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Cardiovascular Monitoring And Diagnostic Devices Market Analysis (2020-2027)

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Cardiovascular Monitoring And Diagnostic Devices Market Analysis (2020-2027)

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. 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

  3. 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.

  4. 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.   

  5. 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.

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

  7. 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.

  8. 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.

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

  10. Market Trends/Key Takeaways • R&D 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.

  11. 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.

  12. 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.

  13. 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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