Rise in the incidence of cardiovascular diseases, high prevalence of tobacco smoking & alcohol consumption, growing acceptance of minimally invasive endovascular surgeries, increasing adoption of advanced cardiovascular diagnostics, and rise in the geriatric population have led to the increase in the demand for cardiovascular diagnostics. Further, the introduction of portable & POC cardiac tests and the adoption of novel technologies are expected to drive the market growth during the forecast period.
BANGALORE, India – February 1, 2018
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Cardiovascular Diagnostics Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (September 2017).
According to Infoholic Research, the increasing incidences of cardiovascular diseases (CVDs) and rising geriatric population will increase the demand for cardiovascular diagnostics products. The high prevalence of tobacco smoking, growing acceptance of minimally invasive endovascular surgeries, and favorable reimbursement conditions are few of the factors driving the market growth. Furthermore, the growth is also determined by environmental factors, the lifestyle of a person, and history of the disease in the family. However, stringent government regulations, risks associated with the procedure, and lack of awareness are the factors hampering the market growth.
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According to Infoholic Research, the global cardiovascular diagnostics market is expected to grow at a CAGR of 8.5% during the forecast period 2018–2024 to reach a revenue of $19.8 billion by 2024.
The market is analyzed based on types, products, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are the leading countries. Europe is the second leading region with a market share of more than 25% in 2016. The UK is one of the countries in Europe with a high prevalence of CVDs. CVDs lead to more than 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU) every year, which account for about 45% of all deaths in Europe and 37% of all deaths in the EU.
According to WHO, in 2016, about 29 million people were suffering from cardiac disorders and 2.5 million deaths were recorded. Technological advancements and focus toward easy-to-use cardiac testing, i.e., cardiac POC testing devices, have increased the level of diagnostics adoption to diagnose cholesterol levels. In Asia Pacific, Japan is the second largest standalone country, after the US, with immense business opportunities. RoW is set to be an emerging market in the next 5–6 years.
The market is segmented into electrocardiogram (ECG), cardiac imaging (X-ray, MRI, CT, ultrasound, etc.), cardiac POC, cardiac contrast agents, and radiopharmaceuticals. The ECG segment occupies a significant share of the market with increased number of hospitalization for a wide range of chronic diseases. Cardiac POC is the fastest growing segment of the market. An increase in the disposable income and high prevalence of various cardiac disorders are fueling the cardiac POC testing devices market. Further, the adoption of novel technologies & advanced cardiac diagnostic products will increase the awareness about various diagnosis and accelerate the growth of cardiovascular diagnostics during the forecast period.
“The cardiovascular diagnostics market is growing at a steady rate with the huge demand for portable and POC testing devices. The market is dominated by Abbott Laboratories, GE Healthcare, Philips Healthcare, Roche, and Bayer Healthcare, who have occupied around 85% of the market share. Other small players are adopting various strategies to increase their market share. However, cost and reimbursement policies cause a major hindrance to the market. Further, advancements in cardiac imaging, such as integrated cardiology solution to enhance patient care, have provided an accurate diagnosis that helps clinicians to decide, guide, and treat cardiovascular disorders.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report aims to cover the below points:
- Provides an in-depth analysis of key business opportunities in countries and verticals.
- Provides complete details about various types of cardiovascular diagnostics.
- Provides complete details of trending cardiovascular diagnostics.
- Provides complete details about the analysis of top players.
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.
Ms. Sunanda Ganguli
Infoholic Research LLP