Cardiovascular Monitoring and Diagnostic Devices Market to Grow due to Rising Incidence of Cardiovascular Diseases
Intense competition and high entry barriers outline the present state of the competitive landscape of the global cardiovascular monitoring and diagnostic devices market, states a recent Transparency Market Research (TMR) report. In the markedly consolidated market, the top two vendors, GE Healthcare and Philips Healthcare, accounted for a more than 55% share in 2015. Moreover, these two companies have their headquarters in Europe, granting this regional market a high level of saturation. The other half of the competitive landscape is, however, highly fragmented with a large number of specialty vendors operating in regional pockets.
However, the rising prevalence of a number of cardiovascular diseases coupled with the rising global demand for technologically advanced and innovative devices would attract new entrants to the market. As a result, the competition in the market is expected to further intensify in the next few years. Pulling ahead in these foreseeable tough times will require alignment of business strategies towards untapped opportunities in several regional territories and innovative ways of promoting products. Other key vendors operating in the global cardiovascular monitoring and diagnostic devices market include Spacelabs Healthcare, St. Jude Medical, Inc., and Siemens Healthcare.
Vast Geriatric Population Base and Flourishing Medical Tourism Industry Key to Market’s Growth
According to estimates derived by the United Nations University (UNU), the share of people aged above 65 years in the global population is expected to rise from 7% in 2000 to 16% by 2050. As people above the age of 65 years are more prone to acquiring cardiovascular diseases, the vast rise in the world’s geriatric population in the near future will stimulated demand for effective cardiovascular monitoring and diagnostic devices.
Additionally, the flourishing sector of medical tourism in developing countries will have a sizeable impact on the consumption of a variety of cardiovascular monitoring and diagnostic devices in regions such as Asia Pacific and Middle East in the next few years. Low procedural costs and availability of reliable and affordable labor in countries such as Turkey, India, China, and Indonesia will make them the most preferred foreign destinations for undertaking complex cardiovascular diagnosis and surgeries.
Factors such as inadequate physical activities, unhealthy diets, high stress levels, and rising consumption of tobacco and alcohol are substantially increasing risk of cardiovascular disorders in the global population. This has also emerged as a high-impact driver of the global cardiovascular monitoring and diagnostic devices market in the past few years.
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Lack of Favorable Reimbursement Policies and High Cost of Advanced Devices Challenge Expansion across Developing Economies
For most varieties of cardiovascular monitoring and diagnostic devices available in the market presently, high costs and limited or inadequate reimbursement policies are the key hindrances that limit the overall development of the market to a certain extent. In developed regions such as the U.S., Japan, and many European countries, the high costs of devices are supported by sufficient reimbursement for purchasing these devices and tests. However, post purchase activity costs, involving costs for recording and testing activities are not covered under reimbursement policies, bringing down the attractiveness of high-end cardiovascular monitoring and diagnostic devices, especially across cost-sensitive developing regions.
The global market for cardiovascular monitoring and diagnostic devices is expected to expand at a healthy CAGR of 6.4% over the period between 2016 and 2024, rising from a valuation of US$1.8 bn in 2015 to US$3.1 bn by 2024. The segment of ECG systems contributed the largest share to the market’s overall revenues in 2015, accounting for nearly US$878 mn in 2015. However, the segment of implantable loop recorder is expected to expand at the highest CAGR of 7.1% over the period between 2016 and 2024. Geography-wise, Asia Pacific will present the most promising growth opportunities over the said period, expanding at a 7.1% CAGR.
This review of the global cardiovascular monitoring and diagnostic devices market is based on a recent market research report published by Transparency Market Research, titled “Cardiovascular Monitoring and Diagnostic Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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