Cardiovascular Monitoring and Diagnostic Devices Market Potential Growth, Share, Demand and Analysis Forecast To 2028

Cardiovascular Monitoring and Diagnostic Devices

Cardiac monitoring is the phrase used to describe the continuous or intermittent monitoring of heart activity, usually via electrocardiography, in order to analyse the patient's state in relation to their cardiac rhythm. The report goes through ECG monitoring devices, Holter monitoring devices, ECG stress testing devices, and event monitoring devices.

The global Cardiovascular Monitoring and Diagnostic Devices Market is predicted to reach US$ 4,481.8 million by the end of 2027, with a value of US$ 2,200.6 million in 2020. Web-based remote cardiac monitoring systems are gaining traction in the industry. For example, at Medica 2019, a leading international trade fair for the medical sector held in Germany, 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.

Over the forecast period, the Global Cardiovascular Monitoring and Diagnostic Devices Market is expected to rise due to the rising prevalence of cardiovascular disorders. According to the American Heart Association's Heart and Stroke Statistics 2019 Update, about half of all individuals in the United States suffered from cardiovascular disease in 2016. Furthermore, the industry is predicted to rise as the geriatric population grows. According to the United States Census Bureau, the geriatric population in the United States is predicted to reach 77 million by 2034. Furthermore, as compared to traditional lead ECGs, handheld ECG devices provide limited information, which is projected to impede market growth.

In terms of value, ECG Monitoring Device dominated the global Cardiovascular Monitoring and Diagnostic Devices Market in 2019, accounting for 51.6 percent of the market, followed by Holter Monitoring Device and ECG Stress Testing. The global cardiovascular monitoring and diagnostic devices market is projected to be hampered by the lengthy approval process for medical products. The US Food and Drug Administration has established guidelines for in-vitro testing of ECG devices, which include environmental testing, software testing, electrical safety, and electromagnetic compatibility. Furthermore, due to the complexity and number of medical device marketing applications, the time it takes to process and approve a 510(K) has increased from 90 to 140 days.