Cardiovascular Monitoring And Diagnostic Devices Market

Urgent Need For Improved Diagnosis To Drive Growth Of The Cardiovascular Monitoring And Diagnostic Devices Market

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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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it