An up to date business and commerce study conducted at the headquarters of Transparency Market Research (TMR) has detected that while the global cardiovascular monitoring and diagnostic devices market is showing great promise for the future, the vendor landscape is already highly competitive. Devices that can monitor and diagnose the cardiovascular system makes for a market that is dynamic in nature, with strong emphasis on technological advancements. However, most of the major players of this market are confined to only a few developed countries, consolidating their position and intensifying the competition.
To gain greater shares, prominent players of the cardiovascular monitoring and diagnostic devices market are expected to make a foray into emerging economies. Additionally, maintaining a diverse product portfolio is also essential for these players to sustain their stronghold over shares. For instance, Medtronic PLC offers Autolog Autotransfusion system, HMS plus hemostasis management system, and ACT plus automated coagulation timer system, which is used in cardiovascular and vascular surgeries and ECMO. St. Jude Medical, Inc., Boston Scientific Corporation and Johnson & Johnson are some of the other key players in this market. On the other hand, new entrants are also expected to make a mark in this market if they can match up to the technical expertise or harness the concept of wearables, although intellectual property rights and strict regulatory approach may act as a barrier for them.
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Global Cardiovascular Monitoring and Diagnostic Devices Market to be worth US$3,629.5 mn by 2025
According to the projections of the TMR report, the opportunities in the global cardiovascular monitoring and diagnostic devices market will translate into a revenue of US$3,629.5 mn by the end of 2024, with the demand expanding at a notable CAGR of 6.5% during the forecast period of 2017 to 2024. The report has also evaluated that the market was worth US$2,329.7 mn as of 2017.
Based on product type, the report segments the market for cardiovascular monitoring and diagnostic into ECG systems, event monitors, diagnostic catheters, holter monitors, ECG management systems, and implantable loop recorders. By the end of 2024, the ECG systems segment is estimated to be worth US$1,662.7 mn. Geographically, while North America is followed by Europe as the most lucrative regions, the demand from Asia Pacific is anticipated to expand at a much stronger CAGR during the forecast period of this report.
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Behavior-Inflicted Circulatory System Diseases Driving Demand
The strong prevalence of diseases pertaining to circulatory systems such as heart valve disease, heart failure, arrhythmia, and hypertension are the primary drivers of the market for devices that are used to diagnose the disease as well as those used for monitoring during the surgeries. Across the world, urban population is drifting toward ill-eating habits and using tobacco frequently, which will only expand the prevalence of CVD. The WHO has rated CVD as the number one cause of deaths in the world each year. Improving healthcare infrastructure in the urban parts of the emerging economies, consistently improving technologies, and government emphasis on providing robust care to their citizens are some of the other key factors that are expected to reflect positively on this market in the near future. On the other hand, high cost of these devices are hindering from them reaching a larger pool of patients.
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Key Takeaways:
- Research analyst projects the demand in the global cardiovascular monitoring and diagnostic devices market to expand at a CAGR of 6.5% during the forecast period of 2017 to 2024
- Competition is stiff but there are vast new opportunities in emerging economies, if the cost of the devices can be made more affordable
- Wearables to open new revenue avenues in the near future.
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