Alarming Prevalence of Cardiovascular Diseases to Boost Global Cardiac Rehabilitation Market

Cardiovascular diseases have surfaced as a major concern in the medical and healthcare industry. As elderly people are more prone to these diseases, the significant increase in the global geriatric population has augmented the risk of their prevalence, which consequently, is having a phenomenal impact on the demand for cardiac rehabilitation measures across the world.

According to Transparency Market Research (TMR), the global market for cardiac rehabilitation offered an opportunity of US$1.0 bn in 2015. Boosted by the rising incidence of cardiac arrest, heart failure, and other cardiovascular diseases, the opportunity of this market is likely to expand at a CAGR of 5.40% during the period from 2016 to 2024 and reach a value of US$1.6 bn by the end of 2024.

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Through this blog post, analysts at TMR are answering some of the most important questions about the global cardiac rehabilitation market:

What are the key driving forces behind the growth of the global cardiac rehabilitation market?

The surge in the prevalence of cardiovascular diseases across the world is the key factor behind the tremendous growth of the global market for cardiac rehabilitation. Apart from this, the technological advancements in the medical and healthcare infrastructure, rise in the purchasing power of consumers, and the awareness about the role of cardiac rehabilitation in the treatment of various cardiovascular diseases are also boosting this market considerably.

Which of the geographical segments is likely to dominate the global market for cardiac rehabilitation?

North America, which has been leading the global market for cardiac rehabilitation over the last few years due to the high disposable income of people, enabling them to spend on expensive treatment services, is likely to continue its leading streaks in the forthcoming years with a majority share.

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Other regional markets, specifically Europe and Asia Pacific are also projected to witness strong growth over the next few years, thanks to the growing awareness about cardiac rehabilitation and its advantages. The advancing technology and the state-of-art medical and healthcare infrastructure are expected to support the Europe market for cardiac rehabilitation while the Asia Pacific market is likely to gain from the improving economic conditions in developing nations. Between 2016 and 2024, the market for cardiac rehabilitation is estimated to expand at a CAGR of 6.80%, higher than all other regional markets.

What are the main strategies market players are adopting for the development of their businesses?

Mostly, the key players are relying on product innovation for business development. Price competition is another significant strategy, participants are adopting to gain an edge over their competitors. Going forward, the leading companies are expected to shift their focus towards strategic alliances, mergers, and acquisitions to enhance their visibility in the global market.

Cardiac Rehabilitation Market - Latest Trends & Insights 2024

In the highly consolidated global market for cardiac rehabilitation, innovations and product costs will be major determinants of success, marks a recent report by Transparency Market Research. The top two companies in the market, Brunswick Corporation and Technogym, had a clear hold on the market’s overall growth prospects, accounting for a combined share of over 50% in 2015. Other leading vendors such as Brunswick Corporation, Johnson health Tech Co., and Amer Sports, in combination with these two companies, accounted for a share of nearly 70% in the global market in the same year.

Characterized by high competitive rivalry, high rate of introduction of technologically advanced products, and a continuous rise in global demand, the market for cardiac rehabilitation will emerge as a lucrative investment hub for investors in the years to come.

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Rising Global Population of Geriatrics to be Major Driver

The world’s population of people aged more than 60 years is rising at a rapid pace, upping the risk of cardiovascular diseases as aging has a major impact on the body’s cardiovascular system. This factor is also the root cause of the increasing rates of morbidity, disability, mortality, and a substantial rise in the world’s healthcare costs. According to the Institute for Health Metrics and Evaluation, the world’s geriatric population suffered a 55% rise in deaths due to cardiovascular diseases between the period of 1990 and 2013.

WHO statistics, on the other hand, highlight another major concern – the high prevalence of cardiovascular diseases and resultant rise in deaths in developing and underdeveloped countries. Low- and middle-income countries in developing and underdeveloped parts of the globe account for a staggering 82% share in the total number of deaths caused due to non-communicable diseases across the world; of these, cardiovascular diseases account for a massive 37% share. Driven with the aim of improving the situation, sustained efforts for preventing and treating cardiovascular diseases undertaken on national and international levels will have a major impact the global cardiac rehabilitation market in the future.

