The Global Diagnostic Electrocardiograph (ECG) market 2020 is touted to secure a value of USD 10.48 billion by 2025 and is projected to mature at a growth of 6.72% over the review period.
The growth of the global market for diagnostic electrocardiographs (ECG) will lead to the growing prevalence of cardiovascular diseases, rising geriatric population and evolving healthcare infrastructure. In addition, the rising incidence rate of lifestyle diseases, technological advancements in wireless tracking wearable devices, and industry players’ growing RD spending on developing novel ECG devices are also expected to boost industry growth during the forecast period.
The lack of trained practitioners, instability in market penetration and economic conditions and inconsistent reimbursement policies, however are expected to restrain the growth of the global diagnostic electrocardiograph (ECG) market.
The global diagnostic ECG market has been segmented based on the product type, lead type, and end user.
The global diagnostic electrocardiograph (ECG) market, depending on the product type, has been segmented into ECG resting devices, ECG stress devices, implantable loop recorders, handheld cardiac telemetry devices, event monitors, Holter monitors, and smart ECG monitors. Due to its high use in hospitals around the world, the Resting ECG devices segment held the largest market share in 2018.
The market was segmented by lead form into 12-lead ECG devices, 5-lead ECG devices, 3-lead ECG devices, 6-lead ECG devices, and one-lead ECG devices. Due to their growing usage in a variety of cardiac diagnostic tests, the 3-lead ECG devices segment is touted to rise at the fastest CAGR during the forecast period.
The end-user-based industry was segmented into hospitals clinics, outpatient surgical centres, and others. The section of the outpatient surgical center is expected to display the fastest growth during the forecast period because of its growing popularity in developing countries.
Geographically, the global diagnostic ECG market is studied under five different regions namely, North America, Asia Pacific, Latin America, Europe, and MEA.
Due to the increasing need for minimally invasive procedures, North America has represented the largest share of the diagnostic ECG market in the past few years. The significant proportion of this geographic segment can be attributed to the growing prevalence of CVD, the emergence of advanced healthcare services , high disposable income , high demand for medical devices and advances in technology.
It is anticipated that Asia Pacific will report the highest growth over the review period. Factors such as a growing geriatric population, a growing incidence of chronic diseases and rising government spending on health care are expected to drive the te market over the review period. In addition , the large population base, healthcare reforms for infrastructural development, and increasing demand for advanced technology to expand healthcare facilities in emerging economies are also projected to fuel regional market growth. In addition , rising expendable income, advancing healthcare infrastructure as a result of growing technological integration and less stringent regulations also drive demand for ECG diagnostic devices in the Asia Pacific region.
Some of the major players in the Global Diagnostic Electrocardiograph (ECG) Market are Koninklijke Philips N.V. (Netherlands), Hillrom Services, Inc. (US), Spacelabs Healthcare (US), Nihon Kohden Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Schiller (Switzerland), General Electric Company (US), ACS Diagnostics (US), Fukuda Denshi (Japan), BPL Medical Technologies (India), BTL (US), Edan Instruments, Inc. (China), Cardioline SpA (Italy), Norav Medical (US), Innomed Medical Inc. (Hungary), and VectraCor, Inc. (US). The global market for diagnostic electrocardiographs (ECG) is highly competitive and the major players have used various approaches such as new product releases, extensions, alliances , joint ventures, collaborations, acquisitions and others to expand their footprints in this market.