Global Cardiovascular Monitoring and Diagnostic Devices Market to Achieve CAGR of 5.0% By 2031 | CBI
Category : Medical Devices | Published Date : Oct 2024 | Type : Press Release
Cardiovascular Monitoring and Diagnostic Devices Market Scope & Overview:
In the newly published report, Consegic Business Intelligence analyzes that the Cardiovascular Monitoring and Diagnostic Devices Market was valued at USD 19,406.68 Million in 2022 and is projected to reach USD 29,883.03 Million by 2031, growing at a CAGR of 5.0% during the forecast period from 2023 to 2031. Cardiovascular monitoring and diagnostic devices are essential for recording the electrical and mechanical activity of the heart and blood vessels. These devices play a critical role in diagnosing and managing cardiovascular diseases such as heart attack, arrhythmia, heart failure, coronary artery disease, and more, providing better care to patients and improving outcomes.
The report comprises the Cardiovascular Monitoring and Diagnostic Devices Market Share, Size & Industry Analysis, By Product (Electrocardiogram (ECG) Devices [Resting ECG Devices, Stress ECG Devices, Holter Monitors], Event Monitors, Blood Pressure Monitors, Implantable Loop Recorders (ILRs), Echocardiograms, and Others), By End User (Hospitals and Clinics, Ambulatory Surgical Centers, Homecare Centers, Research and Academic Institutes, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), and Forecast, 2023-2031.
The report contains detailed information on Cardiovascular Monitoring and Diagnostic Devices Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The increasing prevalence of cardiovascular diseases (CVDs) globally is a major factor driving the market growth. With cardiovascular diseases being the leading cause of death worldwide, the demand for diagnostic tools such as ECG devices and blood pressure monitors is rising. Additionally, advancements in non-invasive and wearable technologies are boosting market opportunities, offering patients improved accessibility to cardiovascular monitoring.
Segmental Analysis :
Based on product, the market is segmented into electrocardiogram (ECG) devices, event monitors, blood pressure monitors, implantable loop recorders (ILRs), echocardiograms, and others.
- Electrocardiogram (ECG) devices accounted for the largest market share in 2022, driven by their widespread use in detecting heart diseases. ECG devices are used for continuous monitoring in hospital settings and homecare applications.
- Implantable loop recorders (ILRs) are expected to witness the fastest growth, driven by advancements in miniaturized monitoring devices that provide long-term data collection for diagnosing cardiac arrhythmias.
Based on end user, the market is segmented into hospitals and clinics, ambulatory surgical centers, homecare centers, research and academic institutes, and others.
- Hospitals and clinics dominated the market in 2022, accounting for 45.50% of the total share, as they are primary care settings where cardiovascular diseases are diagnosed and treated.
- The homecare centers segment is expected to witness significant growth, driven by increasing demand for portable and wearable cardiovascular devices for at-home monitoring.
Based on regions, the global market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- North America accounted for the largest market share in 2022, valued at USD 7,471.57 Million, driven by the high prevalence of cardiovascular diseases and the adoption of advanced diagnostic technologies in the U.S.
- Asia Pacific is expected to witness the fastest growth, supported by the rising prevalence of CVDs and increasing healthcare expenditure in countries such as China and India.
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2031 | USD 29,883.03 Million |
| CAGR (2024-2031) | 5.0% |
| By Product | Electrocardiogram (ECG) Devices (Resting ECG Devices, Stress ECG Devices, Holter Monitors), Event Monitors, Blood Pressure Monitors, Implantable Loop Recorders (ILRs), Echocardiograms, Others |
| By End-User | Hospitals and Clinics, Ambulatory Surgical Centers, Homecare Centers, Research and Academic Institutes, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Cardiovascular Monitoring and Diagnostic Devices Industry:
- Medtronic
- Boston Scientific
- Abbott Laboratories
- GE Healthcare
- Asahi Kasei Corporation
- Omron Healthcare
- Hill-Rom Holdings
- Nihon Kohden
- SCHILLER AG
- ACS Diagnostics
- Lepu Medical Technology
- Baxter
Recent Industry Developments :
- In October 2023, Boston Scientific launched the LUX-Dx II+ Insertable Cardiac Monitor (ICM) System, a small, leadless electronic device designed for continuous arrhythmia monitoring.
- In February 2023, Abbott Laboratories acquired Cardiovascular Systems, Inc., further strengthening its portfolio in the cardiovascular space with a cutting-edge atherectomy system.
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