Diagnostic Cardiology Market Size to Boost USD 8.57 Billion By 2032 | CAGR 4.8% - Published by Emergen Research

The global diagnostic cardiology market size was USD 5.35 Billion in 2022 and is expected to register a steady revenue CAGR of 4.8% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of cardiovascular disorders is a key factor driving market revenue growth. According to the American Heart Association, Cardiovascular Disease (CVD) is the leading cause of death in the U.S., with 928,741 deaths predicted in 2020. Coronary Heart Disease (CHD) was the major cause of CVD fatalities (41.2%) in the U.S. in 2020, followed by stroke (17.3%), other CVDs (16.8%), high blood pressure (12.9%), heart failure (9.2%), and artery diseases (2.6%).

However, lengthy process of getting approval is a key factor, which could restrain market revenue growth. These devices are designed to provide critical information about a patient's heart health. Beyond safety, regulatory authorities also need to assess the effectiveness of diagnostic cardiology devices, which requires thorough clinical trials to demonstrate that the device can reliably and accurately diagnose or monitor cardiac conditions.

 The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.

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Drivers of the Diagnostic Cardiology Market :

Several factors drive the growth of the diagnostic cardiology market. One significant driver is the increasing prevalence of cardiovascular diseases (CVDs) globally, fueled by factors such as sedentary lifestyles, unhealthy dietary habits, rising obesity rates, and aging populations. As the burden of CVDs continues to escalate, there is a growing demand for advanced diagnostic technologies and tests to facilitate early intervention and improve patient outcomes. Moreover, technological advancements in cardiac imaging modalities, such as 3D echocardiography and cardiac MRI, enhance diagnostic accuracy and enable non-invasive assessment of cardiac structure and function, driving market growth.

Restraints and Challenges

Despite its growth prospects, the diagnostic cardiology market faces certain challenges and restraints. One challenge is the high cost associated with advanced diagnostic equipment and procedures, which can limit access to diagnostic services, particularly in developing regions with constrained healthcare budgets. Additionally, reimbursement issues, regulatory complexities, and the need for specialized training and expertise in interpreting diagnostic tests pose challenges to market players. Furthermore, the COVID-19 pandemic has disrupted healthcare systems globally, affecting routine diagnostic procedures and patient volumes, albeit temporary, impacting market dynamics.

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The report also discusses the key players involved in the market such as:

Hill-Rom Holdings, Inc., GE HealthCare Technologies, Inc., Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Nihon Kohden Corporation, bioMérieux SA, Norav Medical, Medtronic plc, Boston Scientific Corporation, Siemens Healthineers GmbH, Terumo Corporation, and Cardinal Health, Inc.

The report provides a thorough estimation of the overall impact of the pandemic on the Diagnostic Cardiology Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Diagnostic Cardiology Market

Diagnostic Cardiology Latest Industry News

In August 2023, Siemens Healthineers introduced the Acuson Origin1, a specialized cardiovascular ultrasound system featuring enhanced Artificial Intelligence (AI) capabilities. Created to enhance patient outcomes and streamline minimally invasive cardiac procedures for healthcare providers, the Acuson Origin covers the full spectrum of cardiovascular patient care, encompassing diagnostic, structural heart, electrophysiological, and pediatric procedures.

In May 2023, Masimo disclosed that its Radius VSM, a wearable patient monitor for continuous multi-parameter vital signs, obtained Food and Drug Administration (FDA) 510(k) clearance. Built on a modular platform, the Radius VSM enables healthcare professionals to oversee a diverse range of physiological measurements, including Masimo SET pulse oximetry, noninvasive blood pressure, temperature, respiration rate, and Electrocardiography (ECG).

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Diagnostic Cardiology Market Segment Analysis :

For the purpose of this report, Emergen Research has segmented the global diagnostic cardiology market on the basis of product, end-use, and region:

· Product Outlook (Revenue, USD Billion; 2019-2032)
ECG Monitoring Device
Resting ECG Systems
Holter Monitoring Device
Event Monitoring Device
Others
Cardiac Imaging
Echocardiogram
Positron Emission Tomography (PET)
Magnetic Resonance Angiography
Others
Contrast Agents
Accessories
· End-use Outlook (Revenue, USD Billion; 2019-2032)
Hospitals and Clinics
Ambulatory Surgical Centers
Diagnostic Imaging Centers
Others
· Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa

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