Analysis of Cardiovascular Disease Monitoring and Diagnostic Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global cardiovascular disease monitoring and diagnostic devices market is projected to rise at a CAGR of 6% from 2022 to 2027. The market is expected to secure a market value of around US$ 4.2 billion by 2027, up from US$ 3.14 billion in 2022.
Increasing prevalence of chronic cardiovascular diseases across the world is the major driver of the global cardiovascular disease monitoring devices market. The main cause of death worldwide, according to the World Health Organization, is cardiovascular disease. High salt intake, increasing tobacco use, increase in cigarette consumption, and excessive alcohol use are the main culprits contributing to the rising cases of cardiovascular illnesses.
Cardiovascular Disease Monitoring and Diagnostic Devices Market Size (2022)
US$ 3.14 Billion
Projected Market Value (2027)
US$ 4.2 Billion
Global Market Growth Rate (2022-2027)
Key Companies Profiled
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According to Fact.MR, a market research and competitive intelligence provider, worldwide sales of cardiovascular disease monitoring and diagnostic devices are expected to increase at a CAGR of 6% from 2022 to 2027.
Depression, an inactive lifestyle, and bad eating practices all contribute to an increase in the prevalence of cardiovascular diseases. Monitoring and early diagnosis of the disease are essential for preventing future problems, and this understanding between the doctor and the patient facilitates the adoption of contemporary monitoring and diagnostic devices.
These devices include heart rate monitors, electrocardiograph systems, and others. The demand for cardiovascular devices is anticipated to be driven by an increase in the number of persons with diabetes and obesity.
Revenue growth in the cardiovascular disease monitoring and diagnostic devices market is anticipated to increase as a result of factors including the rising prevalence of heart diseases due to changes in lifestyle, growing patient knowledge and awareness of regular heart monitoring for extending life, and the compactness and ease of use of patient monitoring devices.
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“Continuous Technological Advancements in Cardiovascular Monitoring and Diagnosis Tools”
The rising focus on offering high-quality care to people by government organizations, ongoing technological advancements, and enhanced healthcare infrastructure are all anticipated to have a positive impact on the heart disease monitoring devices market over the coming years.
Advanced physiological bio-signals have been introduced as a result of growing recent innovations in cardiovascular monitoring and diagnosis tools. Automating diagnosis can increase the frequency with which anomalies in cardiovascular parameters are recognized at a high level. In addition, businesses are focusing their research efforts on the creation of enhanced cardiac monitors and heart rate monitors to increase the precision of patients' irregular heart rhythm monitoring.
Over the last few years, technologies employed in the creation of cardiovascular monitoring and diagnostic devices have advanced significantly, and the indications for these devices have increased. One such development is artificial intelligence, which has significantly enhanced the field of cardiology's ability to diagnose specific heart diseases.
There is a considerable rise in the prevalence of heart disorders worldwide, which fuels the demand for effective cardiovascular monitoring and diagnostic tools. The acceptance of modern technology is a result of its accessibility. The market has also been bolstered by efforts that have been adopted in response to the increase in demand for heart attack diagnostics devices in emerging economies.
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“Lack of Skilled Professionals & High Price of Diagnostic Devices”
Surgeons with specialized training are needed to use cardiovascular monitoring and diagnostic devices to produce reliable, artefact-free recordings with high-quality clinical and diagnostic value. Furthermore, algorithms for implantable cardiac monitors are purposefully tuned for maximum sensitivity at the price of accuracy.
As a result, there are frequent false alarms that need to be investigated by medical specialists to prevent over-treating individuals. Therefore, using computed tomography treatments and heart rate monitors requires trained medical staff.
Market expansion is expected to be hampered by the undersupply of such equipment and skilled labor in developing and underdeveloped nations.
These devices' significantly high price tags are preventing a significant percentage of the consumer population from purchasing them. Additionally, one obstacle to the success of this sector is the absence of proper reimbursement rules in many developing countries.
The global market for cardiovascular monitoring and diagnostic devices is anticipated to see growth challenges due to the lengthy medical device approval process.
