Cardiovascular Monitoring & Diagnostic Devices Market - Forecast(2024 - 2030)

Report Code: HCR 0680 Report Format: PDF + Excel

Cardiovascular Monitoring & Diagnostic Devices Market Overview

Cardiovascular Monitoring & Diagnostic Devices Market size is estimated to reach $3.7 billion by 2026, growing at a CAGR of 7.4% during the forecast period 2021-2026. Cardiovascular disease is the most common chronic disease and the World Health Organization has classified cardiovascular diseases as the number one cause of death in the world. The prevalence of cardiovascular disease is on the rise owing to a sedentary lifestyle, stress and unhealthy eating habits. Besides, the increase in the elderly population is adding to the group of patients with cardiovascular disease. Thus, there is a need to monitor and diagnose the disease at an early stage to avoid further complications, and this awareness between the patient and the doctor helps in adapting the advanced monitoring and diagnostic devices. The devices includes heart rate monitors, electrocardiograph systems, and others. The market is being driven by an increasing number of people suffering from obesity and diabetes. Risk factors including high blood pressure and high cholesterol are associated with obesity and diabetes leads to cardiovascular diseases, which is enhancing the market growth.

Cardiovascular Monitoring & Diagnostic Devices Market Report Coverage

The report: “Cardiovascular Monitoring & Diagnostic Devices Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Cardiovascular Monitoring & Diagnostic Devices Market.

By Product Type: ECG (Electrocardiograph) Systems, Event Monitors, Holter Monitors, Implantable Cardiac Monitor, and others.
By End User: Hospitals, Clinics, Diagnostic Centers, and Ambulatory Care Centers.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand and Rest of Asia-Pacific), and Rest of World (Middle East, Africa and South America).

Key Takeaways

  • Geographically, North America Cardiovascular Monitoring & Diagnostic Devices Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the high incidence of cardiovascular diseases coupled with the modern health care facilities in the region.
  • The strong prevalence of diseases related to the circulatory systems such as heart valve disease, heart failure, and arrhythmias across the globe is driving the growth of the market.
  • Lack of skilled medical personnel is one of the major factors that is said to reduce the growth of the Cardiovascular Monitoring & Diagnostic Devices Market.
  • Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Cardiovascular Monitoring & Diagnostic Devices Market report.
Cardiovascular Monitoring & Diagnostic Devices Market Size, By Product Type, 2020-2026, ($M)
Cardiovascular Monitoring & Diagnostic Devices Market
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Cardiovascular Monitoring & Diagnostic Devices Segment Analysis - By Product Type

The Cardiovascular Monitoring & Diagnostic Devices Market based on the Product Type can be further segmented into ECG (Electrocardiograph) Systems, Event Monitors, Holter Monitors, Implantable Cardiac Monitor, and Others. ECG (Electrocardiograph) Systems segment held the largest share in 2020 owing to the accuracy in assessing the electrical and muscular functions of the heart, monitors heart rate and rhythm, blood flow to the heart muscle, and diagnoses heart attacks at an earlier stage. ECG is the most preferred technique used across the world for the diagnosis of cardiovascular disease owing to its cost-effectiveness and high efficiency in cardiac treatment. Most of this potential demand for ECG system is estimated out of developing countries owing to their cost, the safety of the procedure, and painlessness. Holter Monitors is estimated to be the fastest-growing segment with a CAGR of 8.3% over the period 2021-2026. The growth is owing to its ability to perceive various electrical activities of the cardiovascular system and records the ECG of arrhythmia patients consistently. The rising number of cases of arrhythmia and conduction block is the major factor driving the market for the Holter monitor segment.



Cardiovascular Monitoring & Diagnostic Devices Segment Analysis - By End User

The Cardiovascular Monitoring & Diagnostic Devices Market based on the End User can be further segmented into Hospitals, Clinics, Diagnostic Centers, and Ambulatory Care Centers. Hospitals segment held the largest share in 2020 owing to the factors such as the increasing number of patients suffering from different types of heart diseases are getting admitted in the hospitals coupled with the favorable reimbursement policies, and availability of technologically advanced products in hospitals is likely to drive the segment growth. Diagnostic Centers segment is estimated to be the fastest growing segment with a CAGR of 8.1% over the period 2021-2026. This is owing to the increasing demand to identify underlying health problems in early stages coupled with the cost effectiveness. The rising adoption of computed tomography to diagnose cardiovascular diseases in diagnostic centers is driving the segment growth.

Cardiovascular Monitoring & Diagnostic Devices Segment Analysis - By Geography

North America held the largest share in 2020 with 33% of overall market. According to the American Heart Association, the Centres for Disease Control and Prevention and the National Institutes of Health, cardiovascular disease is the leading cause of death across the globe and the number is estimated to reach up to over 23.6 million by 2030. High incidence of cardiovascular diseases, presence of modern health care facilities such as advanced heart rate monitor devices, better reimbursement policies, efficient health care infrastructure, and increasing awareness among patients and physicians are the major factors driving the market in the region. Asia-Pacific is estimated to be the fastest growing segment over the period 2021-2026 owing to the factors such as increasing prevalence of cardiovascular diseases, rising awareness and presence of healthcare opportunities, increasing demand for computed tomography in India, China, and other countries in Southeast Asia.

