New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiovascular Monitoring And Diagnostic Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277203/?utm_source=GNW
Jude MedicalInc, Nihon Kohden Corporation, FUKUDA DENSHI Co.
Ltd, and Sorin Group.
The global cardiovascular monitoring and diagnostic devices and equipment market will grow from $3.12 billion in 2022 to $3.36 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cardiovascular monitoring and diagnostic devices and equipment market is expected to grow to $4.31 billion in 2027 at a CAGR of 6.4%.
The cardiovascular monitoring and diagnostic devices and equipment market consist of sales of cardiopulmonary stress testing systems, ECG data management systems, ECG monitoring equipment, ECG stress testing systems, event monitoring systems, and holter monitoring systems that are used for diagnosis and treatment of cardio diseases.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cardiovascular monitoring and diagnostic devices and equipment are used for the diagnosis, monitoring, and treatment of cardiovascular diseases.
North America was the largest region in cardiovascular monitoring and diagnostic devices and equipment market in 2022.Western Europe was the second-largest region incardiovascular monitoring and diagnostic devices and equipment market.
The regions covered in cardiovascular monitoring and diagnostic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main product types of cardiovascular monitoring and diagnostic devices and equipment are cardiopulmonary stress testing systems, ECG data management systems, ECG monitoring equipment, ECG stress testing systems, event monitoring systems, and Holter monitoring systems.ECG monitoring equipment is an electronic device that is used to record the electrical activity of the heart. The various types involved are heart disease and coronary heart disease. The various end-users involved are hospitals/physician clinics (continuous glucose monitors), home/emergency, and research and development (clinical trials, universities, CRO).
The cardiovascular monitoring and diagnostic devices and equipment market is being driven by an increasing number of people suffering from obesity and diabetes.Risk factors including high blood pressure and high cholesterol are associated with obesity and diabetes leads to cardiovascular diseases.
For instance, as per a study conducted by the American Heart Association (AMA), by 2030, 22.2 million CVD is expected to grow. According to another study conducted by AMA in the U.S., 26 million people have been diagnosed with diabetes, and above 9 million further, have the condition but it hasn’t yet been diagnosed.
The cardiovascular monitoring and diagnostic devices and equipment market is being restrained by the FDA’s regulatory control over these devices based on the risks associated with this equipment.Cardiovascular monitoring and diagnostic devices fall into the class II category as per the FDA, which includes devices with moderate to high risk associated with usage.
The Class II devices are specially controlled with performance standards which provide the manufacturers with performance specifications, postmarket surveillance which monitors the safety of the device after being released in the market, and also other standards like patient registries and special labeling requirements.For instance, Angel medical systems’ implantable cardiac monitor was unanimously rejected by a panel of FDA experts due to unmet performance specifications.
ICMs continuously monitor the electrocardiogram (ECG) of the patient to conduct a real-time examination of the heart rhythm, for up to 36 months.ICMs are mostly used in the analysis of transitory symptoms which have an arrhythmic origin, such as unexplained palpitations.
For example, in July 2020, Medtronic received U.S. Food and Drug Administration (FDA) clearance and European CE label approval for its Linq II insertable cardiac monitor (ICM) by remote programming, allowing clinicians to optimize device settings without the requirement for patients to return to the hospital.
The US FDA has classified cardiovascular monitoring and diagnostic devices into the Class II category, as they have a moderate to high risk associated with usage.Class II devices are bounded by device-specific regulations which include performance standards, premarket data requirements, postmarket surveillance, and labeling requirements associated with device usage.
For instance, the labeling should consist of contraindications, adverse reactions, precautions, warnings, and other instructions before the device is released into the market.
The countries covered in the cardiovascular monitoring and diagnostic devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The cardiovascular monitoring and diagnostic devices and equipment market research report is one of a series of new reports that provides cardiovascular monitoring and diagnostic devices and equipment market statistics, including cardiovascular monitoring and diagnostic devices and equipment industry global market size, regional shares, competitors with a cardiovascular monitoring and diagnostic devices and equipment market share, detailed cardiovascular monitoring and diagnostic devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiovascular monitoring and diagnostic devices and equipment industry. This cardiovascular monitoring and diagnostic devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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