Regarding the vendor landscape, the global cardiopulmonary stress testing systems marketboasts the presence of large companies such as Koninklijke Philips N.V., Hill-rom Holdings Inc., General Electric Company, MGC Diagnostics Corporation, OSI Systems Inc., Masimo, NIHON KOHDEN CORPORATION, COSMED, Halma plc, Schiller AG, and Vyaire Medical Inc. among others. This renders a high degree of competition amongst these companies. In this scenario, players have been heavily relying on developing technologically advanced devices to stay strong in this market. The emergence of emerging market players at an exponential rate to develop ancillary devices needed for cardiopulmonary stress testing is a notable trend observed in this market.
Further, key players in the cardiopulmonary stress testing systems market are considering collaborations and licensing agreements to penetrate relatively untapped markets that have low entry barriers along with high growth potential. As a result, these players are expected to get more and more involved into mergers and acquisitions and strategic partnerships with regional players over the forthcoming years.
Considering the development of diverse technological products for cardiopulmonary stress testing and various other factors, a report by Transparency Market Research (TMR) states the global cardiopulmonary stress testing systems market stood at US$2.08 bn in 2016. Expanding at a CAGR of 4.6% for the forecast period between 2017 and 2025, the market is expected to be valued at US$3.08 bn by the end of 2025.
Among the various product types, the segment of cardiopulmonary exercise testing system is anticipated to lead the global cardiopulmonary stress testing systems market over the forecast period. By end-user, hospitals segment is likely to dominate the market in terms of value over the forecast period of 2017-2025. Geography-wise, North America is anticipated to continue its dominance in the global cardiopulmonary stress testing systems market vis-à-vis revenue over the forecast period.
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Increasing Adoption of Stress Testing Procedures to Assess Heart Functioning a Boon for Market
The global cardiopulmonary stress testing systems market is driven by several crucial factors. Diagnosis of proper functioning of the heart remains the first line of treatment that helps physicians to assess the health status of patients who are at risk of cardiovascular diseases. A stress test helps physicians to evaluate the heart functioning based on several parameters such as blood pressure, heart rhythm, breathing, etc. and is performed typically on treadmill or cycle. For instance, stress echocardiography involves capturing ultrasound images of heart when the heart reaches peak level, which gives insights about the supply of blood and oxygen from the heart while performing an exercise. Alternately, an imaging test is conducted if the patient is unable to walk on the treadmill or cycle or if the exercise stress test does not give satisfactory results to diagnose the cause of heart problem.
Continual Development of Technologically Advanced Products with Add-on Features Boosts Growth
Apart from this, the consistent development of technologically advanced cardiopulmonary stress testing systems is also a significant factor acting in favor of the growth of cardiopulmonary stress testing systems market. This is mainly because stress testing procedures are increasingly being adopted for early diagnosis of heart diseases so as to minimize the risk of emergency situations that may prove to be fatal.