Global Cardiac Rehabilitation Market to a Valuation of US$1,622.9 mn by 2024
Cardiac rehabilitation (rehab) is a professionally administered program that works on improving the health of people who have heart problems. Cardiac rehab devices are gaining prominence as they help in increasing physical fitness, reducing cardiac symptoms and make it easier for patients to return to an active life. With a rising global population crossing the age of 60, the risk of cardiovascular diseases is also increasing.
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Rapidly increasing geriatric population and growing concerns for cardiovascular diseases are the key factors driving the growing demand for effective cardiac rehabilitation devices worldwide. A Transparency Market Research (TMR) study estimates the growth of the global cardiac rehabilitation market at a CAGR of 5.4% from 2016 to 2024. The valuation of the global market will rise to US$1.62 bn by 2024; it was US$1.01 bn in 2015.
How are technological advancements helping cardiac rehabilitation gain prominence?
The cardiac rehabilitation devices market is highly research-intensive and thus, new technologies move in periodically. By device type, the global cardiac rehabilitation market is segmented into seated and upright elliptical trainer, blood pressure monitor, stabilization ball, heart rate monitor, stationary bicycle, rower, and treadmill. The elliptical trainer segment is anticipated to lead from 2016 through 2024, accounting for an approximately 27% share of the global market in 2015. Research carried out by the National Center for Biotechnology Information (NCBI) finds that elliptical trainers are more beneficial than exercises such as cycling, ground walking, and treadmill walking.
The heart rate monitors segment is also anticipated to report steady growth in the global cardiac rehabilitation market in the coming years. Increasingly reliable outputs of new-age products, technological advancements, and their portable nature are the factors that will give a great push to the sales of heart rate monitors globally.
How conducive is the cardiac rehabilitation devices market for vendors?
The global cardiac rehabilitation market is a capital-intensive market where the risk of being transcended by the advent of newer technologies is immense. Another concern is that the enrolments in cardiac rehabilitation programs are low; this situation is compounded by the shortage of appropriate resources.
However, governments and various educational institutes have started encouraging cardiac rehabilitation programs, giving a boost to the number of rehabilitation counselors across the globe. This will consequently stimulate sales of cardiac rehabilitation products. Furthermore, newer technologies are also helping in cutting down costs.
How are developing countries benefitting the global cardiac rehabilitation market?
Cardiovascular diseases are already a huge problem that beset the developing and underdeveloped nations such as countries in Asia Pacific, Africa, and Latin America. 37% of the total deaths in these regions are due to cardiovascular diseases. As a result, efforts are being undertaken to spread awareness about the cardiac rehabilitation practices and devices.
Unhealthy lifestyles including detrimental food habits are also leading to an increased number of cardiovascular diseases. High cholesterol levels among the population of North America due to unhealthy food habits has fueled the growth of cardiac rehabilitation market in the region. As a result, North America leads with over 50% of the global market and is anticipated to retain its leadership throughout the forecast period.
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