Cardiovascular Monitoring & Diagnostic Devices Market Drivers

Increasing Prevalence of Behavior-Inflicted Circulatory System Diseases

The urban population is drifting towards poor dietary eating habits and using tobacco more frequently, which has led to an increased prevalence of CVD and diseases related to the circulatory systems such as heart valve disease, heart failure, arrhythmias, and hypertension. These are the major factors driving the market growth. Moreover, improving healthcare infrastructure in urban parts of emerging economies, continuous development of technologies, and government focus on providing robust care to its citizens are the key factors that are estimated to positively impact the market in the near future.

Growing Technologies Advancements in Cardiovascular Monitoring & Diagnostic Devices

Rising technological advances in cardiovascular monitoring & diagnostic devices have led to the introduction of novel physiological bio-signals that can increase the frequency at which abnormalities in cardiovascular parameters are detected at an expert-level by automating the diagnosis. Moreover, the manufacturers are focusing on R&D activities on developing advanced implantable cardiac monitor and heart rate monitor to increase the accuracy in monitoring patients for abnormal heart rhythms.

Cardiovascular Monitoring & Diagnostic Devices Market Challenges

Lack of killed Medical Personnel

Cardiovascular Monitoring & Diagnostic Devices require skilled surgeons for obtaining an accurate artifact-free recording of good clinical quality and diagnostic value. Moreover, implantable cardiac monitor algorithms are intentionally set for high sensitivity at the expense of specificity. As a result, numerous false alarms occur that need to be evaluated by healthcare professionals so that over treatment of patients will not occur. Thus skilled medical personnel is required to operate the equipment of heart rate monitors, computed tomography procedures. The lack of large scale availability of such equipment and skilled personnel in under developed economies and developing economies is set to hinder the market growth.

Cardiovascular Monitoring & Diagnostic Devices Industry Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Cardiovascular Monitoring & Diagnostic Devices Market. Key companies of this market are BioTelemetry Inc., Biotronik Se & Co. KG, Boston Scientific Corporation, VitaConnect, Medtronic Plc., Nihon Kohden Corporation, Mortara Instrument Inc., Schiller AG, MedStar Health, Spacelabs Healthcare Inc., St. Jude Medical Inc., and Welch Allyn among others.

Acquisitions/Product Launches:

  • In November 2020, VitalConnect®, Inc., announced the launch of its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring. VitalPatch RTM monitors for 21 cardiac arrhythmias through a unique AI-based ECG analysis solution and captures data.
  • In February 2020, MedStar Health has launched a device that automatically calculates a patient's risk of having a heart attack or stroke and displays it in their electronic health record with colorful, easy to read, and interactive graphics.
  • In January 2020, Biotronik announced the launch of its new injectable cardiac monitor (ICM), BIOMONITOR III. The novel device is designed to help patients with irregular heart rhythms by documenting unexplained syncope with increased clarity.

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1. Cardiovascular Monitoring & Diagnostic Devices Market - Overview
    1.1 Definitions and Scope
2. Cardiovascular Monitoring & Diagnostic Devices Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends
    2.2 Key trends by Product Type
    2.3 Key trends by End User
    2.4 Key trends by Geography
3. Cardiovascular Monitoring & Diagnostic Devices Market – Comparative Analysis
    3.1 Product Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies 
    3.4 Patent Analysis – Key Companies
    3.5 Pricing Analysis (Average Price)
4. Cardiovascular Monitoring & Diagnostic Devices Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Cardiovascular Monitoring & Diagnostic Devices Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Cardiovascular Monitoring & Diagnostic Devices - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Cardiovascular Monitoring & Diagnostic Devices Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8.Cardiovascular Monitoring & Diagnostic Devices Market – By Product Type (Market Size –$Million/$Billion)
    8.1 ECG (Electrocardiograph) Systems
        8.1.1 Resting ECG
        8.1.2 Stress ECG
    8.2 Event Monitors
    8.3 Holter Monitors
    8.4 Implantable Cardiac Monitor
    8.5 Others
9. Cardiovascular Monitoring & Diagnostic Devices Market – By End User (Market Size –$Million/$Billion)
    9.1 Hospitals
    9.2 Clinics
    9.3 Diagnostic Centers
    9.4 Ambulatory Care Centers
10. Cardiovascular Monitoring & Diagnostic Devices Market - By Geography (Market Size –$Million/$Billion)
    10.1 North America
        10.1.1 U.S.
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 U.K.
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Spain
        10.2.6 Russia
        10.2.7 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 India
        10.3.3 Japan
        10.3.4 South Korea
        10.3.5 Australia & New Zealand
        10.3.6 Rest of Asia-Pacific
    10.4 Rest of the World
        10.4.1 Middle East
        10.4.2 Africa
        10.4.3 South America
11. Cardiovascular Monitoring & Diagnostic Devices Market - Entropy
12. Cardiovascular Monitoring & Diagnostic Devices Market – Industry/Segment Competition Landscape Premium
    12.1 Market Share Analysis
        12.1.1 Global Market Share – Key Companies
        12.1.2 Market Share by Region – Key companies
        12.1.3 Market Share by Countries – Key Companies
        12.1.4 Best Practices for Companies
13. Cardiovascular Monitoring & Diagnostic Devices Market – Key Company List by Country Premium Premium
14. Cardiovascular Monitoring & Diagnostic Devices Market Company Analysis
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10  Company 10
"*Financials for private companies would be provided on a best efforts basis”.