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LI_173372
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Pages: 210
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Aug 2017 | 4005 Views
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Author's :
Tanvi Sapatnekar & Garima Chandra
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Tables: 63
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Charts: 67
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Global ECG Market was valued at $4,516 million in 2016, and is expected to reach $6,637 million by 2023, registering a CAGR of 5.6% from 2017 to 2023. Electrocardiograph (ECG) is a non-invasive medical test that records the electrical activity of the heartbeat over a period of time. ECG monitoring devices such as, resting ECG, stress ECG, and holter monitors help identify and provide information about abnormal functioning of the heart. Cardiovascular disease is one of the most common health problems faced by people across the globe, with high mortality rate accounting for approximately 370,000 people deaths annually in the U.S. alone. This propels the demand for ECG market as the increase in number of ECG tests are conducted by people, susceptible to heart diseases. The other key factors that boost the growth of electrocardiograph (ECG) market include technological advancements in ECG devices such as portable and handheld, rise in incidence of cardiovascular diseases globally, increase in geriatric population, and favorable government regulations regarding monitoring devices. However, certain aspects such as, unfavorable reimbursement policies along with increase in market saturation hamper the market growth.
Global ECG Market Segmentation
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Segment Review
The ECG market is segmented based on product, lead type, end user, and region. Based on product, the market is classified into resting ECG, stress ECG, and holter monitors. Holter monitors are further bifurcated into wired holter monitors and wireless holter monitors. Based on lead type, the market is classified into single lead, 3-6 lead, and 12-lead. Based on end user, it is classified into hospitals & clinics, home settings & ambulatory surgical centers (ASCs), and others. The resting ECG devices generated highest revenue in 2016, and is anticipated to maintain the dominance throughout the forecast period. Whereas, holter monitors have registered the highest CAGR of 12.0% from 2017 to 2023 in terms of volume
Drivers, Restraints, and Opportunities
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Drivers, Restraints, and Opportunities
The impact of the driving factors is expected to overshadow that of the restraints. Moreover, increase in focus toward mergers, acquisitions, and product launches offer lucrative opportunities for the expansion of the global ECG market.
Japan ECG Market, 2016-2023 ($million)
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Japan accounted for the highest share in the Asia-Pacific ECG market in 2016, and is anticipated to do so throughout the forecast period. This is attributed to the increase in developments in the healthcare system in this country along with the strong product portfolio of local market players in this country such as Nihon Kohden and Fukuda.
The report provides a comprehensive analysis of the key players operating in the global ECG market such as GE Healthcare (General Electric Company), Royal Philips Healthcare (Koninklijke Philips N.V.), Nihon Kohden Corporation, Schiller AG, Opto Circuits Limited, OSI Systems Fukuda Denshi Co Ltd., Johnson and Johnson, Mindray Medical International Limited, Mortara Instrument, Inc., and Medtronic.
The other key players in the value chain include, Spacelabs Healthcare Inc., Welch Allyn, Compumed Inc., Cardionet Inc., Bionet, Cardiac Science, Midmark Corporation, AMEDTEC Medizintechnik Aue GmbH, and BPL Medical Technologies.
Key Benefits:
Electrocardiograph devices are essentially adopted across various medical settings such as hospitals, clinics, ambulatory surgical centers, and others. Several ECG devices such as resting ECG, stress ECG, and holter monitors are used for monitoring abnormal heartbeat. In addition, the ECG devices have gained immense traction in the recent years as continuous monitoring of the ECG signals over hours combined with activity status is very important for preventing cardiovascular diseases. Moreover, holter monitor ECGs are growing at a fast pace as these ECG devices assists in identifying arrhythmias that take place during certain activities such as exercise, stress, bowel movements, sleep, eating, and stress. ECG devices comprise of several lead types including single lead, 3-6 lead, and 12-lead all of which provides a view of the heart’s electrical activity. The 12-lead ECG, records information from 12 different views of the heart and provides a complete picture of electrical activity. Different lead types provide different information regarding hearts activity, and 3-6 lead ECGs have generated the highest revenue in the year 2016, and is anticipated to do so throughout the forecast period. This is attributed to the fact that it is a multi-processor and can provide more accurate results regarding heart activity.
Hospitals and clinics segment shows heavy utilization of ECG devices generating the highest revenue in 2016, and is anticipated to do so throughout the forecast period. This is attributed to the increase in transition of hospitals toward computerization for maintaining ECG records along with increased expenditure on the data management systems to streamline hospitals' workflow effectively. However, the ambulatory surgical centers and home care segment is anticipated to grow at a fast pace owing to the increasing adoption of ECG products such as BP monitor for the patients suffering from cardiovascular diseases (CVD), coronary heart diseases (CHD), stroke, or other heart diseases.
Increase in incidence of cardiovascular diseases along with rise in focus towards preventive healthcare are the major contributors to the growth of the ECG market. Technological advancements in the ECG devices including digital and wearable ECG devices offer profitable opportunities for the expansion of this market.
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