The global cardiovascular diagnostics market is on track for substantial growth, with projections indicating an increase from USD 5.9 billion in 2023 to USD 9.7 billion by 2033. This growth represents a compound annual growth rate (CAGR) of 5.1% over the forecast period, according to recent research by Future Market Insights.
At the end of 2022, the market was valued at USD 5.6 billion and is expected to exhibit a year-on-year (Y-o-Y) growth of 4.3% in 2023. This upward trend underscores the rising demand for advanced diagnostic solutions driven by increasing cardiovascular disease prevalence, technological advancements, and a growing focus on early detection and personalized medicine.
The market experienced growth in 2021, surpassing initial projections before the COVID-19 pandemic. Since the emergence of COVID-19 three years ago, the disease has affected over 750 million individuals worldwide. Recent studies have indicated that certain individuals who have contracted COVID-19 are at a higher risk of developing cardiovascular conditions like irregular heartbeat, stroke, and heart failure.
The connection between COVID-19 and cardiovascular disease has been observed, highlighting the potential long-term impact of the virus on cardiovascular health. This correlation emphasizes the importance of addressing and monitoring the cardiovascular health of individuals who have had COVID-19, as well as the need for continued research and advancements in cardiovascular diagnostics and treatments to mitigate the potential consequences of the disease. Overall, the cardiovascular diagnostic market is likely to expand in the next years, offering a cost-effective and simple option for patients suffering from CVDs.
Key Takeaways from this Market:
- Electrocardiogram (ECG) systems hold a significant market share of 43.4% in the global cardiovascular diagnostics market in 2022 due to the prominence of ECG systems globally.
- Hospitals take away the larger share among all end users due to the availability of most diagnostic products and equipment in the hospitals. The segment held around 30.5% value share in 2022.
- The North American region accounts for the dominant market share at 37.4%, with a market value of US$ 2.1 Billion in 2022 owed to the strong market presence of key players in North America contributing to the overall advancement and expansion of the cardiovascular diagnostics market.
“The increasing global prevalence of the cardiovascular disease has led to a growing demand for CVD diagnostics in recent years, this presents a favourable opportunity for entry into the cardiovascular disease diagnostic market,” – says an analyst at Future Market Insights (FMI).
Market Competition:
The cardiovascular diagnostic industry is extremely competitive, with GE Healthcare and Abbott Laboratories among the leading participants. To achieve a greater market share, these firms are continually reinventing their goods and marketing techniques, with an emphasis on price, convenience, and efficacy.
- In February 2023, GE HealthCare aims to revolutionize ultrasounds by making them accessible worldwide, as demonstrated by their recent acquisition of Caption Health, an AI software company specializing in cardiac imaging.
- In September 2022, SRL Diagnostics introduces ‘Heart Assure’, a specialized blood test using high-sensitivity Troponin I to accurately predict the risk of cardiac events.
Key Players:
- Medtronic plc
- Abbott Laboratories
- Boston Scientific Corporation
- Biotronik SE & Co. KG
- Schiller, Koninklijke Philips N.V.
- GE Healthcare and Wayra
- Siemens Healthcare
- Lepu Medical
- Midmark Corp
- Roche Ltd
- Randox Laboratories Ltd.
- Robonik India
- Diasorin
- Elabscience Biotechnology
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Key Market Segmentation:
By Product:
- Electrocardiogram (ECG) system
- Resting ECG Systems
- Cardiopulmonary Stress Testing Systems
- Holter Monitoring Devices
- Event Monitoring Devices
- Implantable Loop Recorder (ILR)
- Others
By Point-of-Care Testing:
- Analyzers
- Lipoprotein Test Kits
- Angiotensin Test Kits
- Fibrinogen Test Kits
- Serum Uric Acid Test Kits
- High-Sensitivity CRP (hs-CRP) Kits
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Cardiac Catheterization Labs
- Diagnostic Imaging Centers
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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