According to a new report published by Allied Market Research, titled,"South Korea ECG Market by Product, Lead, and End user: Opportunity Analysis and Industry Forecast, 2018 - 2025",the market was valued at $2.99 million in 2017, and is projected to reach $7.69 million by 2025, growing at a CAGR of 12.3% from 2018 to 2025.
Electrocardiograph (ECG) devices are used to record the heart activities through electric signals. These devices are amplified on the ECG monitor. These are essentially adopted across various medical set-ups to diagnose different types of heart diseases and arrhythmias in people; thereby, assisting the appropriate therapy for patients suffering from cardiovascular diseases (CVD).
The key factors that drive the market growth include increase in number of CVD patients across South Korea and rise in demand for monitoring systems and portable cardiac rhythm management. In addition, surge in the geriatric population and favorable government regulations regarding the ECG devices supplement the market growth in South Korea. However, high costs associated with sophisticated ECG devices and increase in threat of market saturation are the factors anticipated to restrict the market growth. Conversely, increase in development of wireless communication and cloud computing is expected to provide lucrative opportunities for the growth of the market.
The South Korea ECG market is segmented into product, lead, and end user. Based on product, the market is divided into resting ECG, stress ECG, and Holter monitors. The Holter monitors are further bifurcated into wired and wireless Holter monitors. Based on lead, the market is classified into single lead, 3-6 lead, and 12-lead. Based on end user, it is categorized into hospitals & clinics, home settings & ambulatory surgical centers (ASCs), and others.
The hospitals segment led the market with more than two-thirds of the market share in 2017. Electrocardiographs devices majorly find application in most of the hospitals, as they are a useful modality. Sophisticated monitoring systems equipped with high-definition display systems have revolutionized the medical sector, especially wearable ECG systems, by enhancing monitoring efficiency and portability.
Key Findings of the ECG Market:
- Based on product, the resting ECG segment accounted for approximately half of the market share in 2017.
- Based on end user, the home settings & ambulatory surgical center segment is anticipated to grow at a CAGR of 14.3% from 2018 to 2025.
- Based on lead, the 3-6 lead ECGs segment is estimated to grow at the highest CAGR of 12.9% during the forecast period.
- Based on lead, the hospitals and clinics segment contributed to two-thirds of the market share in 2017.
The report provides an extensive competitive analysis and profiles of the key market players. The list of players profiled in the report include GE Healthcare (General Electric Company), Bionet Co., Ltd., Hill Rom Holdings, Inc., Koninklijke Philips N.V., Mediana Co., Ltd., Medtronic Plc., Mindray Medical International Limited, Nihon Kohden Corporation, OSI Systems, Inc., Schiller AG, CardioComm Solutions, Inc., AlivCor, Inc., Qardio, Inc., Omron Healthcare Europe B.V., and Beijing Choice Electronic Technology Co., Ltd. (ChoiceMMed). The other players involved in the value chain analysis (but not included in the report) are Trismed Co., Ltd., Medtronic Plc., Johnson & Johnson, Midmark Corporation, and Fukuda Denshi Co., Ltd.
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