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High Product Costs to Constrain Demand for Cardiac Rehabilitation

Being a highly capital- and research-intensive marketplace, cardiac rehabilitation products, quite naturally, carry a high price tag and always carry the risk of being outclassed by newer and most often technologically advanced products in the market. In this highly dynamic market, where the rate of introduction of technologically advanced varieties of product types is immense, the high and rising costs of cardiac rehabilitation products are a major restraints for further expansion. Cost is a major constraint especially for the market’s growth in developing regions such as Asia Pacific and Latin America.

Apart from the factor of cost, low enrolments in cardiac rehabilitation programs and lack of skilled resources providing cardiac rehabilitation services are also major restraints for the global cardiac rehabilitation market. To overcome the challenge of low enrolments, vendors will have to focus more on formulating programs that have flexible schedules and are sensitively priced according to the region of operation. Intervention from government and private educational institutes will be necessary for increasing the number of rehabilitation counsellors on a global front.

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The global market for cardiac rehabilitation had a valuation of US$1,010.93 mn in 2015. It will expand at a healthy 5.4% CAGR from 2016 through 2024 and rise to a valuation of US$1,622.9 mn by 2024.

This analysis of the global cardiac rehabilitation market has been based on a recent market research report, titled “Cardiac Rehabilitation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”

Cardiac Rehabilitation Market will rise to a valuation of US$1,622.9 mn by 2024

That aging has a significant impact on the cardiovascular system of humans is a well-known fact. As the world’s population of people aged more than 60 years rises at an alarming pace, the risk of deaths directly caused by a number of cardiovascular conditions is also rising. The WHO stated that nearly 17.5 mn deaths across the globe occurred due to a cardiovascular disease in 2015, accounting for a massive 31% of total global deaths that year.

Rising geriatric population and heightening concerns regarding the rising burden of cardiovascular diseases on struggling economies are the chief factors driving the increased demand for effective cardiac rehabilitation measures across the globe. Increased awareness regarding the fact that cardiovascular diseases can be prevented by adopting healthy lifestyles are also playing a major role in the rising global consumption of cardiac rehabilitation devices such as stationary bicycle, treadmills, elliptical trainers, heart rate monitors, and rowers. In addition to these factors, the rising intervention of government and private bodies are also playing a major role in raising the awareness regarding preventive measures, cardiac rehabilitation practices, and products.

TMR findings suggest that the global cardiac rehabilitation market expansion at a 5.4% CAGR from 2016 to 2024. The market, which had a valuation of US$1,010.93 mn in 2015, will rise to US$1,622.9 mn by 2024.

Elliptical Trainers to Gain Prominence

Several studies have highlighted the vast and more beneficiary health effects of elliptical trainers, the devices that mimic climbing stairs, in comparison to other devices commonly used for cardio fitness. A study by the National Center for Biotechnology Information (NCBI) states that elliptical trainers have more benefits than exercises such as ground and treadmill walking and cycling. As a result, variety of elliptical trainers, such as seated and upright models, will be the most preferred cardiac rehabilitation products in the years to come.

The segment also dominates presently, accounting for an approximately 27% share of the global market in 2015. The valuation of the elliptical trainers segment is expected to expand at a healthy 6.0% CAGR from 2016 to 2024 in the global cardiac rehabilitation market.

The segment of heart rate monitors is also expected to gain a major push in the global cardiac rehabilitation market in the next few years. Factors that will increase the popularity of heart rate monitors will be the rising technological advancements, increasingly reliable outputs of new-age products, and their portable nature. The segment will expand at an approximately 7% CAGR from 2016 to 2024.

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North America to Continue Dominating Global Market but Emerging Economies to Fare Better for Investment Returns

The impact of cardiovascular diseases is especially tasking for developing and underdeveloped economies such as countries in Latin America, Asia Pacific, and Africa. The population in these regions accounts for a huge share of 82% in the overall deaths caused by non-communicable diseases across the world every year. A massive 37% of this is on account of deaths caused due to cardiovascular diseases.

As cardiovascular diseases form a huge burden on the already weak economies of developing and underdeveloped countries, and efforts are being undertaken to raise awareness regarding the need for cardiac rehabilitation for patients with cardiac disorders.

The global cardiac rehabilitation market will gain a sizeable share in the overall revenues from North America, which is presently the dominant regional market, over the period of forecast as well. North America accounted for over 50% share in the global market in 2014. However, developing regions across Asia Pacific and Latin America will lead to the most lucrative returns on investment owing to rising healthcare expenditure and increased awareness among the population. The market in Asia Pacific will expand at the highest CAGR of 6.8% from 2016 to 2024.