Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Cardiac monitoring generally refers to continuous or intermittent monitoring of heart activity, generally by electrocardiography, with assessment of the patient's condition relative to their cardiac rhythm. ECG monitoring devices, Holter monitoring devices, ECG stress testing devices, and event monitoring devices are discussed in the report.

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

Increasing prevalence of cardiovascular diseases is expected to propel growth of the global cardiovascular monitoring and diagnostic devices market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2016.   

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

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.

Figure 1. Global Cardiovascular Monitoring and Diagnostic Devices Market Share (%), by Value, by Product Type, 2019

Cardiovascular Monitoring and Diagnostic Devices  | Coherent Market Insights

Global Cardiovascular Monitoring and Diagnostic Devices Market: Restraints

Lengthy medical device approval period is expected to hinder growth of the global cardiovascular monitoring and diagnostic devices market. The U.S. FDA has implemented rules for in-vitro testing of ECG Devices, which includes environmental testing, software testing, electrical safety, and electromagnetic compatibility of the devices. Moreover, the time needed to process and approve 510(K) increased from 90 days to 140 days due to the complexity and volume of medical devices marketing submissions.

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Cardiovascular Monitoring and Diagnostic Devices Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 1,988.0 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 10.7% 2027 Value Projection: US$ 4,481.9 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Product Type: ECG Monitoring Device, Holter Monitoring Device, ECG Stress Testing, Event Monitoring Devices.
  • By End User: Hospitals, Ambulatory Surgical Centers, Clinics.
Companies covered:

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

Growth Drivers:
  • High prevalence of cardiovascular diseases
  • Technological advancements
Restraints & Challenges:
  • Long medical device approval period

Moreover, handheld ECG devices offer limited information compared to conventional lead ECGs, which is also expected to limit growth of the market.

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.

Figure 2. Global Cardiovascular Monitoring and Diagnostic Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

Cardiovascular Monitoring and Diagnostic Devices  | Coherent Market Insights

Market Trends/Key Takeaways

R&D in ambulatory ECGs is boosting growth of the market. For instance, in February 2020, researchers at University of Electronic Science and Technology of China developed an adaptive cancellation algorithm based on multi-inertial sensors to suppress motion artifacts in ambulatory ECGs.

Increasing investment in development of new devices is also boosting growth of the market. For instance, in December 2019,          Biotricity Inc., a medical diagnostic and consumer healthcare technology company, raised US$ 6 million for FDA Filing for its patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring.

The market is witnessing development of web-based remote cardiac monitoring solutions. For instance, in November 2019, Bittium Corporation, a Finland-based cardiology and neurology device company, presented Bittium HolterPlus, a web-based remote cardiac monitoring solution, consisting of a Bittium Faros ECG device and Bittium HolterPlus mobile application, at Medica 2019, a leading international trade fair for the medical sector that was held in Germany.

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

Major players in the market are focused on approval and launch of new devices to expand their product portfolio. For instance, in January 2020, Withings launched ScanWatch, which has a built-in ECG and a SpO2 sensor to measure oxygen saturation levels.

Similarly, in April 2019, VivaQuant, a digital health company, received the U.S. FDA clearance for its RX-1 wearable device that can operate as a Holter monitor.

Cardiovascular monitoring and diagnostic devices are used for continuous monitoring of heart patients who are suffering from different cardiovascular devices. Cardiac monitoring generally refers to continuous or intermittent monitoring of heart activity, generally by electrocardiography, with assessment of the patient's condition relative to their cardiac rhythm. 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.

Restraints of the Global Cardiovascular Monitoring and Diagnostic Devices Market

Major factors hampering the growth of the cardiovascular monitoring and diagnostic devices market during the forecast period constitutes of long medical device approval period, and high costs.

Key features of the study:

  • This report provides in-depth analysis of the global cardiovascular monitoring and diagnostic devices market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018, as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global cardiovascular monitoring and diagnostic devices market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global cardiovascular monitoring and diagnostic devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the market.

Detailed Segmentation

  • Global Cardiovascular Monitoring and Diagnostic Devices Market, By Product Type:
    • ECG Monitoring Device
    • Holter Monitoring Device
    • ECG Stress Testing
    • Event Monitoring Devices
  • Global Cardiovascular Monitoring and Diagnostic Devices Market, By End User:
    • Hospitals
    • Ambulatory Surgical Centers
    • Clinics
  • Global Cardiovascular Monitoring and Diagnostic Devices Market, By Geography:
    • North America
      • By Product Type
        • ECG Monitoring Device
        • Holter Monitoring Device
        • ECG Stress Testing
        • Event Monitoring Devices
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Product Type
        • ECG Monitoring Device
        • Holter Monitoring Device
        • ECG Stress Testing
        • Event Monitoring Devices
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Product Type
        • ECG Monitoring Device
        • Holter Monitoring Device
        • ECG Stress Testing
        • Event Monitoring Devices
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Product Type
        • ECG Monitoring Device
        • Holter Monitoring Device
        • ECG Stress Testing
        • Event Monitoring Devices
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East:
      • By Product Type
        • ECG Monitoring Device
        • Holter Monitoring Device
        • ECG Stress Testing
        • Event Monitoring Devices
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Product Type
        • ECG Monitoring Device
        • Holter Monitoring Device
        • ECG Stress Testing
        • Event Monitoring Devices
      • By End User
        • Hospitals
        • Ambulatory Surgical Centers
        • Clinics
      • By Country/Region:
        • Central Africa
        • South Africa
        • North Africa
  • Company Profiles
    • GE Healthcare*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
    • Philips Healthcare
    • Nihon Kohden
    • Schiller AG
    • Opto Circuits (India) Limited
    • Welch Allyn
    • Fukuda Denshi Co., Ltd.
    • Lidco Group plc
    • Biotricity Inc.
    • Bittium Corporation
    • VivaQuant

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By End User
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • Regulatory Scenario
    • PEST Analysis
    • COVID-19 Impact Analysis
  4. Global Cardiovascular Monitoring and Diagnostic Devices Market, By Product Type, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • ECG Monitoring Device
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • Holter Monitoring Device
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • ECG Stress Testing
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • Event Monitoring Devices
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
  5. Global Cardiovascular Monitoring and Diagnostic Devices Market, By End User, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • Hospitals
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Ambulatory Surgical Centers
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Clinics
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Global Cardiovascular Monitoring and Diagnostic Devices Market, By Regions, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • North America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Europe
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • GE Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Philips Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Nihon Kohden
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Schiller AG
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Opto Circuits (India) Limited
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Welch Allyn
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Fukuda Denshi Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Lidco Group plc
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Biotricity Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Bittium Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • VivaQuant
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 33 market data tables and 25 figures on “Cardiovascular Monitoring and Diagnostic Devices Market – Global forecast to 2027.

Frequently Asked Questions

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.
Major factors hampering the growth of the cardiovascular monitoring and diagnostic devices market during the forecast period constitutes of long medical device approval period, and high costs.
ECG Monitoring Device held dominant position in the global cardiovascular monitoring and diagnostic devices market in 2019.
North America cardiovascular monitoring and diagnostic devices market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are 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.
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