Cardiovascular Monitoring and Diagnostic Market Propelled due to Sluggish Lifestyles
Source : Inputs from Transparency Market Research
New Delhi: Healthcare providers are coming up with solutions that are both accessible and affordable for consumers in the field of cardiovascular diseases,today. The World Health Organization, WHO has recently stated that by 2030 cardiovascular diseases will be the leading cause of deaths across the world. Patient care has become a complicated affair in today's world, specially with the growing number of chronic diseases and their prevalence internationally.
According to Med Gadgets heart rate monitoring technology is becoming easily accessible to a wide ranging consumer base with the introduction of smart watches and devices, states a report published by the European Society of Cardiology. These devices have the inherent ability to identify and diagnose arrhythmias, including atrial fibrillation. Connectivity, portability, and activity tracking being some of the features of these devices, they offer the best possible alternatives to non-invasive arrhythmia detection.
These devices happen to be challenging the growth path of conventional monitoring and diagnostic device market and refashioning disease management for the consumers. They are also supposed to be playing a centralized role in presenting preventive measures for those using such devices.
Companies such as GE Healthcare, Boston Scientific Corporation, Philips Healthcare, Nihon Kohden Corporation, Siemens Healthcare, St. Jude Medical, Inc., and Welch Allyn, Inc. are all working towards devising simple solutions for prevalent heart conditions.
The boon in the cardiovascular monitoring and diagnostic devices market is largely due to the sedentary lifestyles people lead with little or no exercise, increased tobacco consumption and unhealthy diet patterns;obesity, hypertension, and diabetes being some of the other reasons for the same.
The need for preventive healthcare is expected to push this market at a CAGR of 9.7% between 2013 and 2019. These reasons are also supposed push the global cardiovascular monitoring and diagnostic devices market to reach an astonishing US$7.0 bn in 2019 from US$3.7 bn in 2012.
Segmented on the basis of product and geography, the global cardiovascular monitoring and diagnostic devices market is segmented. The geographic division being:.Asia Pacific, North America, Europe, and Rest of the World. The products available in this market are ECG systems for monitoring stress ECG and resting ECG along with event monitors, cardiovascular diagnostics catheters, implantable loop recorders, holter monitors, and ECG management systems.
Though North America is ahead in terms of patient awareness and the presence of state-of-the-art healthcare infrastructure, making it the largest shareholder of these devices, it is Asia Pacific that is supposed to witness phenomenal growth in the forthcoming years due to increasing healthcare needs, rising expenditure on healthcare, and a growing patient population.
ECG systems due to the convenience they offer hold the largest share in the market in comparison to other product segments of the global cardiovascular device market. The other reason for ECG system preference being the rising affordability of the device. Implantable loop recorders
are also supposed to show a good growth rate in the coming times.