North American Cardiovascular Monitoring & Diagnostic Devices Market

North American Cardiovascular Monitoring & Diagnostic Devices Market Size (2023 to 2028)

The Cardiovascular Diagnostic and Monitoring Devices Market in North America was worth USD 878.11 million in 2023 and estimated to be growing at a CAGR of 6.53% to reach USD 1204.78 million by 2028.

MARKET DRIVERS:

The rising prevalence of cardiovascular diseases prominently in the North American region propels the regional market growth. According to the American Heart Association in 2023 stated that cardiovascular disease is still the leading cause of mortality and morbidity in most countries, even with preventive measures and therapeutic interventions. The sedentary lifestyles of people are highly affecting the health of people by increasing the prevalence of heart diseases. The busy lifestyle and unhealthy eating patterns with an unbalanced diet are inducing cardiovascular diseases. Remote work culture and the growing adoption of modernization influence people to alcohol consumption, which all these factors are leading to cardiovascular diseases. All these factors boost the adoption of cardiovascular monitoring and diagnostic devices.

The growing advancements in remote monitoring technology for cardiac signals are expanding the market growth. Adopting advanced technology by integrating machine learning and artificial intelligence in monitoring and diagnostic devices is propelling the market expansion opportunities. The increasing focus on preventive care, where the demand for diagnostic tools and devices is rising like a preventive trend, is expected to boost the market growth. Due to the sudden rise of the Pandemic, people become more conscious regarding health conditions, which raises the demand for preventive measures.

The rising innovations in the technology and adoption of these technologies in the North American region are projected to create lucrative growth opportunities over the forecast period. For Instance, In June 2023, researchers at the University of Pittsburgh stated in an article that a novel machine learning model uses the electrocardiogram (ECG) readings for rapid diagnosis and classification of heart attacks—the rising efforts in the cardiovascular monitoring and diagnostic device innovations for making user-friendly and economical.

MARKET RESTRAINTS:

The expensive procedures are the primary factor hampering the market expansion of the cardiovascular monitoring and diagnostic devices market. With the incorporation of advanced technology and modernization, the price of the equipment is leading to higher prices for the procedures. The people with low economic stability in the emerging areas of the region cannot adopt the expensive procedures. This expense burdens the people who are not under insurance and reimbursement policies, which is prominently hindering the market growth.

The major challenging factor for the market expansion in the North American region is the need for skilled medical personnel. Cardiovascular monitoring and diagnostic devices require skilled surgeons to detect and study the signals. Some devices like implantable cardiac monitor algorithms are required to study with specificity. Professionals should avoid false alarms, which help patients avoid wrong treatment procedures. The need for more skilled professionals is challenging to the market expansion over the forecast period.

Impact of COVID-19 on the north american cardiovascular monitoring & diagnostic devices market:

The Pandemic had a negative impact on the cardiac monitoring and diagnostic devices market as it slowed down the market growth during the Pandemic. Regulation of stringent rules for the lockdown resulted in the shutdown of manufacturing and delays in production with disruptions in the supply chain, which all led to a fall in sales. However, only emergency cases were taken into consideration during the Pandemic, when cardiac disease patients faced difficulties during the lockdown. According to an article published in BMJ Journals in April 2021, COVID-19 impacted the care of patients with cardiac diseases. Post-pandemic is observing decent steady growth due to resume of all the procedures.

This research report on the North American Cardiovascular Monitoring & Diagnostic Devices Market has been segmented and sub-segmented into the following categories:

By Product:

• ECG Systems
  • Resting ECG Systems
  • Stress ECG Systems
• Event Monitors
• Holter Monitors
• Implantable Loop Recorders
• ECG Management Systems

The ECG systems held the largest share in the global market revenue in 2023 due to their accuracy in detecting the electrical and muscular functions of the heart. ECG monitors the heart rate and rhythm and provides information regarding the blood flow to the heart muscle. ECG is gaining traction as it diagnoses early heart attacks, which is beneficial by early treatment. ECG is the most effective technique adopted worldwide due to its cost-effectiveness and high efficiency in cardiac disease diagnosis. ECG is highly preferred due to its safety and painless procedure, which is expected to increase the adoption rate across the region.

The Holter Monitors are expected to increase over the forecast period with a significant CAGR. Holter monitors are beneficial in the cases of arrhythmias where the prevalence of arrhythmias is increasing across the region.

By Country: 

• The United States
• Canada
• Rest of North America

North America held the largest share in the global market revenue, whereas the US dominated the North American region in 2023 with the largest market share. The rising prevalence of cardiac diseases, the growing geriatric population, the presence of key market players in the country, and advanced health care are all factors driving the market growth in the region. The technological advancements in medical devices, increasing research and development activities, and clinical trials are boosting the market expansion in the region.

Canada held the second largest market share in the regional market revenue due to the adoption of technology in the healthcare system and growing government initiatives to educate people regarding cardiovascular diseases. Increasing partnerships and acquisitions among the market players with the government and private organizations are expected to drive the market value over the forecast period.

Key participants in the North American Cardiovascular Monitoring & Diagnostic Devices Market profiled in the report are GE Healthcare and Phillips Healthcare, Siemens Healthcare, Boston Scientific Corporation, St. Jude Medical, Inc., Nihon Kohden Corporation, and Welch Allyn, Inc.