Latest Market Research Shows Soaring Growth of Cardiovascular Applications

Market SegmentationThe global market for cardiovascular applications, as studied by MRFR, can be segmented by components, imaging technologies, and applications.The segmentation of components includes hardware, software, and services. The hardware and software segments can be further segment into ECG systems, stress and Holter systems, pacemakers, automated external defibrillators (AEDs), and others. They are mainly used to treat heart failure and to increase the lifespan of the patient.The imaging technology segment comprises multi-slice computed tomography (CT) scanners, cardiac magnetic resonance (CMR) imagers, echocardiograms and ultrasound, X-ray systems, and positron emission tomography (PET) and single molceule emission computed tomography (SPECT).The application segment includes ischemia, electrical pharmacologic imaging, cardiac catheterization, neurological, vascular and hematological, and congestive heart failure.

Regional OutlookNorth America, Asia Pacific, Europe, and the RoW make up the four regions analyzed for the cardiovascular applications market (RoW).In 2018, the North American market for cardiovascular applications was the largest worldwide, and it is anticipated to maintain its dominance during the projected period. The presence of a well-developed healthcare infrastructure, increased spending on healthcare facilities, and government support for technological advancements have allowed the region to maintain its higher position in the market.Europe was the second largest market for cardiovascular applications in 2018, mainly driven by increasing chronic diseases, especially in the elderly population.Asia Pacific, on the other hand, is expected to be the fastest growing market for the duration of the forecast period. Factors such as the growing geriatric population, increasing levels of disposable income, and rising medical tourism has allowed the region to experience a huge surge in demand for cardiovascular applications.Significant expansion is anticipated for the market in regions such as the MENA region, Latin America, and Africa over the next several years, owing to the presence of a growing healthcare infrastructure and the increasing focus of government and private sector players on providing access to medical care in these regions.

Competitive OutlookThe cardiovascular applications market is currently dominated by a few major players in the industry, including Siemens AG, GE Healthcare, General Electric, Medtronic plc, Philips Healthcare, Respicardiosystems, Inc., Micron Analytics, Inc., Medis Medical Imaging Systems, St. Jude Medical, Agfa-Gevaert NV, and others.Most of the key players are concentrating on product innovation and technological advancements in order to sustain their leading positions in the market. Companies are also undertaking various collaborations and partnerships in order to expand their operations in the global market.On the other hand, small and medium sized companies are working towards providing cost effective solutions for their customers, thus catering to the needs of the developing regions with less access to medical facilities.

SummaryThe global cardiovascular applications market is on the rise, influenced by the growing prevalence of cardiovascular diseases, technological advancements in medical equipment, and increasing spending on healthcare facilities. The growing geriatric population, especially in the regions of Asia Pacific and Europe, is further fuelling the growth of this market.The availability of superior medical infrastructure, coupled with the rising levels of disposable income, provides numerous opportunities for the market players to expand their operations, helping to bring better medical care to the society.