According to a new market report published by Transparency Market Research “Cardiovascular Monitoring and Diagnostic Devices Market (ECG, Holter Monitors, Event Monitors, Cardiovascular Diagnostic Catheters, Implantable Loop Recorders, ECG Management Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” the global cardiovascular monitoring and diagnostic devices market was valued at USD 3.7 billion in 2012 and is expected to reach a value of USD 7.0 billion in 2019, growing at a CAGR of 9.7% from 2013 to 2019.
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Cardiovascular diseases are a group of heart and blood vessel disorders such as coronary heart disease, peripheral arterial disease, deep vein thrombosis and pulmonary embolism, and congenital heart disease. Cardiovascular diseases are the leading cause of death worldwide according to the World Health Organization (WHO). The demand for cardiovascular monitoring and diagnostic devices is expected to rise relatively at a CAGR of 9.7% from 2013 – 2019.
The global cardiovascular monitoring and diagnostic devices market is segmented and analyzed based on the product types. Amongst the various product types, ECG systems dominated the global cardiovascular monitoring and diagnostic devices market with a market share of approximately 75.0% in 2012, on account of high preference and presence of these systems in the developed markets which was the major revenue base for the global market players. However, the global market for implantable loop recorders (ILR) will be growing at a faster rate owing to a new technology attracting many customers in the developed region who can afford such devices. Besides, holter monitors is expected to follow the ILR segment in terms of growth rate, due to rising demand for continuous monitoring which gives the physician a better picture of the patient’s condition.
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The resting ECG systems dominated the ECG systems market in 2012 owing to high demand for these systems by patients. Cardiologists demand resting ECG systems for its low price than stress ECG systems. Moreover, resting ECG systems is preferable for elder patients and those with high risk of stroke.
North America dominated the cardiovascular monitoring and diagnostic devices market in 2012 and is expected to maintain its lead position in the global market till 2019. However, the Asia-Pacific market is estimated to grow at a higher CAGR of 11.9% from 2013 to 2019 due to increasing awareness about cardiovascular disorders and monitoring and diagnostic devices.
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Asia-Pacific region shows a rapid increase in the incidence rate for coronary artery disease, deep vein thrombosis and peripheral artery disease which will expedite the demand for cardiovascular monitoring and diagnostic devices. Some of the key players in the global cardiovascular monitoring and diagnostic devices market include Siemens Healthcare, Philips Healthcare, GE Healthcare, Nihon Kohden Corporation, St. Jude Medical, Inc, Boston Scientific Corporation, Spacelabs Healthcare, Inc and Welch Allyn, Inc