Market
B. Cardiac Implant Devices Market
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