Cardiac Rehabilitation Market Projected to Grow at a CAGR of 6.4% During the Forecast Period 2020-2025

Date

7/21/2020 6:32:03 PM

(MENAFN- iCrowdNewsWire) Jul 21, 2020

Cardiac Rehabilitation Market size was valued at $1.31 Billion in 2019, and is projected to grow at a CAGR of 6.4% during the forecast period 2020-2025. The growth rate can be attributed to the inclination of the mass towards a lifestyle that helps curb various cardiovascular diseases. Technological advancements such as tele-cardiac rehabilitation can also be considered to contribute to the growth of the market. Apart from this, there has also been an increase in number of health-conscious people which is said to further add to the growth of the Cardiac Rehabilitation market.

By Device Type - Segment Analysis
On the classification made on device type, Treadmills dominated the cardiac rehabilitation market in the year 2019. The reason behind its dominance is the percentage of sales held by treadmills at various cardiac rehabilitation centers globally. This is owing to a large share of population are adopting better lifestyle, with an intention of getting rid of various cardiovascular diseases and obesity and are increasingly fitness conscious. Apart from this, the blood pressure and the heart rate monitor devices are also to witness growth in the segmental share during the forecast period 2020- 2025 owing to the digitalization of the devices along with the changes done in the infrastructure of the healthcare centers for installation of these devices.

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By Disease Type – Segmental Analysis
Coronary Artery Bypass Grafting dominated the market and is projected to grow with a CAGR of 6.3% during the forecast period. The reason behind the fast growth of this segment is because of the increase in the geriatric population with unhealthy dietary habits, irregularity in exercising and smoking habits. This leads to various coronary artery diseases and after treatment followed by cardiac rehabilitation. Cardiac rehabilitation is a medical program designed especially for people who have had a heart attacks, heart failures, heart valve surgeries, etc., which involves adoption of heart healthy lifestyle. All these above-mentioned factors are anticipated to contribute to the market growth during the forecast period.

By Geography - Segment Analysis
North America dominated the Cardiac Rehabilitation Market with a regional share of 42% in 2019. The sector for Cardiac Rehabilitation has grown rapidly over the last few years. The U.S. remains the largest market contributor of Cardiac Rehabilitation in the region of North America, because of the high ratio of cardiovascular patients owing to their lifestyle and significant population. Thus, North America is said to be the dominant market of Cardiac Rehabilitation in the prediction period.

However, APAC region is estimated to witness the fastest CAGR during the forecast period 2020-2025 owing to rise in geriatric population, improvement in health care infrastructure. There has also been increase in the number of health and fitness conscious people. Along with this, country-level initiatives are taken by respective governing bodies which is also likely to propel the Cardiac Rehabilitation Market in these countries.

Drivers – Cardiac Rehabilitation Market

Rise in Geriatric population and increase prevalence of various cardiovascular diseases
Rise in the geriatric population and associated rise in cardiovascular diseases are said to be driving the cardiac rehabilitation market. Also, in various countries, owing to the advancements made in infrastructure across various healthcare sectors Cardiac Rehabilitation Market growth is further driven. Along with this, there is a rising prevalence of various cardiovascular diseases has led to increase in initiatives by various government bodies that are aimed to curb the problems like unavailability of equipment's and devices at affordable prices.

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Challenges – Cardiac Rehabilitation Market

Increase in the cost of purchasing of Cardiac Rehabilitation Devices
The major challenge for the market is the inconvenience in the compliance of Cardiac Rehabilitation devices and equipment's to the various hospitals and clinics. Though there has been a significant growth in the market of Cardiac Rehabilitation, but the market is expected to be challenged by these factors as well as high cost of installation of the equipment's and devices in cardiac rehabilitation.

Cardiac Rehabilitation Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Cardiac Rehabilitation Market. In 2019, Cardiac Rehabilitation Market share is fragmented by the top ten players present in the market. Cardiac Rehabilitation Market top 10 companies are Brunswick Corporation, Honeywell International. Inc., Smiths Group, OMRON Corporation, Halma plc, Core Health & Fitness, Life Watch, Philips, Amer Sports and Patterson Companies.

Acquisitions/Product Launches
In September 27, 2019 Royal Philips announced the shipment of its two-million AED (Automated External Defibrillator) which marks as a milestone for the efforts to meet the demands to combat SCA(Sudden Cardiac Arrest).

In April 08, 2019, Royal Philips debuted an ultrasonic system, to provide exceptional image clarity and sharpness, improved exam efficiencies, more robust and reproducible quantification, enabled by anatomical intelligence along with extraordinary processing power.

Key Takeaways
North America dominated the Cardiac Rehabilitation Market with a share of 42% in 2019.

With the rise in the geriatric population and rise in prevalence of cardiovascular diseases in various countries along with the advancements made in infrastructure in various healthcare sectors are among the key drivers of the Cardiac Rehabilitation Market.

Cardiac rehabilitation is a medical program designed especially for people who have had a heart attacks, heart failures, heart valve surgeries, etc., which involves adoption of heart healthy lifestyle.

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