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.
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.