According to Future Market Insights research, during the projected period, the global Cardiovascular Diagnostics Market is expected to grow at a CAGR of 5.1%. The market value is projected to increase from USD 5.9 Billion in 2023 to USD 9.7 Billion by 2033.
The cardiovascular diagnostics market was valued at USD 5.6 Billion at the end of 2022 and is anticipated to exhibit Y-o-Y growth of 4.3% in 2023.
Market Outlook:
| Data Points | Market Insights |
|---|---|
| Market Value 2022 | USD 5.6 Billion |
| Market Value 2023 | USD 5.9 Billion |
| Market Value 2033 | USD 9.7 Billion |
| CAGR 2023 to 2033 | 5.1% |
| Market Share of Top 5 Countries | 54.6% |
| Key Market 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, and Elabscience Biotechnology Inc. |
An electrocardiogram (ECG) is a basic test that may be performed to assess the rhythm and electrical activity of the heart. Equipment like ECG, holter monitoring devices, and other imaging solutions aid in the diagnosis of certain cardiac disorders, such as irregular heart rhythms and coronary heart disease (heart attack).
ECG monitors the electrical signal from the heart in order to diagnose various heart diseases. Electrodes are put on the chest to record the electrical signals produced by the heart, which cause the heart to beat. On an associated computer monitor or printer, the signals are displayed as waves.
Resting Electrocardiography (ECG) is a non-invasive examination that can identify arrhythmias, signs of coronary heart disease, left ventricular hypertrophy, and bundle branch blockages.
The continent's high prevalence of avoidable heart failure should call attention to prevention as a significant area of effort. Investing in high-quality epidemiological research, including therapeutic interventions, prioritising early diagnosis, and optimising therapies based on evidence-based medicine should also be prioritised.
A complete physical examination is required for cardiovascular disease (CVD) diagnosis.
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The market value for global cardiovascular diagnostics contributes around 3.3% with the USD 170.0 Billion global diagnostics market in 2022.
The sale of cardiovascular diagnostics expanded at a CAGR of 4.2% from 2017 to 2022, due to the increasing demand for cardiovascular diagnostics. The growth in CVDs in the global population is another reason driving up demand for cardiovascular diagnostics.
The continent is now undergoing an epidemiological change, with non-communicable diseases expected to overtake communicable illnesses within the next decade.
CVD associated factors have contributed to an upsurge in high blood pressure, cardiomyopathies, and atherosclerosis illnesses, resulting in an increase in the incidence of strokes and cardiac failure. Thus, owing to such factors, the global cardiovascular diagnostics market is expected to grow at a CAGR of 5.1% during the forecast period.
Manufacturers have immense opportunity to innovate and improve patient care within the cardiovascular diagnostics business. Manufacturers have been improving the accuracy and efficiency of cardiovascular diagnostics by developing and advancing imaging technologies such as magnetic resonance imaging (MRI), computed tomography (CT), and ultrasound.
Image quality, resolution, and real-time visualisation improvements can assist in the identification and diagnosis of cardiovascular problems.
The demand for quick and easy diagnostic testing at the point of care is also growing.
Manufacturers are in process to create and commercialise portable, user-friendly diagnostic gadgets that deliver rapid and accurate findings for cardiovascular disorders. Point-of-care testing allows for early identification and quick action, resulting in better patient outcomes.
Biomarkers are critical in the diagnosis and monitoring of cardiovascular disorders. Manufacturers are concentrating on the discovery and validation of new biomarkers, as well as the development of novel molecular diagnostic procedures that provide precise and personalised patient evaluations. These tests can help with risk assessment, illness monitoring, and therapy selection.
There have been some significant attempts globally, to increase health-care facilities. For example, the health policy for 2009 to 2025 calls for €20 billion in expenditures in structural upgrading of current hospitals and the building of new medical facilities.
In addition to constructing new facilities, governments across the globe, are investing in technology and innovation to enhance healthcare. Telemedicine and e-health solutions, for example, are becoming increasingly widespread in the region, allowing healthcare practitioners to conduct remote consultations and more quickly access patient data.
The utilization of data analytics and artificial intelligence (AI) algorithms are another sector, which help assist in the interpretation and analysis of cardiovascular diagnostic data.
Manufacturers are developing software solutions that leverage AI to provide predictive analytics, risk assessment models, and decision support tools, ultimately improving diagnostic accuracy and clinical decision-making.
The demand for cardiovascular diagnostics is restrained by several factors. Many countries, particularly in underdeveloped regions, lack basic healthcare facilities. Access to the availability of cardiovascular diagnostics is hampered by a shortage of well-equipped hospitals, diagnostic facilities, and specialised cardiovascular care centres.
This reduces the demand for diagnostic services. The scarcity of competent healthcare workers, such as cardiologists, technicians, and nurses, limits demand for cardiovascular diagnostics significantly.
The scarcity of qualified professionals has an impact on the prompt and correct detection of cardiovascular problems, resulting in treatment delays and lower demand for diagnostic testing.
Financial problems, such as restricted private sector investment in healthcare and low healthcare budgets in some countries, might stymie the expansion of the cardiovascular diagnostics market.
