CARDIOVASCULAR MONITORING AND DIAGNOSTIC DEVICES MARKET ANALYSIS (2020-2027)

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CARDIOVASCULAR MONITORING AND DIAGNOSTIC DEVICES
MARKET ANALYSIS(2020-2027)

• Cardiovascular Monitoring and Diagnostic Devices
  Market, By Product Type (ECG Monitoring Device,
  Holter Monitoring Device, ECG Stress Testing,
  Event Monitoring Devices), By End User
  (Hospitals, Ambulatory Surgical Centers,
  Clinics), and By Region (North America, Latin
  America, Europe, Asia Pacific, Middle East
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2020 - 2027

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• Cardiac monitoring generally refers to continuous
  or intermittent monitoring of heart activity,
  generally by electrocardiography, with assessment
  of the patient's condition relative to their
  cardiac rhythm. ECG monitoring devices, Holter
  monitoring devices, ECG stress testing devices,
  and event monitoring devices are discussed in the
  report.
• The global cardiovascular monitoring and
  diagnostic devices market is estimated to account
  for US 2,200.6 Mn in terms of value in 2020 and
  is expected to reach US 4,481.8 Mn by the end of
  2027.

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Global Cardiovascular Monitoring and Diagnostic
Devices Market Drivers

• Increasing prevalence of cardiovascular diseases
  is expected to propel growth of the global
  cardiovascular monitoring and diagnostic devices
  market over the forecast period. For instance,
  according to the American Heart Association's
  Heart and Stroke Statistics 2019 Update, around
  48 of all adults in the U.S. suffered from some
  type of cardiovascular disease in 2016.   

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• Moreover, increasing geriatric population is also
  expected to aid in growth of the market. For
  instance, according to the U.S. Census Bureau,
  the U.S. geriatric population is expected to
  reach 77 million by 2034.     
• ECG Monitoring Device held dominant position in
  the global cardiovascular monitoring and
  diagnostic devices market in 2019, accounting
  for 51.6 share in terms of value, followed
  by Holter Monitoring Device and ECG Stress
  Testing, respectively.

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Figure 1. Global Cardiovascular Monitoring and
Diagnostic Devices Market Share (), by Value, by
Product Type, 2019
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Global Cardiovascular Monitoring and Diagnostic
Devices Market Restraints

• Lengthy medical device approval period is
  expected to hinder growth of the global
  cardiovascular monitoring and diagnostic devices
  market. The U.S. FDA has implemented rules for
  in-vitro testing of ECG Devices, which includes
  environmental testing, software testing,
  electrical safety, and electromagnetic
  compatibility of the devices. Moreover, the time
  needed to process and approve 510(K) increased
  from 90 days to 140 days due to the complexity
  and volume of medical devices marketing
  submissions.

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• Moreover, handheld ECG devices offer limited
  information compared to conventional lead ECGs,
  which is also expected to limit growth of the
  market.
• The global cardiovascular monitoring and
  diagnostic devices market was valued at US
  1,987.9 Mn in 2019 and is forecast to reach a
  value of US 4,481.8 Mn by 2027 at a CAGR of
  10.7 between 2020 and 2027.

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• Figure 2. Global Cardiovascular Monitoring and
  Diagnostic Devices Market Value (US Mn), and
  Y-o-Y Growth (), 2019-2027

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Market Trends/Key Takeaways

• RD in ambulatory ECGs is boosting growth of the
  market. For instance, in February 2020,
  researchers at University of Electronic Science
  and Technology of China developed an adaptive
  cancellation algorithm based on multi-inertial
  sensors to suppress motion artifacts in
  ambulatory ECGs.

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• Increasing investment in development of new
  devices is also boosting growth of the market.
  For instance, in December 2019,         
  Biotricity Inc., a medical diagnostic and
  consumer healthcare technology company, raised
  US 6 million for FDA Filing for its patch
  solution within the first 6 months of 2020, which
  will be a novel product in the field of Holter
  monitoring.
• The market is witnessing development of web-based
  remote cardiac monitoring solutions. For
  instance, in November 2019, Bittium Corporation,
  a Finland-based cardiology and neurology device
  company, presented Bittium HolterPlus, a
  web-based remote cardiac monitoring solution,
  consisting of a Bittium Faros ECG device and
  Bittium HolterPlus mobile application, at Medica
  2019, a leading international trade fair for the
  medical sector that was held in Germany.

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Global Cardiovascular Monitoring and Diagnostic
Devices Market Competitive Landscape

• Major players operating in the global
  cardiovascular monitoring and diagnostic devices
  market include, 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, and VivaQuant.

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Global Cardiovascular Monitoring and Diagnostic
Devices Market Key Developments

• Major players in the market are focused on
  approval and launch of new devices to expand
  their product portfolio. For instance, in January
  2020, Withings launched ScanWatch, which has a
  built-in ECG and a SpO2 sensor to measure oxygen
  saturation levels.
• Similarly, in April 2019, VivaQuant, a digital
  health company, received the U.S. FDA clearance
  for its RX-1 wearable device that can operate as
  a Holter monitor.

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