Major players in the cardiovascular monitoring and diagnostic devices and equipment market are Medtronic PLC, Boston Scientific Corporation, GE Healthcare, Johnson & Johnson and Philips Healthcare.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiovascular Monitoring And Diagnostic Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967828/?utm_source=GNW
The global cardiovascular monitoring and diagnostic devices and equipment market is expected to decline from $2.8 billion in 2019 to $2.3 billion in 2020 at a compound annual growth rate (CAGR) of -18.5%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The governments across the countries prioritized covid-19 screening and imaging is not routinely used to screen for COVID-19. Also, most of the factories manufacturing diagnostic imaging equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, and MRI systems and/or their components, are currently shutdown inorder to keep the staff safe and contain the spread. The market is then expected to recover and grow at a CAGR of 7.5% from 2021 and reach $3.7 billion in 2023.
The cardiovascular monitoring and diagnostic devices and equipment market consists of sales of cardiovascular monitoring and diagnostic devices and equipment and related services. Cardiovascular monitoring and diagnostic devices and equipment are used for the diagnosis, monitoring, and treatment of cardiovascular diseases. The key product types include Cardiopulmonary Stress Testing Systems, ECG Data Management Systems, ECG Monitoring Equipment, ECG Stress Testing Systems, Event Monitoring Systems, and Holter Monitoring Systems.
The cardiovascular monitoring and diagnostic devices and equipment market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The North American Market is the largest market for cardiovascular monitoring and diagnostic devices and equipment and is expected to continue to be the largest market during the forecast period.
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 labelling requirements associated with device usage. For instance, the labelling should consist of contraindications, adverse reactions, precautions, warnings and other instructions before the device is released into the market.
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 these equipment’s. 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, in 2016 Angel medical systems’ implantable cardiac monitor was unanimously rejected by a panel of FDA experts due to unmet performance specifications. In 2018, The FDA asked Angel to create a new clinical analysis plan after which the device was reapproved.
Companies in the cardiovascular monitoring and diagnostic devices and equipment market are developing implantable cardiac monitors (ICM) to monitor the heart rhythm. 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 2017 Medtronic developed an ICM, the smallest implantable monitor in the market, which makes use of wireless connectivity to download the patient’s data and sends this data to physicians over the internet.
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) in 2015, more than 68 percent of people who are aged 65 or older and have diabetes end up with cardiovascular related deaths. According to another study conducted by AMA in 2015, people who have diabetes are two to four times more likely to suffer deaths related to cardiovascular diseases.
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