Transparency Market Research presents this most up-to-date research on ” Cardiovascular Monitoring and Diagnostic Devices Market (Product – ECG Systems (Resting ECG, Stress ECG), Event Monitors, Holter Monitors, Implantable Loop Recorders, ECG Management Systems) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024“
Transparency Market Research states that the global cardiovascular monitoring and diagnostic devices market held an opportunity of US$1.8 bn in 2015. The market is expected to expand at a 6.4% CAGR over the period between 2016 and 2024, and rise to a valuation of US$3.1 bn by 2024.
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Being the leading cause of death and witnessing a high rise in prevalence, the class of ailments that come under the purview of cardiovascular diseases is witnessing increased focus from healthcare, research, and government bodies alike. A large number of companies are venturing into the market with an innovative range of products for diagnosing and treating a variety of cardiovascular diseases. Research and development activities are being granted increasingly more funds and governments bodies are implementing various health schemes aimed at reducing the prevalence and improving awareness about cardiovascular diseases.
Intense competition and high entry barriers outline the present state of the competitive landscape of the global cardiovascular monitoring and diagnostic devices market, states a recent Transparency Market Research (TMR) report. In the markedly consolidated market, the top two vendors, GE Healthcare and Philips Healthcare, accounted for a more than 55% share in 2015. Moreover, these two companies have their headquarters in Europe, granting this regional market a high level of saturation. The other half of the competitive landscape is, however, highly fragmented with a large number of specialty vendors operating in regional pockets.
However, the rising prevalence of a number of cardiovascular diseases coupled with the rising global demand for technologically advanced and innovative devices would attract new entrants to the market. As a result, the competition in the market is expected to further intensify in the next few years. Pulling ahead in these foreseeable tough times will require alignment of business strategies towards untapped opportunities in several regional territories and innovative ways of promoting products. Other key vendors operating in the global cardiovascular monitoring and diagnostic devices market include Spacelabs Healthcare, St. Jude Medical, Inc., and Siemens Healthcare.
Electrocardiogram (ECG) Systems Lead on Account of Cost Effectiveness and High Efficiency
The product segment of ECG systems presently holds the largest share in the global cardiovascular monitoring and diagnostic devices market. The widespread presence and high preference for ECG systems in developed and developing regions alike are key to the segment’s leading market position. ECG systems are expected to remain the key contributor to the market’s overall revenues over 206 and 2024 as well, expanding at a 6.3% CAGR in the global market.
However, the segment of implantable loop recorders is expected to witness the fastest expansion, a 7.1% CAGR from 2016 to 2024. The segment is projected to benefit from the rising awareness about the use of these devices in diagnosing syncope. As several cases of the disease remain undiagnosed when other conventional diagnostic methods are used, implantable loop recorders are gaining an increased level of adoption across medical diagnostic centers globally. The valuation of the segment is expected to reach US$152.7 mn by 2024.
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The segment of Holter monitors also holds immense growth promise owing to the rising prevalence of conditions such as arrhythmia and conduction block. The segment was valued at US$416.1 mn in 2015 and is expected to expand at a high single-digit CAGR from 2016 to 2024.
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