The global cardiovascular monitoring and diagnostic (CMD) devices market is set to reach $1.2bn by 2017, according to a report by MarketResearch.com, a provider of global market intelligence products and services.
The CMD devices market, which comprises of electrocardiograph (ECG) monitoring equipment, Holter monitoring systems, ECG stress testing systems, event monitoring systems, ECG data monitoring systems, cardiopulmonary stress testing systems, cardiovascular monitoring and diagnostic devices, is forecasted to grow at a compound annual growth rate (CAGR) of 5% during 2010-2017.
ECG monitoring equipment, equipped with advanced technology and coupled with exceptional communication capabilities, is expected to be a key driver for the growth of the CMD devices market.
The US, which contributes 44% to the global CMD devices market, is expected to grow at a CAGR of 4% to reach $514.7m in 2017.
Ageing population and growing prevalence of cardiovascular diseases are expected to play a major role in the growth of the market.
According to the report ‘Cardiovascular Monitoring and Diagnostic Devices – Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017,’ the US market is also expected to receive a boost from the recent healthcare reforms that have proposed insurance coverage for nearly 40 million previously uninsured people.
However, low reimbursement levels, rising pressure on the healthcare infrastructure and impending healthcare reforms will shift the focus towards cost effective solutions.
Along with this, continuing focus on price to gain a competitive advantage will further dampen the prospects for market growth.
The CMD devices markets in China, Brazil and India are expected to grow at a higher than average rate in 2010-2017, at 8%, 9% and 12% respectively, driven by rising income levels, along with a rising level of healthcare access and funding.
In addition, emerging countries are expected to register higher growth rates due to the booming medical tourism industry and the immense growth opportunities and manufacturing cost advantages in countries such as India and China.