The Global Cardiovascular Disease Monitoring and Diagnostic Devices Market is Projected to Reach US$2.6 Billion by 2024
Aging Population &
Increasing Incidence of CVD Disorders to Drive the Global Cardiovascular
Disease Monitoring and Diagnostic Devices Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Cardiovascular Disease
Monitoring and Diagnostic Devices market. The global Cardiovascular
Disease Monitoring and Diagnostic Devices market is projected to reach US$2.6
billion by 2024, driven by the increasing incidence of cardiovascular diseases, aging
population, and technological advancements.
The
global market for cardiovascular monitoring and diagnostic devices is
witnessing steady growth due to a large and growing burden of cardiovascular
disease globally. Major factors driving growth in the global market for
cardiovascular devices include growing aging population, increasing incidence
of cardiovascular diseases, rise in the number of deaths due to CVD, and rising
healthcare spending. Increasing promotion of home healthcare and continuous
technological innovations are the other factors driving market growth. Leading
players and new entrants alike are conducting extensive R&D to explore
newer technologies and develop efficient equipment to manage CVD better.
Marketing programs undertaken by governments and NGOs across the world also
serve to increase consumer awareness and create demand growth for advanced,
effective CVD monitoring devices. However, high product costs and delays in
obtaining product approvals owing to stringent regulations for the same, act as
market restraints.
ECG
systems represent the leading segment of the cardiovascular monitoring and
diagnostic devices market. Technological advancements have led to the
development of state-of-the-art ECG systems, which make possible to monitor
cardiac activity with greater precision and accuracy. Compact and portable
designs of ECG devices are driving their adoption worldwide. Implantable Loop Recorder
(ILR) or
insertable loop recorder is the fastest growing segment. Growth of elderly
population, coupled with increase in the number of people suffering from heart
diseases, is expected to spur demand for ILR devices. Emerging applications of
implantable loop recorder, particularly in various new fields of clinical
investigation, will aid for global growth of the ILR market. Mobile Cardiac
Telemetry (MCOT™ or MCT) monitoring represents another new most interesting
technology to enter the ambulatory cardiac monitoring market. MCT monitoring
enables automatic detection and real time transmission of cardiac abnormalities
through cell phone to a diagnostic laboratory. MCT’s ability to respond as soon
as clinically significant events occur via continuous and real-time monitoring
is its major advantage compared to the other types of ambulatory cardiac monitoring
such as Holter and Event Monitoring.
As
stated by the new market research report on Cardiovascular Disease
Monitoring and Diagnostic Devices, the United States represents the largest market
worldwide supported by high healthcare awareness, large patient population and adoption
of sophisticated and advanced medical treatment procedures, Asia-Pacific is
predicted to witness the fastest growth over the forecast period led by rising
incidence of cardiovascular diseases and related deaths; shift towards
preventive care and the ensuing demand for diagnostics devices. China is
expected to emerge as a major market given the large geriatric population and
obesity rates which are aggravated by poor diet and sedentary lifestyles.
Major
players in the market include BioTelemetry Inc., BIOTRONIK SE & Co. KG,
Boston Scientific Corporation, GE Healthcare UK Ltd., Koninklijke Philips N.V,
Medtronic Plc., Mortara Instrument Inc., Nihon Kohden Corporation, Philips
Healthcare, Schiller AG, Spacelabs Healthcare Inc., St. Jude Medical Inc., and
Welch Allyn, among others.
The
research report titled “Cardiovascular Disease
Monitoring and Diagnostic Devices: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets, such as the US,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of
Europe), Asia-Pacific, The Middle East & Africa, and Latin America. The
report analyzes the Collagen and HA-based Biomaterials market by the following
Product Group/Segment - ECG Systems, Holter Monitors, Implantable Loop Recorders,
and Others (Include ECG Management Systems).
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