In the year 2018 Global Cardiovascular Monitoring and Diagnostic Devices Market was valued at USD 2096.77 million. By the year 2023, it is predicted to reach USD 2956.26 million with pace of 7.11% CAGR. Cardiovascular disease is a combined term for blood vessels and heart diseases including stroke, cardiomyopathy coronary heart disease, peripheral vascular disease, heart failure and congenital heart disease. Cardiovascular devices are used to measure the cardiac pressure and helps in diagnosis & treatment for cardiovascular diseases. A cardiovascular monitoring device helps to monitor blood temperature, electrocardiogram, noninvasive blood pressure, arterial blood oxygen saturation, intravascular pressures, and cardiac output.
Factors affecting market growth:
- Rising prevalence of cardiovascular diseases due to high consumption of smoking and alcohol. (+)
- Growing geriatric & obese population. (+)
- Advancement of technology in treatment and diagnosis for cardiovascular diseases. (+)
- Increasing demand for cardiac surgeries. (+)
- Increasing adoption of home healthcare and remote patient monitoring. (+)
- High cost of cardiovascular devices. (-)
- Lack of reimbursement policies in developing countries. (-)
The Global Cardiovascular Monitoring and Diagnostic Devices Market is geographically segmented into
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
North America holds the largest market in global cardiovascular diagnostic and monitoring devices market due to increasing awareness about available diagnosis and treatment methods among patients and physicians, favorable reimbursement policies, introduction of new technology in cardiovascular diseases, availability of well-established hospitals, diagnostic centers and other healthcare services.
Asia Pacific is estimated is estimated to be the fastest growing region due to implementation of advanced technologies in monitoring and diagnosis of cardiovascular diseases and rising of aging population during the forecast period.
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Most important industries contributing to the global cardiovascular diagnostic and monitoring devices market are Boston Scientific Corporation, Welch Allyn, Inc., FUKUDA DENSHI Co., Ltd., GE Healthcare, Sorin Group, Johnson & Johnson, Medtronic, Inc, Nihon Kohden Corporation, Philips Healthcare, Siemens Healthcare, Spacelabs Healthcare, and St. Jude Medical, Inc.