Cardiovascular Monitoring and Diagnostic Devices Market By Product (Electrocardiograph Systems, Event Monitors, Holter Monitors, Implantable Loop Recorders, ECG Management Systems)
According to the report Global Cardiovascular Monitoring and Diagnostic Devices market, published by Market Data Forecast, The Market was worth USD 1754 million in 2016 and estimated to be growing at a CAGR of 6.4%, to reach USD 2391.87 million by 2021. Cardiovascular disease is a medical condition which affects the structure and function of organs associated with function of heart and its circulation
Cardio Vascular diseases are the primary cause of death and witnessing a high rise in prevalence. There are a large number of people being diagnosed with cardiovascular diseases such as periphery artery diseases, coronary artery diseases, congenital heart diseases, and pulmonary conditions shifting focus towards preventative healthcare.
Increasing risks related to hypertension, heart muscle weakening, increasing number of people suffering from diabetes and obesity are the major factors driving the market.
However unclear reimbursement policies, strict government regulations for products and high cost of monitoring devices are some the major factors hindering the growth of the market
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Global market for cardiovascular diagnostic and monitoring devices is analysed on the basis of product which is further segmented into ECG systems, Holter Monitors, Event Monitors, Implantable loop recorders and ECG management systems. Electrocardiographs segment is further sub segmented into Resting ECG systems and Stress ECG systems.
ECG systems accounted for the largest share in the market and expected to maintain its strong hold in the market during the forecast period due to widespread availability and increasing preference for these devices in both developed and developing regions.
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On the basis of geography global market for cardiovascular diagnostic and monitoring devices market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa. North America is the largest market for cardiovascular diagnostic and monitoring devices market and is expected to sustain its strong share owing to its favourable reimbursement policies and high awareness about available diagnosis and treatment methods among patients and physicians.
Asia-Pacific is estimated to be the fastest growing region during the forecast period due to rising awareness about the effectiveness of accessible devices in successfully curing several cardio vascular conditions and increasing healthcare spending.
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GE healthcare and Phillips healthcare dominated the global Cardiovascular Monitoring and Diagnostic Devices Market accounting for an approximately 50% share. Other major players covered in the report are Siemens Healthcare, Boston Scientific Corporation, St. Jude Medical, Inc., Nihon Kohden Corporation, and Welch Allyn, Inc.
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