The Cardiovascular Monitoring And Diagnostic Devices Market is estimated to be valued at US$ 2,955.1 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
The Cardiovascular Monitoring And Diagnostic Devices market comprises devices used to monitor heart rate, blood pressure, diagnose cardiovascular diseases such as coronary heart diseases, cardiomyopathy, heart attack and others. These devices provide real time monitoring of cardiovascular parameters to assess heart functioning and diagnose cardiovascular diseases. Devices such as ECG machines, event monitors, holter monitors, implantable loop recorder (ILR) and others help physicians to evaluate a patient’s cardiovascular status.

Market key trends:
The increasing incidence of cardiovascular diseases globally is the major factor augmenting the growth of cardiovascular monitoring and diagnostic devices market. According to World Health Organization (WHO), cardiovascular diseases account for over 17 million deaths annually, a number that is expected to grow to more than 23.6 million by 2030. Growing geriatric population is another factor fueling the market growth. Moreover, technological advancements in monitoring and diagnostic devices along with increasing preference for home healthcare are some other factors responsible for the growth of cardiovascular monitoring and diagnostic devices market. However, high costs and lack of skilled professionals are expected to restrain the market growth during the forecast period.

Porter's Analysis
Threat of new entrants: The cardiovascular monitoring and diagnostic devices market has fairly high barriers due to high product differentiation, patent protection, high capital costs for RD and operations. However, threat remains low to moderate due to the promising prospects for growth in the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but differentiated products provide some pricing power to vendors.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and emergence of regional players.
Threat of new substitutes: Threat from new substitutes remains moderate due to technological innovation and changing consumer preferences leading to new product development.
Competitive rivalry: High due to presence of global and regional players competing on product innovation, features, and pricing.

SWOT Analysis
Strengths: Advanced technologies, rising demand for remote monitoring devices, growing aging population base.
Weaknesses: High cost of various devices, limited technical knowledge and skills.
Opportunities: Emerging markets, untapped rural markets, increasing healthcare spending.
Threats: Stringent regulatory policies, reimbursement issues, data security concerns.

Key Takeaways
The global cardiovascular monitoring and diagnostic devices market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of cardiovascular diseases and growing geriatric population. North America currently dominates the market owing to the presence of major players, high awareness regarding early diagnosis and treatment of CVDs. Asia Pacific is expected to grow at fastest pace due to large patient pool, rapidly improving healthcare infrastructure and growing medical tourism.

Key players operating in the cardiovascular monitoring and diagnostic devices market are GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd, Lidco Group plc., Biotricity Inc., Bittium Corporation, VivaQuant. Regional players are also expanding their presence by adopting acquisition and partnership strategies.