The global ECG equipment market was worth more than USD 4.0 billion in 2014. It is expected to grow at a CAGR exceeding 5.9% over the next seven year. The market's key growth factors include the high incidence of heart disease, which necessitates continuous monitoring, funding for hospitals to improve patient care, as well as industry players' focus to innovating error-free devices and improving workflow capabilities.
According to the WHO, 31% of all global deaths were caused by cardiovascular diseases (CVDs) in 2012. This is around 17.5 Million people. CDC statistics also show that around 610,000 people are affected by heart disease each year. Every year, the cost of coronary heart disease is more than USD 109 billion.
U.S. ECG Equipment Market, By Product, 2012-2022 (USD Million).
ECG diagnostic services have seen significant growth due to the shift from medical professionals providing acute care to pre-hospital care. The ECG device is able to help in early diagnosis and targeted treatment. Roseville doctors and paramedics introduced a 12-lead ECG in February 2015. The device was designed to reduce the patient's wait time from admission.
Many industry players and organizations have begun funding to help improve patient care by faster diagnosis. Excellus BlueCross BlueShield announced in March 2014 that it would grant USD 120,000 for Mohawk Valley Heart Institute to accelerate the diagnosis of heart attacks. The funding includes modems for ambulances and seven 12-lead ECG programs.
With a market share of more than USD 2,400 millions in 2014, the ECG equipment market was dominated by monitoring equipment. Technology advancements that use low power circuits allowed the creation of portable, better-quality devices. This segment is in high demand due to technological advancements in monitoring devices using wireless technologies, algorithms and enhanced connectivity capabilities.
These monitoring devices allow for connectivity which allows hospitals information systems to be connected across different locations. This allows for real-time patient information, quick diagnosis and rapid communication. AliveCor was approved by the FDA in April 2014 for use over-the-counter. This ECG customized offers monitoring, data collection and sending data to a family physician or buying consultation for a minimal cost of USD 12.0.
Researchers at Scripps Translational Science Institute, (STSI), concluded in January 2014 that ZIO Patch was the next level of monitoring heart rhythm. As the data was collected over two weeks, the new iRhythm technology was superior to bulky holter monitoring. The data was then analyzed.
In 2014, North America's ECG market was responsible for 42% of the total revenue. This can be attributed to technological innovation and increased funding for researches. In August 2015 InfoBionic, a U.S.-based company, and Safeguard Scientists raised USD8 million to commercialize Mome Kardia. Mome Kardia, a cloud-based remote monitoring system for patient care that can be worn around your neck, is called "Mome Kardia".
To capture significant market share, North American industry players are also expanding their presence in developing countries. Clifton Africa Ltd. was the distribution partner for iNeedMD Holdings, Inc. in October 2015. The USD 1.5 million one-year distribution agreement covers is.
Europe is now following North America's technological revolution, such as the insertable cardiac monitors. Medtronic's FDA-approved Reveal LINQ was launched in February 2014. Reveal XT has an upgraded version that offers three-year patient monitoring and 20% more data storage than the previous version.
Asia-Pacific will experience the fastest growth, with a CAGR 7.3% between 2015 and 2022. The industry's boom is due to the aging population and rising incidences of cardiovascular disease in Asia. Miracor Medical, with support from Medical Technology Est., launched the PiCSO Impulse System for Asia in September 2015.
GE Healthcare, Philips Healthcare, Schiller AG, Nihon Kohden, CardioComm Solutions, Inc., Johnson & Johnson are key players in the ECG equipment market. CardioComm Solutions, Inc. introduced HeartCheck PEN in May 2015. This Bluetooth wireless connectivity pen can be connected to data acquisition using Android and Apple smartphones. Philips also launched Efficia, a low-cost cardiograph, in March 2015. This device helps improve patient care and reduce healthcare costs. This industry is expected to be lucrative in the future due to technological advancements and a shift towards preventive care.
Up Market Research published a new report titled “ECG Equipment Market research report which is segmented by Types (Monitoring Equipment, Event Monitoring Systems, Holter Monitoring Systems, Stress Testing Systems), By Players/Companies funding to hospitals to improve patient care, high incidence rate of heart diseases necessitating the need for continuous monitoring, industry players’ focus on innovating error-free and improved workflow capabilities devices”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | ECG Equipment Market Research Report |
By Types | Monitoring Equipment, Event Monitoring Systems, Holter Monitoring Systems, Stress Testing Systems |
By Companies | funding to hospitals to improve patient care, high incidence rate of heart diseases necessitating the need for continuous monitoring, industry players’ focus on innovating error-free and improved workflow capabilities devices |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 222 |
Number of Tables & Figures | 156 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Types (Monitoring Equipment, Event Monitoring Systems, Holter Monitoring Systems, Stress Testing Systems).
ECG Equipment Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the ECG Equipment Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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