ECG Devices Market: Contours of Evolution and Scope

The drive for ECG devices market stems increasingly from its role in reducing the mortality and morbidity of the group of diseases that come under cardiovascular diseases (CVD). Factsheets and regional studies have harped on the prevalence of CVD from time to time, motivating healthcare industries to see the modalities that can help decrease the mortality rate. Several countries around the world have turned their attention to prevent CVD by emphasizing on adequate dietary interventions and behavioural risk factors for the patient population. ECG devices have been key to assessing the risks in primary care facilities, and the ECG devices market has made strides due to new modalities and technologies.

According to a recent factsheet revealed by the WHO, 17.9 mn people died from CVDs. Around the globe, this represented a significant 31% of all deaths. As a matter of truth, CVD is considered the leading cause of death.

ecg devices market

ECG devices are used in early detection of angina, dyspnea, palpitations, and also the cause of syncope in elderly adults. Various life-threatening conditions that can lead to cardiac arrest can be detected early with the use of ECG devices. The ECG devices market has gained momentum around the world as a key modality in reducing the burden of CVD, including in low- and middle-income countries. The growing population with hypertension, diabetes, and hyperlipidaemia has expanded the prospects of the ECG devices market.

Advances in sensor technologies continue to boost the capabilities of ECG devices in reducing CVD morbidity in all healthcare settings. An emerging healthcare setting is out-of-hospital and ambulatory surgical centers. Fast emerging technologies in wearable has carved out new avenues in the expanding the outlook of the ECG devices market. Over the years, portable ECG devices have attracted the attention of the patient population worldwide.

The global market was valued at US$ 3.95 bn in 2017 and is anticipated to reach worth of US$ 6.79 bn by 2026-end, representing a CAGR of 6.2% from 2018 to 2026.

The report segments the ECG devices market on the following parameters: technology, end use, and region.

Resting ECG Devices Serve Wide Range of Clinical Needs, Hence Popularity of Segment

Key technologies in the ECG devices market comprise resting ECG systems, Holter monitoring, stress ECG systems, event monitoring, and mobile cardiac telemetry. Of these, the resting ECG devices segment led the ECG devices market in 2017. This is attributed to their use in wide spectrum of clinical needs. Constant technological advancements in relation to the workflow of resting ECG devices by globally leading healthcare companies and medical devices manufacturers have helped spur the uptake of these. These are used extensively in all major clinical settings, including hospitals, clinics, and ambulatory surgical centers. A number of resting ECG devices have come to the forefront in remarkable clinical accuracy. Their use over the past few years have risen in clinical and hospital settings. The focus on improving the clinical outcomes is boosting the sales of resting ECG devices in the healthcare industry.

On the other hand, the opportunities in mobile cardiac telemetry segment are expected to rise at a rate higher than other segments. Largely, the prospects in the segment are driven by the growing popularity of mHealth devices in developing and developed nations.

Hospitals Witness Extensive Demand for ECG Devices in Worldwide Patient Populations

The key end-use areas in the ECG devices market are hospitals, specialized clinics, and ambulatory surgical centers. Of these, hospitals held the leading share in 2017, underpinned by widespread uptake. The segment is trailed by specialized clinics.

However, the study finds the opportunities in the market spur on account of rapidly rising demand for ECG monitoring devices in ambulatory clinical settings. A great deal of the growth impetus in the segment is due to the convenience of the use of ECG devices such as patches in elderly patients. Rising demand for ECG monitoring in outpatient cardiac care also bolsters demand in this segment.

North America Accounts for Prominent Share, Asia Pacific Market Expected to Rise at Rapid Pace

The study segments the overall ECG devices market on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.  Of these, North America and Europe accounted for sizable share in the ECG devices market. Both these regional markets are characterized by the presence of robust cardiac care infrastructure. Further, continuous technological advances have been made in ECG monitoring devices, especially for point-of-care patients. Also, the high prevalence of CVD in North America has led the regional governments to show interest in the use of ECG devices to identify patients who need critical care.

On the other hand, Asia Pacific is expected to witness high growth. The demand for ECG devices in the regional market has emerged rapidly than other regions, because of the morbidity of various cardiac conditions such as ventricular or atrial arrhythmias and myocardial ischemia. Over the years, older adults have witnessed suffering with such conditions. Especially in developing nations, the healthcare industry has been making  promising strides to meet the needs of cardiac care; an example is India. The increasing incidence of CVD has also spurred revenues in the Asia Pacific ECG devices market.

Some of the top players in the ECG devices market are Philips Healthcare, Spacelabs Healthcare, Nihon Kohden Corporation, Schiller AG, Hill-Rom Holdings, Inc., and GE Healthcare.  

ECG Devices Market - Overview

This report studies the current as well as future prospects of the global ECG devices market. Stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, and provision of medical devices for the treatment of cardiovascular diseases as well as new players planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments considered in the scope of the study. This section also provides the overall information and data analysis of the global ECG devices market with respect to the leading segments based on technology, end-user, and region. 

The global ECG devices market has been segmented based on technology, end-user, and region. In terms of technology, the market has been classified into resting ECG systems, Holter monitoring, stress ECG systems, event monitoring, and mobile cardiac telemetry. In terms of end-user, the market has been divided into hospitals, specialized clinics, ambulatory surgical centers, and others, which includes home settings and academic and research institutes. 

Each of the market segments has been extensively analyzed based on the market related factors such as increase in incidence and prevalence of cardiovascular diseases. Moreover, historical year-on-year growth has been taken into consideration while estimating the market size. The market size and forecast in terms of US$ Mn for each segment has been provided for the period from 2016 to 2026. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2018 to 2026, considering 2017 as the base year. 

The market overview section of the report explores the market dynamics such as drivers, restraints, and opportunities that currently have a strong impact on the global ECG devices market and could influence it in the near future. Market attractiveness analysis has been provided in the overview section in order to explain the intensity of competition in the market across different regions. The competitive scenario among different market players is evaluated through market share analysis in the competitive landscape section of the report. All these factors would help market players to take strategic decisions in order to strengthen their positions and expand their shares in the global ECG devices market. 

In terms of region, the global ECG devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size and forecast for each of these regions have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. The report also provides market size and forecast for major countries in the respective regions. A detailed qualitative analysis of factors responsible for driving and restraining the market and future opportunities has been provided in the market overview section. This section of the report also provides with market attractiveness analysis and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global ECG devices market. 

Major players operating in the global ECG devices market are GE Healthcare, Philips Healthcare, BioTelemetry Inc., Hill-Rom Holdings, Inc., Nihon Kohden Corporation, Schiller AG, and Spacelabs Healthcare (OSI Systems, Inc.). These players exhibit significant geographical outreach, with presence in multiple ECG devices segments. Other prominent players in the global ECG devices market include Fukuda Denshi Co., Ltd, Mindray Medical International Limited, and CompuMed Inc. 

The global ECG devices market has been segmented as follows: 

 Technology

  • Resting ECG Systems
  • Holter Monitoring
  • Stress ECG Systems
  • Event Monitoring
  • Mobile Cardiac Telemetry

End-user

  • Hospitals
  • Specialized Clinics
  • Ambulatory Surgical Centers
  • Others

Region

  • North America
    • U.S
    • Canada
  • Europe
    • U.K
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

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