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The global Cardiovascular Monitoring And Diagnostic Devices Market is estimated to be valued at US$ 2,955.1 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiovascular monitoring and diagnostic devices are used for monitoring cardiovascular activities such as electrocardiography (ECG), event monitoring, holter monitoring, cardiac output monitoring, and electrophysiological diagnostic devices. These devices help diagnose cardiovascular diseases at an early stage and also help monitor existing conditions. Cardiovascular diseases are one of the leading causes of deaths globally. Growing prevalence of cardiovascular diseases such as heart failure, cardiomyopathy, and arrhythmias is expected to drive the demand for cardiovascular monitoring and diagnostic devices over the forecast period.
Market key trends:
One of the key trends in the cardiovascular monitoring and diagnostic devices market is the growing adoption of remote patient monitoring devices. Remote patient monitoring enables continuous monitoring of patients outside healthcare facilities using digital technologies which help reduce healthcare costs and improve access and clinical outcomes. With the current trend of reducing hospital visits, remote monitoring is expected grow significantly. Another major trend is the increasing preference for wearable cardiovascular monitoring devices. Wearable devices are compact, reliable, and user-friendly which helps long term continuous monitoring of vital stats. This has boosted adoption among consumers as well as healthcare providers for disease management.
Porter’s Analysis
Threat of new entrants: New players need significant capital investment to develop and manufacture advanced cardiovascular monitoring and diagnostic devices. Established brands have advantages of scale and brand recognition.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands to choose from. However, switching costs are low.
Bargaining power of suppliers: A few key component suppliers exist, giving them some power. However, other suppliers are available limiting their influence.
Threat of new substitutes: Alternate monitoring modalities like MRI, CT scans pose a substitutes threat. However, devices offer portability advantage over substitutes.
Competitive rivalry: The market has major global players with broad product offerings intensifying competition. Manufacturers compete based on technology, pricing and product quality.
Key Takeaways
The global cardiovascular monitoring and diagnostic devices market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing burden of cardiovascular diseases. Cardiovascular disorders such as heart failure, myocardial infarction and stroke continue to rise globally.
Regionally, North America dominates the market and is expected to continue leading owing to high healthcare awareness, rising obese and diabetic population raising CVD risks. Asia Pacific is anticipated to witness fastest growth due to growing medical tourism, rising healthcare spending in China and India as well as increasing focus of key players in this region.
Key players operating in the cardiovascular monitoring and diagnostic devices market are GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd, Lidco Group plc., Biotricity Inc., Bittium Corporation, VivaQuant. These established brands compete based on technology innovation, frequent new product launches and expanding into emerging markets