Inadequate funding for modern diagnostic equipment and drugs limits the availability and accessibility of cardiovascular diagnostic services. Inadequate legislation and policies, particularly in the Middle East and North Africa (MENA), can stymie the growth and distribution of healthcare professionals.
In the absence of strong rules, there may be a lack of standardised training programmes, insufficient incentives for healthcare personnel, and limited access to high-quality cardiovascular diagnostics.
In 2022, the USA held a dominant share of in the North American market and contributed around USD 1.8 Billion in 2022.
The United States is a large market for cardiovascular diagnostics due to several factors. To begin, the prevalence of cardiovascular diseases such as heart disease and hypertension in the United States necessitates the development of diagnostic equipment to diagnose and monitor these ailments.
The country has a sophisticated healthcare infrastructure that includes cutting-edge medical facilities as well as a large network of healthcare providers.
Presence of world-class research universities and pharmaceutical businesses also helps to ensure that cutting-edge diagnostic equipment is available.
Furthermore, due to the high level of healthcare expenditure and insurance coverage in the United States, the general public has increased access to cardiovascular diagnostic services.
China holds nearly 5.9% market share in the global Cardiovascular Diagnostics market in 2022, and is projected to display growth at a CAGR of 8.2% during the forecasted period.
Due to a variety of circumstances, China is a highly profitable market for cardiovascular diagnostics. For starters, the country has a vast population, and the prevalence of cardiovascular disorders is rising, resulting in a high need for diagnostic services.
Second, the government has made significant investments in healthcare infrastructure, such as cardiovascular care centres, which has increased access to diagnostic tests.
China's increasing middle class has more disposable cash and a greater knowledge of health risks, resulting in an increase in demand for preventative healthcare, particularly cardiovascular diagnostics.
Furthermore, technological improvements and alliances with multinational corporations have made modern diagnostic instruments and techniques more widely available in the Chinese market.
Germany accounted for a market value share of around 6.4% in 2022, in the global cardiovascular diagnostics market.
Several variables influence the German market for cardiovascular diagnostics. First, Germany has a well-developed healthcare infrastructure, with cutting-edge medical facilities and a high level of healthcare spending.
Second, because of the country's strong emphasis on preventative healthcare and early diagnosis, there is a considerable need for cardiovascular diagnostic tests.
Third, Germany's population is ageing, which increases the prevalence of cardiovascular disorders and the need for effective diagnostic methods.
Fourth, the presence of world-class healthcare corporations and research institutions in Germany promotes innovation and technology advances in cardiovascular diagnostics. Finally, government activities and policies that promote healthcare access and quality contribute to market growth.
In 2022, Electrocardiogram (ECG) Systems held 43.4% of market share of cardiovascular diagnostic market. The Electrocardiogram (ECG) product segment is assisting the global cardiovascular diagnostics market in its growth.
ECG is a non-invasive diagnostic method used to detect problems in cardiovascular function by measuring the electrical activity of the heart.
With a 43.4% market share, ECG systems has shown to be an important technique for diagnosing and monitoring cardiovascular problems. Its non-invasiveness, ease of use, and capacity to deliver vital insights into cardiovascular health make it a preferred choice among healthcare professionals, contributing to the worldwide cardiovascular diagnostics market's growth and advancement.
Hospitals held a market share of around 30.5% in 2022 globally. Hospitals, specialty clinics, diagnostic imaging centres, ambulatory surgical centres, and cardiac catheterization labs, among others, provide the services.
Hospitals address significant patients compared to specialty clinics, diagnostic imaging centres, ambulatory surgical centres. Hospitals are highly preferred place for diagnosis and treatment of cardiovascular disease, due to availability of skilled staff, latest diagnostic equipment and treatment options all under one roof.
The leading competitors in the cardiovascular diagnostics market are employing various methods to increase sales and income. These companies are developing technical breakthroughs for new product releases in order to fulfil customer demand and expand.
The industry is highly fragmented, with several small and medium-sized players vying for market share.
Among the strategies employed by market participants in the Cardiovascular Diagnostics industry are:
Similarly, recent developments related to the company’s manufacturing the cardiovascular diagnostics have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD Million for Value, Units for Volume |
| Key Regions Covered | North America; Latin America; East Asia; South Asia & Pacific; Western Europe; Eastern Europe; Central Asia; Middle East and Africa (MEA) |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Germany, Italy, France, UK, Spain, BENELUX, Russia, India, Thailand, China, Indonesia, Malaysia, Japan, South korea, Australia, New Zealand, GCC countries, North Africa and South Africa. |
| Key Market Segments Covered | Product, End User, and Region |
| 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 |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Pricing | Available upon Request |
The cardiovascular diagnostics market is worth USD 5.9 billion in 2023.
The cardiovascular diagnostics market is estimated to record a 5.1% CAGR through 2033.
The top 5 countries occupy 55.6% of the cardiovascular diagnostics market shares.
The electrocardiogram (ECG) segment is the leading product segment in the market.
China is expected to rise at a prominent CAGR of 8.2% in the market.
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Cardiovascular Diagnostics Market
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