Published on : Apr 26, 2018
Albany, New York, April 26, 2018: Across the world, the rising prevalence of chronic disease and the increasing geriatric population are propelling the global market for cardiovascular monitoring and diagnostic devices. As disease prevalence increases, largely because of lifestyle risk factors and due to this cardiovascular diagnostic and monitoring devices are in greater demand. Looking to the rapidly growing demand, analysts have released a study titled “Cardiovascular Monitoring and Diagnostic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024”, which has been freshly publicized to the wide database of Market Research Hub (MRH). This precise study presents the holistic outlook of the market covering market trends, factors along with industry growth prospects from 2012 to 2017, and forecast to 2024.
According to World Health Organization, heart disease is a leading cause of death for both men and women across the globe. Considering this, science and technology have led to the advent of devices that can efficiently monitor and diagnose the development of a disorder in the circulatory system including the heart and blood vessels. This has bolstered the adoption of cardiovascular monitoring and diagnostic devices. Technological advancements have provided the devices with portability in conducting tests, which is further adding benefits to the market growth.
As per the research prime evaluations, the demand in the global cardiovascular monitoring and diagnostic devices market will increment at an impressive CAGR of 6.5% during the forecast period of 2017 to 2024. Also, the opportunities in the global market will translate into a revenue of US$3,629.5 mn by the end of 2024, which was worth US$2,329.7 mn as of 2017.
The growing number of people suffering from diabetes and obesity, heart muscle failing, and increasing risks related to hypertension are some of the other factors motivating the market. The cardiovascular monitoring and diagnostic devices market further stands to gain additional traction from increasing geriatric population and growing concept of medical tourism.
Moving further, the report has evaluated the prospective of demand for cardiovascular monitoring and diagnostic devices that can be expected out of North America, Europe, Asia Pacific, Latin America, and Rest of the World. It has been analyzed that North America was the largest market for cardiovascular monitoring and diagnostic devices in 2017. The region is likely to sustain its leadership position up to 2024, this is because the patients with heart diseases are increasing day by day. In fact, it is responsible for 1 in every 4 deaths in the United States.
For a clear understanding, the report segments the market for cardiovascular monitoring and diagnostic by product type into ECG systems, event monitors, diagnostic catheters, holter monitors, ECG management systems, and implantable loop recorders.
The researchers also find that competition in the market is stiff but there are vast new opportunities in emerging economies if the cost of the devices can be made more affordable. Some of the emerging players in this market include St. Jude Medical Inc., GE Healthcare, Philips Healthcare, Spacelabs Healthcare, and Siemens Healthcare.
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