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| Global Cardiovascular Monitoring And Diagnostic Devices Market |
The global Cardiovascular Monitoring And Diagnostic Devices Market is estimated
to be valued at US$ 2,955.1 Mn in
2023 and is expected to exhibit a CAGR
of 1.0%over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market Overview:
The cardiovascular monitoring and diagnostic devices market comprises medical
devices that aid in monitoring, diagnosis, and treatment of cardiovascular
diseases. Major products in this market include electrocardiography (ECG),
remote cardiac monitoring, electrophysiology (EP), holter monitors, event
monitors, cardiac output monitoring devices, and intravascular ultrasound
(IVUS). Cardiovascular diseases have been the leading cause of deaths
worldwide. Rising prevalence of cardiovascular diseases such as congestive
heart failure, coronary artery diseases and cardiomyopathy has fueled the
demand for effective diagnosis and monitoring of these conditions. The
monitoring and diagnostic devices play a crucial role in effective diagnosis of
cardiovascular diseases at an early stage, which can significantly improve the
treatment outcomes and prognosis.
Market key trends:
The Global
Cardiovascular Monitoring And Diagnostic Devices Market is driven by
rising geriatric population, surging prevalence of cardiovascular diseases,
rapid innovations in cardiac monitoring devices, growing adoption of remote
monitoring systems. As per estimations, cardiovascular diseases cause over 17
million deaths annually. Growing cardiovascular disease burden has augmented
the demand for continual cardiac monitoring systems. Technological advancements
have led to the development of innovative devices with improved
functionalities. Companies are increasingly focusing on developing wireless,
compact and smartphone-compatible technologies. Growing investments in research
and development of advanced medical technologies will continue to present
lucrative growth opportunities in the market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low-to-moderate. High capital requirements and
economies of scale restrict entry into this market. However, new players can
emerge with novel technologies.
Bargaining power of buyers: Moderate. Large healthcare providers can negotiate
lower prices from manufacturers due to their high purchasing power.
Bargaining power of suppliers: Low. Large number of components suppliers and
lack of product differentiation limits their bargaining power.
Threat of new substitutes: Low. Few alternatives are available for
cardiovascular monitoring and diagnostic devices.
Competitive rivalry: High. Major players compete on product innovations,
quality, and customer support.
Key Takeaways
The global cardiovascular monitoring and diagnostic devices market is expected to
witness high growth, exhibiting a CAGR of 10% over the forecast period, due to
increasing prevalence of cardiovascular diseases.
Regionally, North America dominated the market in 2023 with a share of over
35%, due to high healthcare spending and early adoption of advanced
technologies. However, Asia Pacific is expected to witness the fastest growth
during the forecast period, driven by growing medical tourism industry and
rapidly improving healthcare infrastructure in emerging countries.
Key players operating in the cardiovascular monitoring and diagnostic devices
market are GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto
Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd, Lidco Group
plc., Biotricity Inc., Bittium Corporation, VivaQuant. These players are
focusing on new product launches and geographic expansion to gain a competitive
edge in the market.
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