Wilmington, Delaware, United States, Transparency Market Research Inc.: Cardiovascular disease is becoming more common as a result of stress, a sedentary lifestyle, and poor dietary habits. Furthermore, the aging population is increasing the number of people with cardiovascular disease, which is likely to bolster growth of the global cardiovascular monitoring and diagnostic devices market. Thus, to avoid future difficulties, it is necessary to monitor and identify the condition at an early stage, and this understanding between doctor and patient aids in the adaptation of modern monitoring and diagnostic instruments.
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Electrocardiograph systems, heart rate monitors, and other devices are among such gadgets. A rising number of people suffering from diabetes and obesity are estimated to drive the global cardiovascular monitoring and diagnostic devices market. Obesity is linked to risk factors such high cholesterol and blood pressure, and diabetes leads to cardiovascular disease, which is fueling market expansion.
The urban population is adopting bad dietary habits and smoking more often, resulting in a rise in the incidence of CVD and circulatory system disorders such as hypertension, arrhythmias, heart failure, and heart valve disease. These are the primary elements that are propelling the global Cardiovascular Monitoring and Diagnostic Devices Market forward. Furthermore, improved healthcare infrastructure in developing countries' metropolitan areas, constant technological progress, and the government's emphasis on providing comprehensive care to its residents are all expected to have a beneficial influence on the industry in the near future.
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Increasing technological advancements in cardiovascular monitoring as well as diagnostic devices have resulted in the launch of innovative physiological bio-signals. This can boost the frequency with which abnormalities in cardiovascular parameters are identified at an advanced level by automating diagnosis. Furthermore, companies are devoting their research activities on the development of improved implanted cardiac monitors and heart rate monitors to improve the accuracy of monitoring patients for irregular heart rhythms.
Cardiovascular monitoring and diagnostic devices necessitate the use of expert surgeons in order to get a reliable, artifact-free recording with good clinical and diagnostic utility. Furthermore, the algorithms in implanted cardiac monitors are deliberately configured for maximum sensitivity at the price of specificity. As a result, many false alarms arise, which must be examined by healthcare experts in order to avoid overtreatment of patients. As a result, trained medical staffs are needed to operate heart rate monitors and computed tomography treatments.
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Cardiovascular Monitoring and Diagnostic Devices Market Flourishing
The World Health Organization (WHO) has rated cardiovascular diseases (CVDs) as the number one cause of deaths across the world, claiming more than 17.7 million people in 2015 and the number is poised to increase consistently in the near future. Thankfully, collaboration of science and technology has led to the advent of devices that can efficiently monitor and diagnose the development of a disorder in the circulatory system including the heart and blood vessels. And, as healthcare infrastructure improves across developed and emerging economies, the uptake of these devices is anticipated to accelerate. According to this business intelligence study, the demand in the global cardiovascular monitoring and diagnostic devices market will increment at an impressive CAGR of 6.5% during the forecast period of 2017 to 2024. The analyst of the report has estimated that there will be opportunities worth US$3,629.5 in the market for devices that can monitor and diagnose cardiovascular system across the world by the end of 2024, substantially more than its evaluated valuation of 2,329.7 mn as of 2017.
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Apart from the strong prevalence of cardiovascular diseases as a result of tobacco use, obesity, and unhealthy diet, improving health insurance portfolio of urban populations, and technological advancements, the cardiovascular monitoring and diagnostic devices market stands to gain additional traction from increasing geriatric population and growing concept of medical tourism. On the other hand, substantially high cost of these devices are keeping them away from a potent chunk of consumer base. Additionally, lack of adequate reimbursement policies in several underdeveloped countries is a challenge in front of the prosperity of this market. Nevertheless, the vendors stand to gain from the introduction of wearable and advanced medical devices such as implantable loop recorders for cardiovascular monitoring.
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ECG Systems to Remain Leading Product Segment until 2024
On the basis of product type, the market for cardiovascular monitoring and diagnostic devices has been segmented into ECG systems including resting and stress, diagnostic catheters, ECG management systems, implantable loop recorders, holder monitors, and event monitors. Among these, the sub-segments of ECG systems collectively provided for a demand that was worth US$1,075.1 mn in 2017, which was more than double of the next fruitful segment of holter monitors. ECG system, which is a diagnostic tool used to assess the electrical and muscular functions of the heart, observes rate and rhythm of the heartbeat, blood flow to the heart muscle, and diagnoses heart attacks. ECG is the most preferred technique used across the world for the diagnosis of cardiovascular disease due to cost effectiveness and high efficiency in cardiac treatment. By the end of 2024, the segment is poised to attain a valuation of US$1,662.7 mn. Most of this potential demand for ECG system is expected out of developing countries owing to their cost factors, safety of procedure, and painlessness.
On the other hand, holder monitors are expected to sustain their position as second most profitable region until 2024, generating a revenue of US$792.7 mn. A holter monitor continuously perceives various electrical activities of the cardiovascular system and records ECG of arrythmia patients consistently. It is also used to detect conduction block in auricles and ventricles. Increasing number of cases of arrhythmia and conduction block is the major factor driving the market for Holter monitor.
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