Cardiopulmonary Exercise Testing Market Insights, Industry Trends and Technology Demand Analysis till 2023
Market Research Future (MRFR) in its recently published study report asserts that the global cardiopulmonary exercise testing market will reach USD 3,153.20 MN by 2023, registering approximately 5.80% CAGR during the forecast period (2018-2023). In 2017, the market value was registered as USD 2,248.21 MN.
Market Overview:
Cardiopulmonary exercise testing (CPET) is a proven effective way of analyzing heart condition and cardiopulmonary conditions. These tests comprise electrocardiography analysis, blood pressure, etc. and are extremely common in advanced countries owing to the well-spread awareness and the rising health consciousness among people.
Owing to the growing rate of cardiovascular disorders, worldwide, the cardiopulmonary exercise testing market is accruing pervasively. Although a number of procedures and innovative therapies are there in the market, the prevalence of these diseases is becoming a major concern, rising continuously. Such factors commutatively contribute to the growth of the cardiopulmonary exercise testing market, globally.
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The global cardiopulmonary exercise testing market is also propelled by the pervasively rising number of patients suffering from arterial diseases and the increasing advancements in technologies used in the field of heart care. Moreover, the increasing number of patients suffering from obesity and diabetes along with the changing lifestyle has been supporting the expansion of the cardiopulmonary exercise testing market.
Major Market Key Players Competitive Analysis:
noted market players that have been included in the report. Key growth strategies used by these players to influence market growth include research & development, expansion of product portfolio and strategic acquisitions. Some of the leaders of the market include –
Cardinal Health
GE Healthcare
Halma plc.
COSMED SRL
Koninklijke Philips N.V.
Masimo Corporation
MGC Diagnostics Corporation
Hill-Rom Holdings Inc.
Nihon Kohden Corporation
Schiller AG
Vyaire Medical Inc.
On the flip side, factors such as the high cost of maintenance, and requirement of biomedical training among others are acting as a headwind that is impeding the market growth. Also, the lack of expertise among healthcare professionals is expected to hamper the market growth. Nevertheless, the augmented demand for these tests and proper healthcare in developing regions is expected to support the market growth in the years to come
Market Segmentation:
MRFGR has segmented the analysis into three key dynamics for an easy grasp.
By Product : Cardiopulmonary Exercise Testing (CPET) Systems, Single-Photon Emission Computed Tomography (SPECT), Echocardiogram, Pulse Oximeters, and Stress Blood Pressure Monitors, among others.
By End-user : Diagnostic Centers, Hospital/Clinical Laboratories, and Ambulatory Centers among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
5 Market Growth Factor Analysis
5.1 Porter’s Five Forces Model
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Price Analysis
5.3 Investment Opportunity Analysis
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5.4 Value Chain Analysis
5.4.1 Supporting Activity
5.4.2 Inbound Logistics
5.4.3 Operations
5.4.4 Marketing And Sales
5.4.5 Outbound Logistics
5.4.6 Customer Services
Cardiopulmonary Exercise Testing Market – Geographical Analysis
The Americas lead the global market in terms of growth due to its significant market size. The region is expected to retain its majority market share over the review period due to the presence of a rising patient population, a considerable portion of which is aged. Moreover, rising awareness regarding health care has increased the demand for early diagnostic practices, with patients becoming increasingly involved in their treatment and diagnosis process. The high rate of incidence of heart diseases, combined with the presence of prominent manufacturers as well as a high disposable income is expected to drive the market. The region has a well-established healthcare system which supports adoption of advanced medical devices for cardiopulmonary exercise testing. The European market accounts for the second most significant market in the global cardiopulmonary exercise testing market. The region’s rapidly expanding pharmaceutical sector, along with rising government initiatives to promote research and development of cardiac treatment & diagnosis. The region has similar growth drivers as those of the North American market.
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Meanwhile, the Asia Pacific regions follow North America and Europe in terms of size and is expected to witness significant growth in the coming years. The region has a massive patient population which drives the demand for cardiopulmonary exercise testing. Healthcare investments are rising in the region due to the improvement of economic growth. Manufacturing giants from developed regions are increasingly investing in the APAC market due to the presence of low operational costs and lucrative opportunities for growth. China and India are leading country-level markets present in the APAC market.
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