CARDIOVASCULAR MONITORING AND DIAGNOSTIC DEVICES MARKET ANALYSIS

Global Cardiovascular Monitoring and Diagnostic Devices Market is estimated to be valued at US$ 2,955.1 million in 2023 and is expected to exhibit a CAGR of 10.8% during the forecast period (2023-2030).

Analysts’ views on Global Cardiovascular Monitoring and Diagnostic Devices Market:

Increasing prevalence of chronic diseases, new launches of monitoring devices, and strategies, like mergers, acquisitions, and collaboration are expected drive the global cardiovascular monitoring and diagnostic devices market growth over the forecast period. For instance, according to the data published by the national Center for Biotechnology Information on August 12, 2022, stated the cardiovascular diseases are one of the leading causes of death worldwide. Long-term and real-time monitoring of cardiovascular parameters is necessary to detect deviations and provide timely early intervention. To this end, the development of flexible wearable/implantable sensors for real-time monitoring of various vital functions has attracted widespread interest among researchers. Among various sensors, mechanical sensors can reflect direct information about the pressure fluctuations of the cardiovascular system, which has the advantage of high sensitivity and appropriate flexibility.

Figure 1. Global Cardiovascular Monitoring and Diagnostic Devices Market Share (%), By Type, 2023

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Global Cardiovascular Monitoring and Diagnostic Devices Market– Drivers

Increasing inorganic strategies such as agreements among market players

Increasing acquisitions by key players is expected to drive the global cardiovascular monitoring and diagnostic devices market growth over the forecast period. For instance, on November 8, 2021, Royal Philips, a global company in health technology, announced that it has signed an agreement to acquire Cardiologs, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. Cardiologs will further strengthen Philips’ cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis and reporting services.

Figure 2. Global Cardiovascular Monitoring and Diagnostic Devices Market Share (%), By Region, 2023

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Global Cardiovascular Monitoring and Diagnostic Devices Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global cardiovascular monitoring and diagnostic devices market over the forecast period, owing to increasing research and developments of monitoring devices. For instance, on May 20, 2023 Abbott., a U.S-based medical device company, announced results from the AVEIR dual-chamber (DR) i2i Investigational Device Exemption (IDE) study, a large-scale study to assess the dual-chamber leadless pacemaker, showing that the leadless pacemaker met its three pre-specified primary endpoints for safety and performance. The data further suggests that AVEIR DR could offer new benefits for people with slower-than-normal heart rhythms. 

Global Cardiovascular Monitoring and Diagnostic Devices Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

However, the COVID-19 pandemic had negative impact on the global cardiovascular monitoring and diagnostic devices market, due to increased patients during pandemic. For instance, according to an article published by the National Center for Biotechnology Information on November 20, 2020 stated cardiac patients, particularly those with heart failure and implantable devices, were at increased risk for COVID-19 morbidity and mortality. There has been a notable decrease in admissions for heart failure and heart attacks which may be secondary to patient reluctance to visit healthcare settings. This may paradoxically result in an increased number of high acuity admissions in the future. Furthermore, there is growing evidence to suggest COVD-19 has significant and even long-term cardiac effects which may lead to  possibility of widespread of heart failure patients.

Global Cardiovascular Monitoring and Diagnostic Devices Market Segmentation:

Global cardiovascular monitoring and diagnostic devices market report is segmented into product type, by end user, and by region.

Based on product type, the global cardiovascular monitoring and diagnostic devices market is segmented into ECG monitoring device, holter monitoring device, ECG stress testing, and event monitoring devices. Out of which, the ECG monitoring device segment is expected to dominate the market due to increasing use of monitoring devices for cardiac patients.

Based on end user, the global cardiovascular monitoring and diagnostic devices market is segmented into hospitals, ambulatory surgical centers, and clinics. Out of which, hospital segment is expected to dominate the market due to increased treatments and availability of advanced technologies.

Based on region, the global cardiovascular monitoring and diagnostic devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these, North America segment is expected to dominate the market over the forecast period due to increasing research and development activities in North America region.

Global Cardiovascular Monitoring And Diagnostic Devices Market Cross Sectional Analysis:

Introduction of monitoring devices to treat different diseases by key market players in Europe region is expected to drive growth of by product type segment in the region. For instance, on April 7, 2020, Journal of Elsevier, stated ambulatory monitoring devices enable a new health paradigm by collecting and analyzing long-term data for reliable diagnoses. These devices are becoming increasingly popular for continuous monitoring of heart disease. Recent advances have enabled solutions that are both affordable and reliable, allowing vulnerable populations to be monitored from the comfort of patients. They enable early detection of important physiological events, resulting in timely warnings for medical attention.

Global Cardiovascular Monitoring and Diagnostic Devices Market: Key Developments

On May 6, 2023 Masimo, a U.S.-based medical technology company, announced that Radius VSM, a patient-worn, continuous multi-parameter vital signs monitor, has received U.S. FDA 510(k) clearance. Designed on a modular platform, Radius VSM allows clinicians to monitor a wide variety of physiological measurements, including Masimo SET pulse oximetry, non-invasive blood pressure, temperature, respiration rate, and electrocardiography (ECG). By combining the reliability and accuracy of larger bed-side monitors with the comfort and freedom of a wearable device, Radius allows ambulation and movement while ensuring patients remain continuously monitored.

On January 23, 2020, Biotronik, a Germany-based cardiovascular biomedical research and technology company, launches Next Generation Injectable Cardiac Monitor BIOMONITOR III. BIOMONITOR III’s unique BIOvector is designed to deliver high definition signals. As a result, the high signal amplitudes and visibility of the p-waves3 make it easier for the physician to confidently evaluate arrhythmias. BIOTRONIK’s next generation injectable cardiac monitor comes ready to inject, with the device pre-assembled in a one-step injection tool. The key feature with this new device is the long vector design which potentially captures not only the ventricular but also the atrial waves on the subcutaneous ECG which can provide a more accurate diagnosis

Global Cardiovascular Monitoring and Diagnostic Devices Market: Key Trends

Strategies like collaborations by key market players

Increasing strategies like collaborations by key market players can drive growth of market. On November 8, 2022 OMRON Healthcare, Co., Ltd., a global healthcare company, announced a collaboration with Cardio Signal, a U.S.-based health technology company, aimed at bringing innovations in early cardiovascular disease detection to support clinicians at the forefront of Population Health management. Cardio Signal, a reliable and easy-to-use medical application that enables  a smartphone to detect signs of atrial fibrillation, will be included in OMRON connect Premium Service in selected countries in Europe.

Global Cardiovascular Monitoring and Diagnostic Devices Market: Restraints

 Complications like applications of monitoring devices

The application complications in monitoring devices is expected to hamper the global cardiovascular monitoring and diagnostic devices market growth. For instance, according to an article published by the American Heart Association, Inc., on May 2, 2023, stated wearable devices have a wide range of potential clinical applications ranging from arrhythmia screening of high-risk individuals to remote management of chronic conditions such as heart failure or peripheral artery disease. As the use of wearable devices continues to grow, one must adopt a multifaceted approach with collaboration among all key stakeholders to effectively and safely integrate these technologies into routine clinical practice.

To counterbalance this restraint, a simple devices should be introduce.

Global Cardiovascular Monitoring and Diagnostic Devices Market - Key Players

Major players operating in the global cardiovascular monitoring and diagnostic devices market includes 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, and VivaQuant.

*Definition: A cardiac event monitor is a device that control to record the electrocardiogram of heart (ECG). This device is about the size of a pager. It records heart rate and rhythm. Cardiac event monitors are used when need long-term monitoring of symptoms that occur less than daily.