“Rapidly Rising Adoption of Advanced Heart Rate Monitor Devices in North America”
Currently, the market for cardiovascular monitoring and diagnostic devices is dominated by North America.
The market is primarily driven by the rising adoption of advanced heart rate monitor devices, better reimbursement policies, effective healthcare infrastructure, and rising patient & physician awareness.
Rising need for cardiovascular monitoring and diagnostic devices, the presence of top cardiovascular monitoring and diagnostic device manufacturers, and easier access to healthcare facilities are driving the market growth in the region.
“Growing Usage of Efficient Cardiovascular Disease Monitoring and Diagnostic Devices in the U.S.”
The U.S. market is expanding due to factors such as a rising older population, a high prevalence of cardiovascular diseases, technological advancements in the creation of new products, and significant spending on R&D.
The market for cardiovascular devices is anticipated to benefit from supportive activities to raise disease awareness and the growing usage of efficient cardiovascular disease monitoring and diagnostic devices.
“Rising Government Investments in Advanced Healthcare Infrastructure in China”
The cardiovascular disease monitoring and diagnostic devices market in China is expected to increase at a CAGR of 10% from 2022 to 2027.
The market for cardiovascular disease monitoring and diagnostic equipment is anticipated to rise in China due to improving health care service standards, high demand for advanced imaging devices, and greater awareness of available therapies.
The large population, rising computed tomography demand, rising healthcare spending, and growing government investments in the creation of advanced healthcare infrastructure are likely to fuel the expansion of the market.
“ECG Systems Gaining Traction Due to their Accuracy in Determining Electrical and Muscular Heart Functions”
Based on products, the cardiovascular disease monitoring and diagnostic devices market is classified into ECG systems, Holter monitors, implantable loop recorders, and others.
ECG systems account for 40% share of the global market owing to their accuracy in identifying the electrical and muscular functioning of the heart, the blood circulation to the heart tissue, and faster diagnosis of heart attacks.
Due to their low cost and excellent effectiveness in treating cardiac conditions, ECG systems are most frequently employed to diagnose cardiovascular illness worldwide. Due to their affordability, safety of the operation, and painlessness, the demand for ECG systems is projected to rise over the coming years.
A new generation of lightweight and compact ECGs is pushing their increased acceptance on the diagnostic and monitoring front, particularly in the remote cardiac monitoring market.
Prevalence of cardiovascular diseases (CVD), for which long-term ECG monitoring is required, has increased. Additionally, the availability of wireless ECG has allowed medical professionals to promptly monitor and diagnose patients from a distance.
Wearable cardiac monitors such as bands, watches, and rings, are among the new cardiac device technologies that have become commonplace for many people worldwide.
“Easy Accessibility of Advanced Products in Hospitals”
Based on end users, the market is segmented into hospitals, ambulatory surgical centers, and clinics. Demand for cardiovascular disease monitoring and diagnostic devices in hospitals is expected to rise at the highest CAGR over the coming years.
Factors such as the rising number of patients with various types of heart diseases being admitted into hospitals, favorable reimbursement policies, and the accessibility of innovative products in hospitals are likely to drive the segment growth over the coming years.
Companies in the cardiovascular disease monitoring market compete against both established local firms and international players. While others are buying and collaborating with other businesses that are now popular on the market, manufacturers of diagnostic devices are creating and launching novel products and innovations to compete with the existing offerings.
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The global cardiovascular disease monitoring and diagnostic devices market is valued at US$ 3.14 billion.
Product sales are expected to rise at 6% CAGR from 2022 to 2027.
The market is set to reach a valuation of US$ 4.2 billion by 2027.
Medtronic, Abbott, and GE Healthcare are key cardiovascular disease monitoring and diagnostic device manufacturers.
The U.S., Japan, Canada, China, and Germany lead the cardiovascular disease monitoring and diagnostic systems market.
The market in Canada is set to rise at 5.5% CAGR through 2027.
ECG systems account for 40% share of the global market.
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