Global Cardiovascular Diagnostics Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024
Overview: Cardiology diagnostics refer to tests performed to examine, check, and monitor the heart condition if an individual is suffering from cardiovascular diseases. There is an extensive range of diagnostic tests available such as ECG, invasive & non-invasive tests, cardiovascular autonomic reflex test, and other laboratory tests. A majority of the heart patients undergo a screening test, which is the first step in heart care. Diagnostic centers offer customized testing for each patient and ensure accurate diagnosis rapidly and cost-effectively. Cardiovascular diagnostics have created effective diagnostic solutions that support individuals in obtaining an accurate cardiac diagnosis, which help them to live longer and healthier. Most of the tests are performed to detect heart diseases well before an emergency event occurs. These tests are advanced, such as MRI, CT, ultrasound imaging, ECG, and offer point of care testing that provides effective results. These tests help to reduce the risk of mortality and offer strongly linked medical treatment in many emergency situations. Screening helps to determine the type of disease prior to the symptoms. The aim of screening tests is to provide the earliest and most desired treatment for the specific condition.
The cardiovascular diagnostics market is growing at a steady pace and is expected to grow at a rapid rate in the emerging countries. Factors, such as increasing lifestyle diseases, rise in smoking population, growing aging population, favorable reimbursements, and technological advancements in products, are driving the growth of the cardiovascular diagnostics market. However, the lack of awareness about diseases, stringent regulatory approval procedures, and risks associated with the procedure are hampering the market growth. The primary unmet need in the market is endoleaking, which increases the mortality rate.
The market is dominated by Abbott Laboratories, GE Healthcare, Philips Healthcare, Roche Diagnostics, and Bayer Healthcare, which have more than 85% of the share in the global cardiovascular diagnostics market.
Market Analysis: The global cardiovascular diagnostics market is estimated to witness a CAGR of 8.5% during the forecast period 2018–2024. The market is analyzed based on three segments, namely product type, end-users, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is set to be the leading region for the cardiovascular diagnostics market growth followed by Europe. Asia Pacific and RoW are set to be the emerging regions. The emerging markets have a high potential to grow owing to an increase in the number of patient population and focus toward healthcare infrastructure. The cardiovascular diagnostics market has the lowest penetration in the emerging markets, and most of the vendors are targeting to penetrate in countries such as India, China, Thailand, Vietnam, etc. However, the high cost of imaging modalities, expensive procedural costs, lack of skilled surgeons, lack of proper reimbursement policies, and lack of awareness about advanced diagnostic tools in the developing countries will have a significant impact on the overall market growth.
Product Analysis: The ECG segment is growing steadily and dominates the global cardiovascular diagnostics market with more than 37% of the total market share. Factors, such as increasing aging population, rise in the prevalence of CVDs, and growing adoption of POC testing devices are driving the market growth. The cardiac imaging segment is the most advanced and expected to overtake the ECG segment in coming years. The diagnosis and management of various cardiovascular diseases are increasingly growing with a large set of individuals depending on less-invasive imaging modalities such as CT angiography, cardiac magnetic resonance imaging (MRI), and cardiac radionuclide imaging such as single photon emission computed tomography (SPECT) and positron emission tomography (PET). Advancements in medical imaging have increased the demand for image-guided diagnostics and surgical procedures, which have increased the usage of cardiac contrast media and radiopharmaceuticals.
Key Players: Abbott Laboratories, GE Healthcare, Philips Healthcare, Roche, Bayer Healthcare, and other predominate & niche players.
Competitive Analysis: The global cardiovascular diagnostics market is highly fragmented and has immense growth opportunities for vendors, especially in the developing regions. The market has the presence of many global, regional, and local players who are giving a stiff competition. The market is occupied by both global and local vendors who are competing to acquire the largest market share. Big players, such as Abbott Laboratories, GE Healthcare, Philips Healthcare, Roche, and Bayer Healthcare, are acquiring small players to increase their market share. The competitive environment in the market will intensify further with an increase in product/service extensions, product innovations, and M&As. They form strategic alliances for marketing or manufacturing of cardiovascular diagnostics devices.
Benefits: The report provides complete details about the usage and adoption rate of cardiovascular diagnostics for the treatment of various cardiac-related disorders. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.
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