The growing geriatric population is estimated to be a major growth factor for the cardiovascular diagnostics market. Various lifestyle changes being adopted by the majority of population is resulting in increasing incidences of cardiovascular diseases, which is further estimated to drive the growth of this market during the forecast period. Data presented by the United Nations states that in 2018, for the first time, the number of people aged above 65 outnumbered the number of children below the age of 5 globally. Also, the number of people aged above 80 is estimated to increase significantly from 143 million in 2019 to 426 million in 2050. The growing rate of geriatric population is anticipated to expand the cardiovascular diagnostics market during the forecast period.
Rising technological advancements in the healthcare sector is another factor responsible for the expansion of the market for cardiovascular diagnostics. Additionally, the increasing expenditure on healthcare by majority of the population combined with growing measures taken by government and private institutions in order to improve the quality of healthcare provided to patients is another notable factor resulting in growth of the market.
The increasing risk of cardiovascular disease has resulted in a significant boost to the growth of cardiovascular diagnostics market. The market is estimated to witness a substantial expansion on account of high demand for cardiovascular diagnostics devices and improved technologies for such devices.
The cardiovascular diagnostics market is anticipated to record a CAGR of around 9% over the forecast period i.e. 2019-2027. The market is segmented by product type, by end users and by region, out of which, the end user segment is further segmented into hospitals, clinics and home care.
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Shortage of skilled workforce in the healthcare industry is a major restraint affecting the growth of the cardiovascular diagnostics market. According to data released by W.H.O. in 2013, the world is estimated to experience shortage of 12.9 million medical professionals by 2030. The lack of medical professionals possessing the ability to operate medical devices and conduct diagnostic assessments is anticipated to reduce the demand for such devices in the market.
Our in-depth analysis of the cardiovascular diagnostics market includes the following segments:
On the basis of regional analysis, the cardiovascular diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The cardiovascular diagnostics market in North America is anticipated to hold leading market share on account of growing expenditure on healthcare along with rising aged population in the region. The growing technological advancements and development of new and improved devices is also contributing towards the market growth. The market in Europe is also estimated to witness a significant increase in the market size during the forecast period as a result of growing development in the medical industry coupled with rising geriatric population in the region.
However, the market in Asia-Pacific region is estimated to emerge and observe the highest rate of expansion in cardiovascular diagnostics market which can be attributed to growing improvements in the healthcare infrastructure and increased life expectancy in the region. This is mainly prevalent in countries such as China and India on the back of their high rate of development and economic growth.
The cardiovascular diagnostics market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani