|Market Size in 2022
|Market Forecast in 2030
|CAGR (in %)
|USD 13.25 Billion
|USD 21.48 Billion
Cardiovascular Monitoring and Diagnosti Market
The global cardiovascular monitoring and diagnostic devices market size was worth around USD 13.25 billion in 2022 and is predicted to grow to around USD 21.48 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.12% between 2023 and 2030.
Cardiovascular monitoring and diagnostic devices are medical equipment used for analyzing heart conditions and detecting any heart-related abnormalities. Cardiovascular monitoring devices are used to observe heart activities concerning cardiac rhythm. They are generally carried out using noninvasive medical procedures and using electrocardiography. In an emergency, cardiac monitoring typically deals with myocardial infarction, arrhythmia, and QT interval monitoring. Cardiovascular diagnostic devices include equipment that assists in diagnosing underlying heart-related medical conditions. Some of the most common diagnostic devices include electrocardiogram, computed tomography (CT) scan, X-ray magnetic resonance imaging (MRI), and echocardiogram. The industry for cardiovascular monitoring and diagnostic devices deals with the manufacturing, distribution, and application of these advanced devices which are essential tools contributing to the development of a functional and effective medical infrastructure.
Growing number of patients with heart conditions to drive market growth
The global cardiovascular monitoring and diagnostic devices market is projected to grow owing to the increasing number of patients suffering from some form of heart disease. As per statistics recorded by the World Health Organization (WHO), the leading cause of death on a global scale is cardiovascular diseases (CVDs). More than 17.9 million lost their lives due to heart conditions. Research suggests that the leading causes of heart failure or CVDs are unhealthy lifestyles and eating patterns. In addition to this, the growing population with a sedentary lifestyle, further influenced by an increase in the remote work culture, has led to more people suffering from some form of heart disease. Other risk factors include consumption of alcohol and recreational drugs. As per studies by the British Heart Foundation, around 1 in every 6 deaths across the globe are caused by coronary heart disease.
Increased focus on preventive care to direct higher demand for diagnostic tools
After the impact of COVID-19 on the health of the general population, there has been a growth in the preventive care trend, especially among patients living with higher risk factors. A recent survey that included 1,000 participants reported that nearly 40% of the respondents were serious about preventative care. This includes undergoing regular medical checkups and taking care of one’s health
Rising initiatives by the government to promote access to healthcare may lead to higher application of CVD monitoring devices
Healthcare infrastructure is one of the most crucial aspects of any economy. Several regional governments have undertaken massive projects to improve access to quality healthcare for low-income and middle-income groups. The official agencies are also supported by private players in the healthcare sector. For instance, in July 2023, PayNearby launched the Health Correspondents Program with a vision to make quality medical care accessible to all in the Indian region. The program will act as an intermediary between the Indian rural population and healthcare providers.
High cost of cardiovascular monitoring and diagnostic devices along with growing medical expenses to restrict market growth
The global cardiovascular monitoring and diagnostic devices market growth is projected to be restricted due to the high cost of cardiovascular monitoring and diagnostic devices. High pricing is especially prevalent in advanced equipment with modern features. This makes the adoption of the tools in healthcare settings with limited budgets more difficult. For instance, the average cost of a CT scanner is around USD 80,000. Additionally, there has been a significant rise in medical costs incurred by the population. It can become a burden in cases where people do not have access to insurance policies.
Increasing innovation in the industry to provide growth opportunities
The cardiovascular monitoring and diagnostic devices industry is expected to come across growth opportunities owing to the increased innovation in terms of new product launches with exceptional monitoring and diagnosing features. In June 2023, researchers at the University of Pittsburgh published a report on a novel machine learning (ML) model that uses electrocardiogram (ECG) readings for faster diagnosis and classification of heart attacks as compared to any other existing approach. Moreover, there have been growing efforts to make cardiovascular monitoring and diagnosis more economical and user-friendly. In May 2023, India witnessed the launch of a pocket-size and portable ECG machine by Agatsa Software. It is named SanketLife 2.0 and can detect cardiac symptoms. The tool is also capable of sharing the information in real-time with the doctors.
Lack of skilled medical professionals in the healthcare field is a major challenge for the industry players
One of the key challenges existing in the cardiovascular monitoring and diagnostic devices industry and the healthcare industry, in general, is the lack of sufficient skilled medical professionals, especially in emerging and underdeveloped economies. These nations are plagued with an inefficient health infrastructure and an extensive gap in the supply and demand for doctors, nurses, technicians, and other pillars of the medical care sector. For instance, as per official reports, India’s rate of nurses per 1000 patients stands at 1.96.
