Global Cardiovascular Monitoring and Diagnostic Devices Market, By Product Type (ECG Monitoring Device, Holter Monitoring Device, ECG Stress Testing, Event Monitoring Devices), By End User (Hospital, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like product launch is expected to drive the global cardiovascular monitoring and diagnostic devices market growth over the forecast period. For instance, on February 2021, smartcardia, a Switzerland-based Medical equipment manufacturer, launched cardiac ambulatory monitoring, a new wireless device validated against conventional holter monitoring in a case series. Cardiac arrhythmias are very common but underdiagnosed due to its transient and asymptomatic nature. An optimization of arrhythmia detection would permit to better treat patients and could substantially reduce morbidity and mortality. The SmartCardia ScaAI wireless patch is a class IIa approved, single-lead electrocardiographic (ECG) ambulatory monitor designed for cardiac arrhythmias detection.
Global Cardiovascular Monitoring and Diagnostic Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had negative impact on the global cardiovascular monitoring and diagnostic devices market due to increasing disruption of normal life of people due to nationwide lockdown and increasing COVID infection. For instance, according to an article published by the National Center for Biotechnology Information on June 22, 2023, explained AtheroSclerotic CardioVascular Disease (ASCVD) is a cause of morbidity and mortality in Canada. The COVID-19 pandemic altered the usual care of ambulatory and acute cardiac patients. The study aimed to describe ASCVD-related clinical outcomes and healthcare resource utilization (HCRU) patterns during the coronavirus disease 2019 (COVID-19) pandemic in Alberta, Canada.
Global Cardiovascular Monitoring and Diagnostic Devices Market: Key Developments
Increasing research by key market player is expected to drive the market growth.
For instance, on March 21, 2023 Abbott. a global healthcare company, announced new data that found monitoring patients remotely with hemodynamic pressure sensing technology, such as with its CardioMEM HF System, can significantly improve survival in heart failure patients with reduced ejection fraction (HFrEF). The analysis is the first to give doctors specific insight into how remotely monitoring patients with technology like CardioMEMS can provide an early warning against worsening heart failure and significantly reduce mortality risk by 25% at two years in HFrEF patients. The data reinforce that in addition to providing an early warning system against worsening heart failure remote monitoring technology like CardioMEMS can help doctors more proactively make changes to a patient’s treatment plan before the disease advances, often resulting in repeat hospitalizations.
Browse 22 Market Data Tables and 20 Figures spread through 150 Pages and in-depth TOC on Global Cardiovascular Monitoring and Diagnostic Devices Market, By Product Type (ECG Monitoring Device, Holter Monitoring Device, ECG Stress Testing, Event Monitoring Devices), By End User (Hospital, Ambulatory Surgical Centers, Clinics ), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Cardiovascular Monitoring and Diagnostic Devices Market:
- Global Cardiovascular Monitoring and Diagnostic Devices Market is expected to exhibit a CAGR of 10.8% during the forecast period due to increase in launch of product. For instance, on May 20, 2021, VitalConnect, Inc., a company in remote and in-hospital monitoring biosensor technology, announced the launch of VitalPatch mobile cardiac telemetry (MCT) solution. The launch of the MCT platform puts VitalConnect in a category, offering the only cardiac monitoring solution available with a flexible, programmable platform, covering multiple cardiac monitoring needs.
- Among product type, ECG monitoring device segment is expected to be dominant segment in the global cardiovascular monitoring and diagnostic devices market, owing to the increasing launch of product. For instance, on June 21, 2021, Cardiac Insight, Inc., a U.S.-based healthcare innovator specializing in wearable cardiac sensors and proprietary software that automatically analyzes electrocardiogram (ECG) data to improve early detection and diagnosis of cardiac arrhythmias, such as atrial fibrillation (AFib), launched its Cardea SOLO ECG System at Arab Health 2021, the largest healthcare exhibition in the Middle East.
- Among region, North America is expected to be the dominant region in the global cardiovascular monitoring and diagnostic devices market, owing to the increasing approvals by government. On May 5, 2020 VitalConnect, Inc., a company in wearable biosensor technology, announced it was granted Emergency Use Authorization (EUA) status by the U.S. Food and Drug Administration as part of the response to the COVID-19 pandemic. The FDA EUA will further enhance the capabilities of the VitalPatch and continuous patient monitoring technology, the Vista Solution.
- Major players operating in the global cardiovascular monitoring and diagnostic devices market include 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.
