Intense competition and high entry barriers outline the present state
of the competitive landscape of the global cardiovascular monitoring
and diagnostic devices market, states a recent Transparency Market
Research (TMR) report. In the markedly consolidated market, the top
two vendors, GE Healthcare and Philips Healthcare, accounted for a
more than 55% share in 2015. Moreover, these two companies have their
headquarters in Europe, granting this regional market a high level of
saturation. The other half of the competitive landscape is, however,
highly fragmented with a large number of specialty vendors operating
in regional pockets.
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However, the rising prevalence of a number of cardiovascular diseases
coupled with the rising global demand for technologically advanced
and innovative devices would attract new entrants to the market. As a
result, the competition in the market is expected to further
intensify in the next few years. Pulling ahead in these foreseeable
tough times will require alignment of business strategies towards
untapped opportunities in several regional territories and innovative
ways of promoting products. Other key vendors operating in the global
cardiovascular monitoring and diagnostic devices market include
Spacelabs Healthcare, St. Jude Medical, Inc., and Siemens
Healthcare.
According to estimates derived by the United Nations University
(UNU), the share of people aged above 65 years in the global
population is expected to rise from 7% in 2000 to 16% by 2050. As
people above the age of 65 years are more prone to acquiring
cardiovascular diseases, the vast rise in the world’s geriatric
population in the near future will stimulated demand for effective
cardiovascular monitoring and diagnostic devices.
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Additionally, the flourishing sector of medical tourism in developing
countries will have a sizeable impact on the consumption of a variety
of cardiovascular monitoring and diagnostic devices in regions such
as Asia Pacific and Middle East in the next few years. Low procedural
costs and availability of reliable and affordable labor in countries
such as Turkey, India, China, and Indonesia will make them the most
preferred foreign destinations for undertaking complex cardiovascular
diagnosis and surgeries.
Factors such as inadequate physical activities, unhealthy diets, high
stress levels, and rising consumption of tobacco and alcohol are
substantially increasing risk of cardiovascular disorders in the
global population. This has also emerged as a high-impact driver of
the global cardiovascular monitoring and diagnostic devices market in
the past few years.
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For most varieties of cardiovascular monitoring and diagnostic
devices available in the market presently, high costs and limited or
inadequate reimbursement policies are the key hindrances that limit
the overall development of the market to a certain extent. In
developed regions such as the U.S., Japan, and many European
countries, the high costs of devices are supported by sufficient
reimbursement for purchasing these devices and tests. However, post
purchase activity costs, involving costs for recording and testing
activities are not covered under reimbursement policies, bringing
down the attractiveness of high-end cardiovascular monitoring and
diagnostic devices, especially across cost-sensitive developing
regions.
The global market for cardiovascular monitoring and diagnostic
devices is expected to expand at a healthy CAGR of 6.4% over the
period between 2016 and 2024, rising from a valuation of US$1.8 bn in
2015 to US$3.1 bn by 2024. The segment of ECG systems contributed the
largest share to the market’s overall revenues in 2015, accounting
for nearly US$878 mn in 2015. However, the segment of implantable
loop recorder is expected to expand at the highest CAGR of 7.1% over
the period between 2016 and 2024. Geography-wise, Asia Pacific will
present the most promising growth opportunities over the said period,
expanding at a 7.1% CAGR.
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