Global Mobile ECG Devices Market: Overview
Electrocardiogram (ECG) is the first test to be performed in case of cardiovascular problems or symptoms of problems of heart. It is a device used to measure heart activity. Conventional ECG devices are tedious and time consuming. Hence, portable mobile ECG devices are gaining popularity due to ease of use, convenience, and non-invasive method. Mobile ECG device is a wireless system with data transmission capabilities through Bluetooth and other advanced technologies. It can be connected to mobiles, tablets, and mobile applications which can send data to storage devices used for analysis by physicians and medical personnel. The device is easy to carry, lightweight, safe, and reliable source for diagnosis as well as monitoring of heart activities.
Global Mobile ECG Devices Market: Key Trends
Rise in the geriatric population and increase in incidence of cardiovascular diseases due to changing lifestyles are the major factors fueling the growth of the global mobile ECG devices market. According to the WHO, cardiovascular diseases account for 17.9 million, or 31%, of global deaths each year. According to the Centers for Disease Control and Prevention (CDC), high blood pressure, high cholesterol, and smoking are the key risk factors for heart diseases, and around 47% people in the U.S. have at least one of these three risk factors. Increase in awareness about heart diseases, surge in health care expenditure, and inclination of people toward more sophisticated & advanced ECG devices due to less hospital stay and portability are also propelling the global mobile ECG devices market. However, unfavorable reimbursement policies and technical issues related with device & technology are the factors hampering the growth of the global mobile ECG devices market.
Global Mobile ECG Devices Market: Segmentation
The global mobile ECG devices market can be segmented based on modality, product type, end-user, and region. In terms of modality, the global market can be classified into pen, band, and handheld. The handheld segment held the major market share in 2018 due to wide applications in cardiac disease diagnosis and ease of carrying. Based on product type, the global mobile ECG devices market can be bifurcated into monitoring ECG systems and diagnostic ECG systems. The monitoring ECG systems segment dominated the global market in 2018 and is projected to sustain its leadership position during the forecast period owing to rise in incidence rate of cardiovascular diseases and increase in the geriatric population. In terms of end-user, the global market can be categorized into hospitals, ambulatory services, clinics, and personal users. Personal users segment is dominant and is expected to grow with a significant CAGR during the forecast period. Rising incidence rate of cardiovascular diseases, rising concerns regarding cardiac health and continuous monitoring of cardiac diseases are some of the major factors attributed to growth of personal users segment.
Global Mobile ECG Devices Market: Regional Analysis
In terms of region, the global mobile ECG devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global mobile ECG devices market in 2018. Increase in incidence rate of cardiac diseases, high health care expenditure, technologically advanced products, and well-established health care infrastructure in the region are the major factors driving the market in the region. The market in Asia Pacific is projected to expand at a high CAGR during the forecast period due to high prevalence of heart diseases, rise in awareness about cardiac diseases, increase in the geriatric population, and surge in per capita health care expenditure in emerging economies.
Global Mobile ECG Devices Market: Competitive Landscape
The global mobile ECG devices market is highly competitive due to presence of major companies. Key players operating in the global market include MD Biomedical, Inc., General Electric Company, Thor Laboratories, CardioComm Solutions, Inc., GETEMED Medizin- und Informationstechnik AG, Koninklijke Philips N.V., BPL Medical Technologies, AliveCor, Inc., Nihon Kohden Corporation, and EB Neuro S.p.A.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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