The Road Ahead for the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market During the Forecast Period, and Why?
The market scope for cardiovascular diagnostic and monitoring devices and equipment has robustly expanded over the past years. It is set to escalate from $4.21 billion in 2024 to $4.56 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth in the past include the prevalence of cardiovascular ailments, the aging demographic, emphasis on preventive healthcare, and the incorporation of telemedicine.
The market for cardiovascular monitoring and diagnostic devices and equipment is predicted to enjoy a steady expansion in the coming years, reaching an estimated value of $5.37 billion by 2029 at a compound annual growth rate (CAGR) of 4.2%. This upcoming growth can be tied to factors like personalized medicine, digital health, chronic disease management, and remote patient monitoring. Key trends anticipated in the forecast period are wearable and mobile monitoring, AI-assisted diagnostics, point-of-care testing, and remote cardiac rehabilitation.
Which Macro and Microeconomic Factors Are Accelerating the Growth of the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market?
The progression of the cardiovascular monitoring and diagnostic devices and equipment market is likely to be stimulated by improvements in healthcare infrastructure. The term ‘healthcare infrastructure’ encompasses the physical establishments, personnel, buildings, and systems imperative for providing healthcare services to cater to the health necessities of the target groups. The cultivation, activation, and proficient utilisation of cardiovascular monitoring and diagnostic devices and equipment are heavily reliant on healthcare infrastructure. It facilitates the provision of necessary facilities, equipment, skilled workforce, and policies to ascertain access to secure, effectual, and top-tier medical devices devised to avert, diagnose, and cure cardiovascular diseases. For instance, the National Health Expenditure Account (NHEA), disclosed by the Centers for Medicare and Medicaid Services, a federal agency in the U.S., reported that healthcare expenditure in the U.S. escalated by 2.7% in 2021, swelling to $4.3 trillion or $12,914 per individual. Healthcare expenditure, as a percentage of the nation’s Gross Domestic Product, comprised 18.3%. Consequently, the augmentation of healthcare infrastructure is propelling the growth of the cardiovascular monitoring and diagnostic devices and equipment market.
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Which Companies Are Poised to Shape the Future of the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market?
Major companies operating in the cardiovascular monitoring and diagnostic devices and equipment market include Medtronic PLC, Boston Scientific Corporation, GE Healthcare, Johnson & Johnson, Philips Healthcare, Siemens Healthcare, St. Jude MedicalInc, Nihon Kohden Corporation, Fukuda Denshi Co. Ltd., Sorin Group, Welch Allyn Inc., LivaNova PLC, Spacelabs Healthcare, Opto Circuits India Ltd., BPL Health Management Solutions, OSI Systems Inc., Hill-Rom Holdings Inc., Schiller AG, Abbott Cardiovascular, Accellent Inc., Aerotel medical systems Ltd., Asahi Kasei Corporation, Bioheart Inc., Biosensors international group Ltd, Cook group incorporated, Dräger Medical AG & Co. KGaA., Molecular devices LLC, Edwards Lifesciences Corp., Biotronik Inc., Koninklijke Philips N.V., Endotronix Inc., Smartcardia, Personal Safety Corporation, Ivy Biomedical Systems Inc., Cardio Diagnostics Holdings Inc., ECG Excellence BV, Aktiia SA, HD Medical, HeartFlow Inc., VPG Medical, BioTelemetry Inc., Preventice Solutions, Mortara Instrument Inc., GetemedMedizin-Und Informationstechnik Ag, LifeWatch Technologies Ltd., QRS Diagnostic
What Are the Latest Innovations and Trends Influencing the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market?
Leading businesses in the cardiovascular monitoring and diagnostic devices and equipment market, such as the US-based manufacturer Boston Scientific, are creating innovative products like the LUX-Dx II+ for enhanced patient care. The LUX-Dx II+ is a revolutionary insertable cardiac monitor (ICM) system, offering doctors a fresh alternative for diagnostic assessment and long-term monitoring of patients suffering from irregular heartbeats. Unveiled in October 2023, the LUX-Dx II+ combines dual-stage algorithms and superior S-ECG signal quality with remote programming, wireless connectivity, a convenient patient app, and a compact design.
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Which Segments of the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market Hold the Most Potential for Future Development?
The cardiovascular monitoring and diagnostic devices and equipment market covered in this report is segmented –
1) By Product Type: Cardiopulmonary Stress Testing Systems, ECG Data Management Systems, ECG Monitoring Equipment, ECG Stress Testing Systems, Event Monitoring Systems, Holter Monitoring Systems
2) By Type: Heart Disease, Coronary Heart Disease
3) By End-Use: Hospitals Or Physician Clinic (Continuous Glucose Monitors), Home Or Emergency, Research and Development (Clinical Trials, Universities, CRO)
Subsegments:
1) By Cardiopulmonary Stress Testing Systems: Treadmill Stress Testing Systems, Ergometer Stress Testing Systems, Respiratory Gas Exchange Systems, Other Cardiopulmonary Stress Testing Systems
2) By ECG Data Management Systems: Cloud-Based ECG Data Management Systems, On-Premise ECG Data Management Systems, ECG Software For Data Analysis, Other ECG Data Management Systems
3) By ECG Monitoring Equipment: Continuous ECG Monitors, Wireless ECG Monitors, Handheld ECG Monitors, Other ECG Monitoring Equipment
4) By ECG Stress Testing Systems: Treadmill ECG Stress Testing Systems, Cycle Ergometer ECG Stress Testing Systems, Automated ECG Stress Testing Systems, Other ECG Stress Testing Systems
5) By Event Monitoring Systems: Mobile Event Monitors, Wireless Event Monitors, Holter Or Event Monitor Hybrid Systems, Other Event Monitoring Systems
6) By Holter Monitoring Systems: 24-Hour Holter Monitors, 48-Hour Holter Monitors, 7-Day Holter Monitors, Other Holter Monitoring Systems
What Regions Are Contributing Significantly to the Growth of the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market?
North America was the largest region in global cardiovascular monitoring and diagnostic devices and equipment market in 2023. Western Europe was the second-largest region in cardiovascular monitoring and diagnostic devices and equipment market. The regions covered in the cardiovascular monitoring and diagnostic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Is the Scope and Reach of the Cardiovascular Monitoring And Diagnostic Devices And Equipment Market Defined?
Cardiovascular monitoring and diagnostic devices and equipment are used for the diagnosis, monitoring, and treatment of cardiovascular diseases.
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