By Jacob Wolinsky. Originally published at ValueWalk.
Over 17 million people die from cardiovascular disease (CVD) every year. This translates to almost a third of all deaths worldwide, and the number of casualties is still rising. In addition, CVD represents a great strain on healthcare systems worldwide. Total costs to the economy reach over £10 billion and $500 billion per year in the UK and USA, respectively. The prevalence and cost of CVD mean that there is an urgent need for solutions to improve the diagnosis, monitoring and treatment of this devastating illness.
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The Impact Of Cardiovascular Diseases
Given the considerable impact that CVD has on many people’s lives, it is no surprise that the demand for solutions is exploding. IDTechEx Research found that the market for cardiovascular disease technology will exceed $40 billion by the year 2030. It is a ruthless and unforgiving market, where unsuitable and under-performing products can be discontinued at any moment to make way for promising new ones. This sector is dynamic and ever-changing, with new players bursting onto the scene and large M&A deals being conducted every year.
The need to improve standards of care for CVD patients is fuelling the race to develop devices that will accelerate time to recovery and reduce costs of treatment. This is best exemplified by recent innovations in patient monitoring technologies. As patients are increasingly involved in their own healthcare, developers’ and manufacturers’ priorities are shifting. Patient comfort and compliance are becoming of paramount importance, and this is reflected in the type of devices being released. Monitoring devices are becoming smaller and their battery lifespan is increasing, meaning that they can be used anywhere at any time. Moreover, they tend to be connected to a smartphone app or digital platform – providing the patient with a greater level of freedom and control over their data than ever before.
CVD Patients Expect Faster Test Results
As advancements are made in the field of diagnostics, patients expect their test results to be generated quicker. Gone are the days of sending samples to centralised labs and waiting weeks for the results. Recent technologies focus on providing patients with an answer at the point of care within minutes.
IDTechEx’s report “Cardiovascular Disease 2020-2030” presents the different medical device technologies available for the detection, monitoring and treatment of CVD. It highlights recent advancements in each of these sectors as well as the regulatory and manufacturing challenges associated with them. It also offers insights on various elements such as historical revenue data, market drivers & constraints, ongoing clinical trials and investments/funding – as well as how these factors impact the emergence of innovative technologies – to provide an in-depth assessment of recent and upcoming developments.
To find out more about life sciences research available from IDTechEx visit www.IDTechEx.com/LifeSci or to connect with others on this topic, IDTechEx is hosting: Healthcare Sensor Innovations 2020, November 18-19 2020, Santa Clara, USA alongside The IDTechEx Show! Register at www.IDTechEx.com/USA.
IDTechEx guides your strategic business decisions through its Research, Consultancy and Event products, helping you profit from emerging technologies. For more information on IDTechEx Research and Consultancy, contact research@IDTechEx.com or visit www.IDTechEx.com..
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