Cardiopulmonary Stress Testing Devices Market
Number of pages: 100 | Report Format: PDF | Published date: February 13, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size value in 2021 |
US$ 5.52 billion |
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Revenue Forecast in 2030 |
US$ 8.49 billion |
|
CAGR |
4.9% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global cardiopulmonary stress testing devices market was valued at US$ 5.52 billion in 2021 and is expected to register a revenue CAGR of 4.9% to reach US$ 8.49 billion by 2030.
Cardiopulmonary Stress Testing Devices Market Fundamentals
Cardiopulmonary stress testing devices are equipment used to evaluate the function of the heart and lungs during physical activity. These tests are used to diagnose and evaluate cardiovascular and pulmonary conditions of the heart, lung, and exercise-induced asthma. The test typically includes monitoring a person’s heart rate, blood pressure, and breathing during exercise, typically on a treadmill or a stationary bike. The results of the test can indicate how well the heart and lungs respond to increased physical activity and can be used to determine a person’s fitness level and identify any potential problems that need further evaluation or treatment.
The global cardiopulmonary stress testing devices market is expected to grow at a significant revenue CAGR during the forecast period due to factors such as the aging population, increasing prevalence of chronic diseases, including diabetes, and a growing focus on preventative healthcare. According to the American Heart Association, ischemic heart disease (IHD) affected around 244.1 million people worldwide in 2020. Males were more likely than females to have Ischemic heart disease, 141.0 and 103.1 million, respectively.
Cardiopulmonary stress testing devices are preferred over invasive alternatives, such as catheterization, due to their ease of operation and low risk of complications. The increase in healthcare expenditure and growing importance of preventative healthcare are also expected to drive the global cardiopulmonary stress testing devices market revenue growth. In addition, the growing number of clinical trials and research studies being conducted in the field of cardiopulmonary stress testing is also projected to contribute to the revenue growth of the cardiopulmonary stress testing devices market. The demand for these devices is highest in developed countries, due to increase in the prevalence of cardiovascular diseases and the availability of advanced diagnostic and treatment options. A high growth rate is expected in the emerging markets, due to the large population base, improving income levels, and increasing awareness about the benefits of early diagnosis and treatment of heart diseases.
The key challenges in the cardiopulmonary stress testing devices market include the high cost of devices, the need for skilled professionals, and insufficient reimbursement policies.
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Cardiopulmonary Stress Testing Devices Market Dynamics
According to the American Heart Association, around 19.1 million deaths were caused due to cardiovascular diseases in 2020 globally, making it the leading cause of death worldwide. The growing geriatric population is resulting in increasing number of cardiac patients, and thereby rising demand for early diagnosis of cardiovascular disease, which is boosting the demand for cardiopulmonary stress testing devices.
The availability of advanced diagnostic and treatment with newer and more advanced devices with improved accuracy and ease of use are being developed, which is propelling the revenue growth of the cardiopulmonary stress testing devices market. Government agencies around the world are launching programs to increase public access to healthcare and raise public awareness of health issues, which is helping in the rapid revenue growth in the global cardiopulmonary stress testing devices market.
The soaring demand for point-of-care testing and non-invasive stress testing devices is expanding the revenue growth of the cardiopulmonary stress testing devices market. Additionally, the growing sedentary lifestyle, increasing consumption of alcohol and tobacco, and rising diabetes patient pool are fueling the revenue growth of the global cardiopulmonary stress testing devices market.
However, the high cost of cardiopulmonary stress testing devices is the major factor restricting revenue growth in the cardiopulmonary stress testing devices market. The lack of skilled healthcare professionals and limited reimbursement policies are also hindering the revenue growth of the market.
Cardiopulmonary Stress Testing Devices Market Ecosystem
The global cardiopulmonary stress testing devices market has been analyzed from three perspectives: product type, end user, and region.
Cardiopulmonary Stress Testing Devices Market by Product Type
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Based on product type, the global cardiopulmonary stress testing devices market is segmented into cardiopulmonary exercise testing (CPET) systems, stress ECG, stress blood pressure monitors, pulse oximeters, and single-photon emission computed tomography (SPECT).
The cardiopulmonary exercise testing (CPET) systems segment dominated the cardiopulmonary stress testing devices market in 2021. CPET systems are non-invasive, which eliminates the risks associated with invasive testing methods. CPET systems provide a comprehensive evaluation of a patient’s cardiovascular and pulmonary function by measuring multiple parameters, such as heart rate, blood pressure, and oxygen uptake, thus increasing the demand for CPET systems for the diagnosis of cardiovascular diseases. CPET systems allow for high-intensity testing, which simulates real-life activity and provides a more accurate assessment of a patient’s cardiovascular and pulmonary function. Moreover, CPET systems can be used to stratify risk in patients with heart failure and chronic obstructive pulmonary disease.
Cardiopulmonary Stress Testing Devices Market by End User
Based on end user, the global cardiopulmonary stress testing devices market is segmented into hospitals, specialty clinics, diagnostic centers, and others.
The hospitals segment accounted for the largest market revenue share in 2021. Hospitals are the primary healthcare providers for the diagnosis and management of cardiovascular and pulmonary diseases. As a result, there is a high demand for cardiopulmonary stress testing devices in hospitals, which is boosting segmental growth. Hospitals have a large number of skilled healthcare professionals, such as cardiologists, pulmonologists, and other specialists, who are trained to use cardiopulmonary stress testing devices and interpret the results. This allows hospitals to provide accurate and reliable diagnostic and therapeutic services to patients. Moreover, hospitals have advanced medical facilities that are equipped with the latest diagnostic and therapeutic technologies, including cardiopulmonary stress testing devices, thus propelling the segment revenue growth.
Cardiopulmonary Stress Testing Devices Market by Region
Based on region, the global cardiopulmonary stress testing devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global cardiopulmonary stress testing devices market in 2021, followed by Europe and Asia Pacific. The large revenue share of North America is attributed to the rising prevalence of cardiovascular disease in the region. According to the Centers for Disease Control and Prevention (CDC), in 2020, around 697,000 people died due to cardiovascular diseases in the U.S. The growing geriatric population in the region is leading to increasing incidence of cardiovascular disease, boosting the demand for cardiopulmonary stress testing devices. The government bodies in the region are providing funds for the R&D of devices for cardiovascular disease diagnoses. This aside, the rising demand for early diagnosis of heart-related diseases is boosting regional growth. Additionally, the presence of major companies in the region is also anticipated to fuel regional market expansion.
Cardiopulmonary Stress Testing Devices Market Competitive Landscape
The prominent players operating in the cardiopulmonary stress testing devices market are:
Cardiopulmonary Stress Testing Devices Market Strategic Developments
GE Healthcare, Koninklijke Philips N V, Nihon Kohden Corporation, Thermo Fisher Scientific, Inc., and CareFusion Corporation (Becton, Dickinson, and Company) are key players in the market.
The increasing incidence of cardiovascular diseases, rising awareness about early diagnosis and treatment of heart diseases, and the growing demand for technologically advanced cardiopulmonary stress testing devices are driving the global market.
The cardiopulmonary exercise testing (CPET) systems segment accounts for the largest market share of the cardiopulmonary stress testing devices market.
The high cost of the equipment, the requirement for qualified operators, and the inadequate reimbursement policies are some of the obstacles to the market for cardiopulmonary stress testing devices.
The global cardiopulmonary stress testing devices market is estimated to be valued at US$ 8.49 billion in 2030.
*Insights on financial performance are subject to the availability of information in the public domain