The global cardiovascular in-vivo diagnostics market was estimated to be $4.1 billion market in 2007, and increasing acceptance of CT and MR angiography is expected to modify cath-lab function, according to a report by Global Industry Analysts, a San Jose, Calif.-based market research firm.
Cardiovascular disease (CVD) continues to remain the leading cause behind global mortality, accounting for 17 million deaths annually, and an estimated 30 million people get afflicted with CVD each year.
The report, “Cardiovascular Disease Diagnostics: A Global Strategic Business Report" published by Global Industry Analysts, categorizes the market into in vitro diagnostics and in vivo diagnostics. GIA predicted that the combined global cardiovascular disease diagnostic market will reach $9.4 billion by 2010.
Emerging global markets provide substantial market growth for stress testing systems and diagnostics. The United States represents the largest market in the worldwide cardiovascular disease diagnostics market, estimated at $2.9 billion in 2007. Europe represents the second largest market, followed by Japan.
With the introduction of improved diagnostics, acute and chronic medications and surgical techniques, there has been a significant plunge in total CVD mortality over the past few decades, the report stated.
GIA also reported that imaging technologies are non-invasive and provide quicker diagnosis, which not only negates the requirement of invasive diagnostic techniques but also helps in early detection of the disease, especially in case of patients complaining of un-diagnosed acute chest pain.
The worldwide cardiac diagnostic medical device market features intense competition triggered by rapid technology advancements and development initiatives, according to the report.