Published By : 02 Aug 2016 | Published By : QYRESEARCH
Cardiovascular diseases are among the leading cause of death and thus under the concentrated focus of government bodies, healthcare and research facilities alike. New players are entering in the market by coming up with new range of products for the diagnosis and treatment of cardiovascular diseases. High investments and funding by various governments are helping innovations in the field.
According to a report published by Transparency Market Research (TMR), the global cardiovascular monitoring and diagnostic devices market was valued at US$1.8 bn in 2015 and is expected to expand at a 6.4% CAGR from 2016 to 2024. The market is expected to be worth US$3.1 bn by 2024.
High Efficiency and Low Cost to Boost Demand for ECG Systems
Among the various products used for monitoring and diagnosing cardiovascular diseases such as event monitors, ECG systems, holter monitors, and implantable loop recorders, the ECG systems segment is leading. ECG systems are highly preferred owing to their efficiency and low cost. The implantable loop recorders segment is also expected to witness significant adoption in the coming years. Additionally, the holter monitors segment holds promise of growth owing to rising prevalence of conduction block and arrhythmia.
High Cost of Cardiovascular Monitoring and Diagnostic Devices Limits Demand
Most of the cardiovascular monitoring and diagnostic devices are expensive, thus becoming unaffordable. The limited policies for reimbursement are also hindering the growth of the global cardiovascular monitoring and diagnostic devices market. The expense of using these devices is not limited to purchase cost. Post purchase activities such as testing and recording are not covered by reimbursement policies, thus becoming a concern for cost-sensitive emerging nations. However, the flourishing medical tourism in developing nations is expected to have a positive impact on the adoption of cardiovascular monitoring and diagnostic devices in Asia Pacific and the Middle East.