Top 5 Trends Shaping Global Cardiovascular Monitoring and Diagnostic Devices Market

The global cardiovascular monitoring and diagnostic devices market is worth billions and is projected to experience healthy growth in the coming few years. The demand for cardiovascular monitoring and diagnostic devices is high in countries that are focused on preventative healthcare. Let’s take a look at the top 5 trends that will drive the demand for cardiovascular monitoring and diagnostics devices in the coming few years.

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#1 - Growing Incidence of Cardiovascular Conditions
The prevalence of heart diseases is on the rise. According to The Lancet, a medical journal, the number of people affected by peripheral arterial disease (PAD) spiked by 24% in just a span of 10 years (from 2000 to 2010). Furthermore, the number of stroke patients and patients with atrial fibrillation is also projected to rise in the coming few years. The rising incidence of cardiovascular conditions will thus drive the demand for cardiovascular monitoring and diagnostics devices.

#2 – Shifting Lifestyle Habits and Preventive Healthcare
One of the causes behind the growing number of patients suffering from cardiovascular  conditions is their unhealthy lifestyle habits. These include smoking, physical inactivity, and unhealthy diet. Such factors lead to obesity and hypertension. These conditions are identified as an underlying cause of cardiovascular disorders. Furthermore, the rising awareness of consumers about these conditions, along with the trend of preventive healthcare, is boosting the demand for cardiovascular monitoring and diagnostic devices.

#3 – Lucrative Emerging Economies
By geography, the global cardiovascular monitoring and diagnostics devices market is segmented into North America, Asia Pacific, Europe, and Rest of the World. In 2012, North America dominated the global cardiovascular monitoring and diagnostics devices market due to elevated patient awareness in the region. However, it is Asia Pacific that is projected to grow at a higher CAGR during the forecast period from 2013 to 2019. The presence of a massive geriatric population in China and India that tend to be affected by cardiovascular conditions will greatly drive the demand for cardiovascular monitoring and diagnostics devices in this region.

#4 – Expanding Medical Tourism
The rise in healthcare costs in Western countries is driving the medical tourism market in Asia Pacific and Latin America. The high quality of medical services at affordable prices in developing nations is propelling demand from the medical tourism market in countries such as Singapore, India, Thailand, Brazil, South Korea, Dubai, Mexico, Malaysia, Poland, and the Philippines. The demand for affordable cardiovascular testing in these countries is expected to greatly drive the market for cardiovascular monitoring and diagnostics devices.

#5 – Emergence of Affordable Technologies
The growth in the number of technologies supporting portability in performing and handling various tests will also drive demand for cardiovascular monitoring and diagnostics devices. In addition to this, players in the global cardiovascular monitoring and diagnostics devices market are increasingly launching affordable devices, further driving the popularity of these gadgets among consumers.

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Some of the key players operating in the global cardiovascular monitoring and diagnostics devices market are Boston Scientific, GE Healthcare, Medtronic, Johnson & Johnson, Siemens Healthcare, and Philips Healthcare. Competition among major players in the global cardiovascular monitoring and diagnostics devices market is high. This compels these companies to seek novel technologies and devices that offer accurate, convenient, and affordable testing.