Cardiovascular disease (CVD) is the leading cause of death worldwide and accounts for 30% of total deaths every year. Increase in prevalence of CVD, due to urbanization, lifestyle changes, and genetic issues, is underlining the role of electrocardiograph (ECG) monitoring in early cardiac diagnosis and treatment.
A recent report from market research firm Frost & Sullivan’s Advanced Medical Technologies Growth Partnership Service program reviewed key market trends, as well as factors driving and restraining its growth.
In most regions, the market for cardiac monitoring products, such as resting ECG, stress ECG and Holter monitor, has been mature for over a decade. However, game-changer innovations focusing on interoperability, miniaturization, wireless, and user-friendly devices are transforming the non-institutional care setting. Furthermore, technology enhancements and demographic changes are expanding opportunities for players.
“Manufacturers are looking toward customization, product innovation, and differentiation strategies to capitalize on cost-containing business models and sustain growth in a highly competitive and fragmented market,” says Poornima Srinivasan, transformational health industry analyst at Advanced Medical Technologies. “Products that cater to novel home care needs and changing customer preferences will be crucial to capture market share as it reduces readmissions associated with cardiac conditions.”
The cardiac monitoring products market is hindered by stringent hospital budgets that decrease adoption rates, according to the report. Revenues are also threatened by competition from wearable and other smart technology devices, and pressure on new market entrants due to market maturity and user preference for established brands.
Nevertheless, global revenue from sales of new cardiac monitors is expected to be $1.09 million in 2020. The United States leads in market size with the highest demand for cardiac event monitors and data management systems, mainly due to extended use in ambulatory care settings for patients.
For access to the report, visit Frost & Sullivan.