SEATTLE, May 12, 2021, (MEDGADGET) — Global Cardiovascular Monitoring and Diagnostic Devices Market
Overview
Cardiac monitoring is the term used to describe the continuous or occasional monitoring of heart function, usually using electrocardiography, in order to measure the patient’s condition in relation to their cardiac rhythm. The study goes into ECG monitoring devices, Holter monitoring devices, ECG stress checking devices, and event monitoring devices.
The global cardiovascular monitoring and diagnostic devices market is expected to account around US$ 2,200.6 Mn in terms of value in 2020 and is estimated to reach over US$ 4,481.8 Mn by the end of 2027.
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Drivers
Rising incidences of cardiovascular disorders is expected to drive growth of the global cardiovascular monitoring and diagnostic devices market during the forecast period. For instance, in 2016, according to the American Heart Association’s Heart and Stroke Statistics 2019 Update, over 48% of all adults in the U.S. suffered from some type of cardiovascular disease.
Furthermore, growing number of geriatric population is also expected to propel growth of the global cardiovascular monitoring and diagnostic devices market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
ECG Monitoring Device held a significant position in the global cardiovascular monitoring and diagnostic devices market in 2019, accounting around 51.6% share in terms of value, followed by Holter Monitoring Device and ECG Stress Testing, respectively.
Restraints
The global cardiovascular monitoring and diagnostic devices market is expected to be hampered by the lengthy approval process for medical devices. The US Food and Drug Administration has established rules for in-vitro testing of ECG products, which include environmental testing, software testing, electrical protection, and electromagnetic compatibility. Furthermore, owing to the complexity and amount of medical device marketing submissions, the time it takes to review and authorize a 510(K) has risen from 90 to 140 days.
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However, as compared to traditional lead ECGs, handheld ECG devices provide limited details, which is expected to restrict global cardiovascular monitoring and diagnostic devices market development.
The global cardiovascular monitoring and diagnostic devices market was accounted around US$ 1,987.9 Mn in 2019 and is forecast to reach a value over US$ 4,481.8 Mn by 2027 at a CAGR around 10.7% between 2020 and 2027.
Market Trends
Growing R&D initiatives in ambulatory ECGs is expected to drive growth of the global cardiovascular monitoring and diagnostic devices market. For instance, in February 2020, researchers at University of Electronic Science and Technology of China developed an adaptive cancellation algorithm based on multi-inertial sensors to suppress motion artifacts in ambulatory ECGs.
Rising investment towards development of novel devices by major companies is also aid in growth of the global cardiovascular monitoring and diagnostic devices market. For instance, in December 2019, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, raised US$ 6 million for FDA Filing for its patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring.
The global cardiovascular monitoring and diagnostic devices market is expected to witness a significant growth due to rising development of web-based remote cardiac monitoring solutions by major companies. For instance, in November 2019, Bittium Corporation, a Finland-based cardiology and neurology device company, presented Bittium HolterPlus, a web-based remote cardiac monitoring solution, consisting of a Bittium Faros ECG device and Bittium HolterPlus mobile application, at Medica 2019, a leading international trade fair for the medical sector that was held in Germany.
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Market Segmentation
- By Product Type: ECG Monitoring Device, Holter Monitoring Device, ECG Stress Testing, and Event Monitoring Devices.
- By End User:Hospitals, Ambulatory Surgical Centers, and Clinics.
Competitive Landscape
Key players are dominating in the global cardiovascular monitoring and diagnostic devices market such as, Philips Healthcare, GE Healthcare, Schiller AG, Nihon Kohden, Welch Allyn, Opto Circuits (India) Limited, Fukuda Denshi Co., Ltd., Biotricity Inc., Lidco Group plc, VivaQuant and Bittium Corporation.
Key Developments
Key competitors are concentrating on having new devices licensed and released, to broaden their product range. For instance, in January 2020, Withings launched ScanWatch, which has a built-in ECG and a SpO2 sensor to measure oxygen saturation levels.
Moreover, in April 2019, VivaQuant, a digital health company, received the U.S. FDA clearance for its RX-1 wearable device that can operate as a Holter monitor.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By End User
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Developments
- Regulatory Scenario
- PEST Analysis
- COVID-19 Impact Analysis
- Market Dynamics
- Global Cardiovascular Monitoring and Diagnostic Devices Market, By Product Type, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- ECG Monitoring Device
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Holter Monitoring Device
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- ECG Stress Testing
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Event Monitoring Devices
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Introduction
- Global Cardiovascular Monitoring and Diagnostic Devices Market, By End User, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Ambulatory Surgical Centers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Cardiovascular Monitoring and Diagnostic Devices Market, By Regions, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- U.S.
- Canada
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- GCC
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- North Africa
- Central Africa
- South Africa
- Introduction
- Competitive Landscape
- Company Profiles
- Section
- References
- Research Methodology
- About us and Sales Contact
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