Manufacturers are focussing on innovative products and services as well as cost-containing models, finds Frost & Sullivan's Transformational Health team
LONDON, Dec. 27, 2016 /PRNewswire/ -- Cardiovascular disease (CVD) is the leading cause of death worldwide and accounts for 30 percent of total deaths every year. Increase in prevalence of CVD, due to urbanisation, lifestyle changes, and genetic issues, is underlining the role of electrocardiograph (ECG) monitoring in early cardiac diagnosis and treatment. 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, miniaturisation, wireless and user-friendly devices are transforming the non-institutional care setting, while technology enhancements and demographic changes are expanding opportunities for players.
"Manufacturers are looking toward customisation, product innovation and differentiation strategies to capitalise on cost-containing business models and sustain growth in a highly competitive and fragmented market," said Transformational Health Industry Analyst Poornima Srinivasan. "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."
Analysis of the Global Cardiac Monitoring Products Market is a recent analysis from Frost & Sullivan's Advanced Medical Technologies Growth Partnership Service program, which provides insights on key market trends, diversified opportunities of cardiac monitoring products, factors driving and restraining growth,analysis on region and segment that presents opportunities for growth.
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The cardiac monitoring products market is hindered by stringent hospital budgets that decrease adoption rates. 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.
Nonetheless, global revenue from sales of new cardiac monitors is expected to be $1,085.2 million in 2020:
- The United States leads in market size with highest demand for cardiac event monitors and data management systems (DMS), mainly due to extended use in ambulatory care settings for patients.
- By 2020, Europe is expected to have a 35.5 percent share of global cardiac monitoring revenue.
- In Asia-Pacific, holter monitors and DMS present opportunities for growth.
"Large companies will continue to undertake merger and acquisition strategies with the majority of market share controlled by selected participants such as GE Healthcare, Mortara Instrument Inc., and Philips Healthcare," noted Srinivasan.
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Analysis of the Global Cardiac Monitoring Products Market
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