Cardiovascular Monitoring and Diagnostic Devices Market To See Good Times Ahead
Increasing adherence to a deceptive destructive modern lifestyle, intensifying schedules, and unhealthy dietary and other lifestyle choices are the most widespread consequences of urbanization. The situation has inevitably led to a growing incidence of chronic lifestyle diseases all over the world. Cardiovascular diseases, for instance, are now looked upon as one of the leading causes of death around the world. According to the WHO (World Health Organization), cardiovascular diseases will remain the leading cause of death worldwide until 2030.Physical inactivity, unhealthy diet, and growing prevalence of addictions such as smoking have been cited as the most common underlying causes of cardiovascular diseases. These also are the most effective causative agents leading to hypertension and obesity, which again are two of the most common conditions associated with cardiovascular diseases. The rapidly increasing number of patients diagnosed with peripheral artery diseases, congenital heart diseases, pulmonary embolisms, and coronary artery diseases has spurred the demand for precautionary healthcare. Hence, demand for cardiovascular monitoring devices has risen in recent years.
According to a recent report published by Transparency Market Research, the global cardiovascular monitoring devices market, which stood at US$3.7 billion in 2012, will expand at a healthy 9.7% CAGR to reach a valuation of US$7.0 billion by 2019.
Aging Population and Technology Advances to Boost Global Market
The globally increasing incidence of cardiovascular diseases can be largely attributed to the growing geriatric population. The risk of diabetes and hypertension enhances with age, which in turn boosts the demand for cardiovascular diagnostic devices. Moreover, the advent of compact and precise therapeutic and diagnostic devices have made it possible to conduct tests through portable devices, which, according to experts, will significantly bolster the global cardiovascular monitoring devices market. The medical world today has been introduced to wearable medical devices such as heart rate monitors and technologies like implantable loop recorders. This has compelled leading players to pace up innovation, which in turn will propel the market.
Demand for ECG Systems to Remain High
The popular product types encompassed within the ambit of the cardiovascular monitoring devices market are ECG systems, holster monitors, cardiovascular diagnostic catheters, event monitors, ECG management systems, and implantable loop monitors. The demand for ECG systems has surged ahead of its contemporaries owing to the convenience and low cost of the procedure. However, while ECG systems dominated the market for cardiovascular monitoring devices in 2012, recent trends indicate encouraging prospects for the implantable loop monitors segment in the foreseeable future.
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Asia Pacific to Emerge as Fastest Growing Cardiovascular Monitoring Devices Market
The key geographical segments of the cardiovascular monitoring devices market are North America, Asia Pacific, Europe, and Rest of the World. North America has always remained in the vanguard of technological innovations, which is one of the key reasons why the demand for cardiovascular diagnostic devices is the highest from this region.Widespread awareness among patients is likely to keep the demand for cardiovascular diagnostic devices high in North America in the near future as well. However, the growing prevalence of cardiovascular ailments in Asia Pacific, together with increasing patient population and healthcare expenditure, will help the region emerge as the fastest growing cardiovascular monitoring and diagnostic devices market in the forecast period.
Mr. Sudip S
Transparency Market Research
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