According to The Insight Partners, “Non-Invasive Cardiac Output Monitoring Device Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Device (Patches, Wristwatches, and Probes and Catheters), Indication (Hypertension, Coronary Diseases, Congenital Problems, Myocardial Ischemia and Infarction, Heart Failure, Arrhythmias, and Others) and End User (Hospitals, Emergency Services Centers, Homecare, and Others) and Geography”; The global non-invasive cardiac output monitoring device market size is expected to reach USD 3,30,902.81 thousand by 2027 from USD 2,26,049.76 thousand in 2019; it is estimated to grow at a CAGR of 5% from 2020 to 2027.
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Developing nations are significantly developing their healthcare facilities and services and are heading toward technological advancements. For instance, as per the Ministry of Commerce & Industry, Government of India, the healthcare market is expected to increase three-fold to reach ~US$ 133.44 billion (INR 8.6 trillion) by 2022. Also, medical tourism is growing at a notable pace in these countries. For instance, as per the India Brand Equity Foundation, the medical tourism market in India is growing at 18% year-on-year. Thus, the developing nations hold significant opportunities for the non-invasive cardiac output monitoring device providers to enter the market with cost-effective products.
The prevalence of chronic diseases is rising in the world, especially in developing countries. The rising incidence of cardiovascular conditions is mainly due to the shift in lifestyle and other factors such as the high prevalence of smoking and unhealthy diet.
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The non-invasive cardiac output monitoring device market, by device, is segmented into patches, wristwatches, and probes and catheters. The probes and catheters segment held the largest share of the market in 2019. However, the wristwatches segment is expected to register the highest CAGR during the forecast period. Based on indication, the non-invasive cardiac output monitoring device market is segmented into hypertension, coronary diseases, congenital problems, myocardial ischemia and infarction, heart failure, arrhythmias, and others. The hypertension segment held the largest share of the market in 2019, whereas the heart failure segment is anticipated to register the highest CAGR during the forecast period. Based on end user, the non-invasive cardiac output monitoring device market is segmented into emergency services centers, homecare, and others. The hospitals segment held the largest share of the market in 2019. However, the emergency services centers segment is expected to register the highest CAGR during the forecast period.
Many players operating in the non-invasive cardiac output monitoring device market are focusing on developing and launching new products as a part of their strategies to expand their geographic reach and capacity to cater to huge customer base. For instance, Biobeat, an Israel-based biomedical technology company, has developed a patch and wristwatch for the measurement of cardiac output, blood pressure, stroke volume, blood oxygenation, and heart rate. The company received CE approval for its product in February 2020. With this approval, Biobeat would be able to market its product in the EU countries.
Similarly, Pulsify Medical, Belgium, is developing wearable ultrasound patches for noninvasive, real-time monitoring of human physiological parameters. Pulsify Medical is a spin-off of Imec and KU Leuven. Imec is a leading research and innovation hub working in the field of nanoelectronics and digital technologies, and KU Leuven is a European University that invests in the introduction of innovative technologies by creating spin-off companies. Therefore, developments and launches of new products are likely to emerge as a key market trend in the coming years.
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