Published On : November 2017
Coronary pressure monitors are devices used for examining the coronary blood pressure of the patients suffering from hypertension, diabetes, and other cardiovascular diseases. The coronary pressure monitoring devices were discovered a long time back. However, it has been gaining a huge attention due to increasing patient population suffering from cardiovascular diseases, from the last few years. Sphygmomanometers are the most widely used devices, however, nowadays these devices are replaced by wireless devices. They are the most common devices used for the examination and monitoring of cardiovascular diseases.
Thus, the market has been witnessing a high growth due to the growing demand for the devices and likely to reach USD 2017.4 million by 2023 from USD 1192.5 million in 2016.
Is coronary pressure monitors a remedy to cardiovascular diagnostics?
Nowadays, people are suffering from various lifestyle associated diseases such as obesity, which one of the leading cause of cardiovascular diseases. Thus, the prevalence of cardiovascular diseases is increasing, which, in turn, is likely to increase the demand for cardiovascular diagnostics. This made coronary market to evolve. A number of products are now available in the market including cuffs based coronary monitors, which revolutionised the real time diagnostics for cardiovascular diseases. According to the World Health Organisation in 2015, over 17.7 million patients died from cardiovascular diseases accounting for 31% of the total deaths and it is estimated that about 39% of the adults aged above 18 were overweight in 2016. According to the Centres for Disease Control and Prevention in 2015, over 630,000 Americans died from heart diseases, which represented 1 in every 4 deaths. Along with such trends, in 2017 Centres for Disease Control and Prevention reported that 2.7 to 6.1 million people in the United States have (atrial fibrillation) AFib, leading to more than 750,000 hospitalizations each year in the U.S. The annual medical cost beard by the AFib patients in the U.S. is estimated to be about USD 8,705 per head. Therefore, increasing healthcare expenditures is likely to boost the market growth over the period. Additionally, rising geriatric population and increasing use of non-invasive medical devices is driving the market to the next level. However, the market may lag in the growth due to false positive results presented by the devices.
Presence of Coronary Pressure Monitors
The coronary pressure monitors have a huge demand from across the globe. America leads the global market with 36.56% market share followed by Europe and is likely to continue till 2024. With The technological advancements within the region and growing number of patients suffering from the cardiovascular diseases are leading drivers of the coronary pressure monitors market.
With the huge presence of obese population Europe stands for the second largest market across the globe. According to the World Health Organization (2014), 30%-70% population were overweight of which 10-30% were obese. The prevalence of cardiovascular diseases is growing constantly, which, in turn, leads the European market over the Asia Pacific and the Middle East & Africa.
Rapidly developing economies like India and China are expending high amount on the development of the healthcare. According to the Indian Brand Equity Foundation, Indian per capita healthcare expenditure is estimated to grow at a CAGR of 5% during 2008-15 and reach USD 68.6 by 2015. Moreover, policy support in the form of reduced excise and custom duty is likely to boost the market. Thus the growth of the Asia Pacific market may reach a next level at a rapid pace. The market is likely to grow rapidly owing to low labour cost and major initiatives taken by the governments. This attracts the foreign investors enhancing the market.
With the low technological advancements, the Middle East & African region is witnessing the lowest growth and holds the least market share. However, the middle market is projected to experience a rapid growth due the presence of developed economies like Kuwait, Dubai, Saudi Arabia.
Companies and the fate of the market
Many companies are majorly focusing on the innovation of the coronary pressure monitoring devices by increasing investments on R&D that has expected to get intensify in the future due to increasing competition. The competition among existing market players for improving the quality and specifications of the product performance has been playing a crucial role in growth of this market. The major participants of this market are Koninklijke Philips N.V. (Europe), General Electric Company (United States), Medtronic (Europe), Omron Corporation (Asia Pacific), A&D Medical Inc. (Asia Pacific), Drägerwerk AG & Co. KGaA (Europe), Rossmax International Ltd. (Asia Pacific), American Diagnostics Corp. (U.S.), and others.
Coronary pressure monitors market is observed to be the rapidly growing market. With the innovative development in the research objectives, new opportunities are coming up with the introduction of new types of wireless and wearable coronary pressure monitoring products. Based on the current scenario, increasing demand for the real time diagnostics and rising prevalence of cardiovascular diseases are projected to act as an opportunity for the market.