The global cardiovascular diagnostics market is anticipated to experience steady growth, with a projected CAGR of 5.1% during the forecast period. Following a market valuation of USD 5.6 billion at the end of 2022, the market is expected to increase to USD 5.9 billion in 2023 and reach USD 9.7 billion by 2033. This growth is largely attributed to the escalating incidence of cardiovascular diseases and the corresponding demand for effective diagnostic solutions.
Key Growth Drivers
Several factors are fueling the growth of the cardiovascular diagnostics market:
- Increasing Prevalence of Cardiovascular Diseases: The rising rates of heart-related conditions are driving the need for advanced diagnostic tools to ensure timely and accurate detection.
- Technological Advancements in Diagnostics: Innovations in diagnostic technologies, including imaging and biomarker testing, are enhancing the accuracy and efficiency of cardiovascular diagnostics.
- Growing Awareness and Preventive Healthcare: Increasing awareness about heart health and preventive measures is leading to higher screening rates, further boosting the demand for cardiovascular diagnostic services.
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.
Competitive Landscape
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:
- In June 2022, Idoven secured investment of 18.5 million Euro to develop its AI platform for cardiovascular diagnosis. The platform will help early diagnosis of cardiac abnormalities and arrhythmias.
- In February 2023, Abbott purchased Cardiovascular Systems Inc., and this merger will provide Abbott with a competitive advantage in cardiac diagnostics in the form of unique, complementary solutions provided by CSI’s premier atherectomy system, which is well-equipped to treat vascular illness.
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
Full Report Revealed
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
