The research report states that the global cardiopulmonary stress testing systems market will be worth US$6.67 bn by 2023 as compared to US$3.30 bn in 2014. Between 2015 and 2023, the overall market is expected to expand at a CAGR of 8.20%. The global market is expected to be led by cardiopulmonary exercise testing (CPET) systems as the incidences of cardiac disorders remain on the rise. The research indicates that this segment will expand at a CAGR of 8.5% between 2015 and 2023. Geographically, North America cardiopulmonary stress testing systems market will rise at a strong CAGR of 7.3%.
The leading players in the global cardiopulmonary stress testing systems market are Spacelabs Healthcare, GE Healthcare, Philips Healthcare, and CareFusion Corporation. These players jointly held a share of 53.5% in 2014, observes Transparency Market Research in its new publication. These players have a vast scope for growth as several developing regions in the world are increasing their healthcare budgets. Thus, research suggests that players must focus on investing in developing economies of South Africa, Brazil, India, and China in the near future. Companies could also benefit from the rising disposable incomes in these countries and the increasing awareness about susceptibility to cardiovascular and pulmonary disorders due to changing lifestyles and poor dietary patterns.
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Growing Cases of Cardiac Disorders Worldwide Fuel Market Growth
The high incidence of cardiovascular diseases has been the primary factor driving the demand for cardiopulmonary stress testing systems. According to the World Health Organization (WHO), the coronary artery diseases (CADs) account for nearly 64% of the all the deaths due to cardiovascular conditions. Thus this has been identified as the key cause for a poor quality of life for the majority of women and men across the world. Owing to these reasons the demand for cardiopulmonary stress testing systems has considerably risen in the past few years.
The rise in the geriatric population across the world and the growing problem of obesity have also resulted in a sudden uptake of cardiopulmonary stress testing systems. The aged and the obese are both prone to the risk of coronary artery diseases (CADs), which has had a positive impact on the global market in recent years. Technological advancements, rising disposable incomes, growing awareness about possibilities to treat cardiovascular diseases, and penetration of modern monitoring technology have also resulted in a higher diagnoses rate, which has boosted the demand for cardiopulmonary stress testing systems.
Need to Contain Costs Discourages Hospitals from Investing in Modern Equipment
The enactment of laws such as the Affordable Care Act has been urging the healthcare sector for cost containment to provide affordable healthcare to patients. This trend has been hampering the global market to a severe degree. The reduction in healthcare budgets has prompted large hospitals and private firms to invest less in new equipment and systems to be able to offer an affordable healthcare platform in the longer run. Furthermore, exposure to harmful radiation to due to single-photon emission computed tomography myocardial perfusion imaging (SPECT-MPI) systems has also discouraged the sales of these systems in the recent past.
“The improving healthcare infrastructure of developing countries presents a lucrative growth opportunity to the players in the cardiopulmonary stress testing systems market,” states the lead author of this research report. The expanding business of healthcare insurance, changing lifestyles, and improving purchasing power of consumers will present remarkable opportunities to the overall market in the near future.