The global cardiovascular monitoring and diagnostic devices market is segmented based on end-user, product, and region.
Based on end-user, the global market is divided into ambulatory surgery centers, clinics, hospitals, and others. In 2022, the highest growth was observed in the hospitals segment since these facilities are generally backed by higher budgets and resources including access to the most advanced version of cardiovascular monitoring and diagnostic devices. Additionally, hospitals are generally responsible for providing care to patients with different medical conditions and each patient with a unique medical history. The growing healthcare expenditure by private sector and government agencies is likely to push segmental revenue during the forecast period. In October 2022, Saudi Arabia witnessed the launch of the world’s largest virtual hospital called SEHA. It provides 12 specialties along with 35 sub-specialties and has a network of 130 hospitals.
Based on product, the cardiovascular monitoring and diagnostic devices industry is divided into implantable loop recorders, ECG devices, event monitors, mobile cardiac telemetry, cardiac output monitoring (COM devices), and others. In 2022, the ECG device segment was the leading revenue generator since it is one of the primary heart condition monitoring and diagnosing tools. It helps in recording the heart’s electrical activity over time. ECG recordings are used to detect conditions such as structural heart diseases, heart attacks, arrhythmia, and conduction abnormalities. Studies indicate that more than 300 million ECGs are performed every year.
|Cardiovascular Monitoring and Diagnostic Devices Market
|Market Size in 2022
|USD 13.25 Billion
|Market Forecast in 2030
|USD 21.48 Billion
|CAGR of 6.12
|Number of Pages
|Key Companies Covered
|Terumo Corporation, Philips Healthcare, Abbott Laboratories, GE Healthcare, Becton, Dickinson and Company, Siemens Healthineers, Johnson & Johnson, Medtronic, Boston Scientific, Cardinal Health, Edwards Lifesciences, Mindray, Welch Allyn, Mortara Instrument, Nihon Kohden., and others.
|By End-User, By Product, and By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
|2017 to 2021
|2023 - 2030
|Avail customized purchase options to meet your exact research needs. Request For Customization
North America to generate the highest revenue during the projected period
The global cardiovascular monitoring and diagnostic devices market is expected to be led by North America during the forecast period. The US is projected to become the leading contributor as it is currently. The leading reason for higher regional growth is the presence of an excellent and robust medical architecture through which the primary medical care of all residents is covered. Additionally, most of the citizens are under medical insurance plans that cover major medical expenses. The growing number of the population with cardiovascular disease led by an increasing obesity rate, unhealthy eating patterns, and higher consumption of recreational drugs are major contributors to higher demand for cardiovascular monitoring and diagnostic devices. A National Institute of Health (NIH) report claims that more than 82.6 American citizens have some form of CVD and it is currently the leading cause of death in men and women. The US is also home to some of the most dominant producers of diagnostic machines with unrivaled features. A higher awareness rate of preventive care and increasing application in home care settings is expected to assist in regional demand.
The global cardiovascular monitoring and diagnostic devices market is led by players like:
Cardiovascular monitoring and diagnostic devices are medical equipment used for analyzing heart conditions and detecting any heart-related abnormalities.
The global cardiovascular monitoring and diagnostic devices market is projected to grow owing to the increasing number of patients suffering from some form of heart disease.
According to study, the global cardiovascular monitoring and diagnostic devices market size was worth around USD 13.25 billion in 2022 and is predicted to grow to around USD 21.48 billion by 2030
The CAGR value of the cardiovascular monitoring and diagnostic devices market is expected to be around 6.12% during 2023-2030.
The global cardiovascular monitoring and diagnostic devices market is expected to be led by North America during the forecast period.
The global cardiovascular monitoring and diagnostic devices market is led by players like Terumo Corporation, Philips Healthcare, Abbott Laboratories, GE Healthcare, Becton, Dickinson and Company, Siemens Healthineers, Johnson & Johnson, Medtronic, Boston Scientific, Cardinal Health, Edwards Lifesciences, Mindray, Welch Allyn, Mortara Instrument, and Nihon Kohden.
The report explores crucial aspects of the cardiovascular monitoring and diagnostic devices market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.