Cardiovascular diagnostics are the tests performed on patients for screening and monitoring of heart in order to diagnose any prevalent cardiac disorders. These tests include ECG, angiography, heart ultrasounds and other invasive and non-invasive heart tests. Recent advancements in the healthcare industry have enabled doctors to study the heart more effectively and view its interior components using improved techniques.
According to the statistics published by American Heart Association in 2018, cardiovascular disease was found to be the leading cause of deaths among people with 17.9 million deaths in the year 2015, which is further estimated to cross over 23.6 million by 2030. This data suggests the demand for cardiovascular diagnostic systems and devices are estimated to witness significant increase in future.
The equipment used for cardiovascular diagnostic tests include various types of monitors including heart monitor, Holter monitor, ECG machines and others. These keep a check on every patient’s heart activity and present the final results to the doctor. The growing demand for more efficient software is boosting the growth of this market since upgraded software with advanced display provide the users with more accurate test results.
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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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.
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:
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