A Holter monitor is a small, battery-powered medical device that measures your heart's activity, such as rate and rhythm whereas an Electrocardiogram (ECG) is a device that records electrical activity of the heart in waveforms with electrodes, which are placed in contact to the body (chest) and the signals are amplified on the ECG monitor.
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.
Global Cardiovascular Monitoring and Diagnostic Devices Market: Drivers
Approval and launch of new devices is expected to propel growth of the global cardiovascular monitoring and diagnostic devices market over the forecast period. For instance, in November 2019, Shimmer, a U.S.-based developer of wearable technology, announced that ECGmd – its five-wire, four-lead Holter monitor ECG, received CE mark.
Moreover, R&D in ECG monitoring is also expected to boost growth of the market. For instance, in May 2019, researchers from Pukyong National University, South Korea, reported designing an ECG device that is powered by solar energy with an output voltage of 2.4 V and a power out of 0.25 W.
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Global Cardiovascular Monitoring and Diagnostic Devices Market: Restraints
Inaccuracy of wearable ECG devices is expected to hinder growth of the global cardiovascular monitoring and diagnostic devices market. For instance, according to a research published in April 2019 by the Harvard Medical School, 30% of wearable devices yield inaccurate results.
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. Major factor driving the growth of global cardiovascular monitoring and diagnostic devices market during the forecast period include high prevalence of cardiovascular diseases, and technological advancements.
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. Technological advancement is expected to support growth of the segment over the forecast period.
R&D in ECG-enabled smartwatch is aiding in growth of the market. For instance, in February 2020, Johnson & Johnson launched a new, virtual clinical study to determine the efficacy of Apple’s iPhone and ECG-enabled smartwatch in reducing the risk of stroke and detecting cases of atrial fibrillation.
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Moreover, R&D in ECG monitoring is also boosting growth of the market. For instance, in August 2019, Emory University (U.S.) assessed the efficacy of a wearable ECG patch developed by U.S.-based VivaLNK Company in improving patient care management for patients suffering from coronary artery disease.
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.
Global Cardiovascular Monitoring and Diagnostic Devices Market: Key Developments
January 2020: VivaLNK, a China-based provider of connected healthcare solutions for in-patient and remote patient monitoring, received the U.S. FDA clearance for its Continuous ECG platform comprising of reusable wearable ECG sensors and associated software development kit
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