The global Cardiovascular Disease Monitoring and Diagnostic Devices market is projected to reach US$2.6 billion by 2024, driven by the increasing incidence of cardiovascular diseases, aging population, and technological advancements.
The global market for cardiovascular monitoring and diagnostic devices is witnessing steady growth due to a large and growing burden of cardiovascular disease globally. Major factors driving growth in the global market for cardiovascular devices include growing aging population, increasing incidence of cardiovascular diseases, rise in the number of deaths due to CVD, and rising healthcare spending. Increasing promotion of home healthcare and continuous technological innovations are the other factors driving market growth. Leading players and new entrants alike are conducting extensive R&D to explore newer technologies and develop efficient equipment to manage CVD better. Marketing programs undertaken by governments and NGOs across the world also serve to increase consumer awareness and create demand growth for advanced, effective CVD monitoring devices. However, high product costs and delays in obtaining product approvals owing to stringent regulations for the same, act as market restraints.
ECG systems represent the leading segment of the cardiovascular monitoring and diagnostic devices market. Technological advancements have led to the development of state-of-the-art ECG systems, which make possible to monitor cardiac activity with greater precision and accuracy. Compact and portable designs of ECG devices are driving their adoption worldwide. Implantable Loop Recorder (ILR) or insertable loop recorder is the fastest growing segment. Growth of elderly population, coupled with increase in the number of people suffering from heart diseases, is expected to spur demand for ILR devices. Emerging applications of implantable loop recorder, particularly in various new fields of clinical investigation, will aid for global growth of the ILR market. Mobile Cardiac Telemetry (MCOT™ or MCT) monitoring represents another new most interesting technology to enter the ambulatory cardiac monitoring market. MCT monitoring enables automatic detection and real time transmission of cardiac abnormalities through cell phone to a diagnostic laboratory. MCT's ability to respond as soon as clinically significant events occur via continuous and real-time monitoring is its major advantage compared to the other types of ambulatory cardiac monitoring such as Holter and Event Monitoring.
The United States represents the largest market worldwide supported by high healthcare awareness, large patient population and adoption of sophisticated and advanced medical treatment procedures, Asia-Pacific is predicted to witness the fastest growth over the forecast period led by rising incidence of cardiovascular diseases and related deaths; shift towards preventive care and the ensuing demand for diagnostics devices. China is expected to emerge as a major market given the large geriatric population and obesity rates which are aggravated by poor diet and sedentary lifestyles.
Major players in the market include BioTelemetry Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, GE Healthcare UK Ltd., Koninklijke Philips N.V, Medtronic Plc., Mortara Instrument Inc., Nihon Kohden Corporation, Philips Healthcare, Schiller AG, Spacelabs Healthcare Inc., St. Jude Medical Inc., and Welch Allyn, among others.