The global cardiovascular diagnostics market is expected to grow at a significant rate in the coming years, driven by several factors including increasing rising tobacco consumption around globe. The increase cardiovascular diseases (CVD) globally, will drive the global market from USD 5.9 Billion in 2023, to USD 9.7 Billion by the end of 2033. The market is projected to expand at a CAGR of 5.1% over the forecast period (2023-2033).
The global market for cardiovascular diagnostics is expanding rapidly due to a variety of causes. The increased prevalence of cardiovascular disorders, developments in diagnostic techniques such as electrocardiogram (ECG), and rising demand for quick and simple diagnostic tests are propelling the market forward.
By developing new imaging technologies, portable diagnostic gadgets, and molecular diagnostic techniques, manufacturers can innovate and improve patient care. Furthermore, the use of data analytics and AI algorithms improves diagnostic accuracy and clinical decision-making. However, problems such as a shortage of skilled staff, budgetary constraints, and insufficient regulations and policies are limiting market expansion.
The market experienced growth in 2021, surpassing initial projections before the COVID-19 pandemic. Since the emergence of COVID-19 three years ago, over 750 million individuals worldwide have been affected by the disease. 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 Market Study:
- Electrocardiogram (ECG) systems holds a significant market share of 4% in the global cardiovascular diagnostics market in 2022 due to prominence of ECG systems globally.
- Hospitals take away the larger share among all end user due to availability of most of diagnostic products and equipment in the hospitals. The segment held around 5% value share in 2022.
- The North America region accounts for the dominant market share at 4%, with a market value of USD 2.1 Billion in 2022 owed to 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 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 of Future Market Insights.
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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 Companies Profiled:
- 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
Key Market Segments Covered in the Cardiovascular Diagnostics Industry Research:
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
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Europe
- Central Asia
- Middle East and Africa
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