Diagnostic Ecg Market size was valued at USD 7.5 billion in 2021 and is projected to reach around USD 12.0 billion in 2030 exhibiting a CAGR of 5.0% in the forecasted period.
Growth in the market is predicted to be fueled by rising rates of cardiovascular diseases and lifestyle-related illnesses such ischemic heart disease (IHD), stroke, hypertensive heart disease, and peripheral artery diseases. The global market is expected to be driven by an expanding geriatric population, improved healthcare infrastructure, and favourable reimbursement policies. Furthermore, because the markets of established countries are nearly saturated, developing nations see higher growth potential than developed countries. Due to favourable government regulations, rising healthcare costs, and a sizably untapped potential market, developing countries are predicted to have profitable growth opportunities.
The rising demand for diagnostic electrocardiograph (ECG) among end-users, including hospitals and clinics. The important factor driving the diagnostic ECG market is the incidence of cardiac illnesses. The WHO reported that cardiac disease is among the major causes of mortality across the globe. About 18 million people die of cardiovascular illnesses yearly, accounting for 31% of global fatalities. The high frequency of cardiovascular diseases drives the demand for diagnostic ECGs and upsurges industry growth.
Key Companies Insights
Key players are aiming on their technological partnerships, collaborations, and merger & acquisitions policies to gain a competitive edge and expand their product portfolio & business footmark. The ongoing COVID-19 pandemic hindered the healthcare systems worldwide and driven market players to update products for unexploited scenarios.
The current COVID-19 pandemic has extensively affected the normal functioning of hospitals and the manufacturing industry and, hence, the global diagnostic ECG market. Numerous hospitals intended for elective surgeries have been transformed into emergency centers for patients diseased by COVID-19. There has been a decrease in accessibility of medical supplies and supply chains have been considerably disrupted. However, the increasing need for intensive care units is anticipated to create new opportunities for growth of the diagnostic ECG market over the forecasted period.
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Some of the key players operating in the global diagnostic ECG market include:
- General Electric Company
- Koninklijke Philips N.V.
- NIHON KOHDEN CORPORATION.
- Hill-Rom Services, Inc.
- Ambu A/S.
- SCHILLER
- ACSDiagnostics.
- BPL, FUKUDA DENSHI
- BioTelemetry, Inc.
- OSI Systems, Inc.
- BTL.
- Allengers
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- EDAN Instruments, Inc.
- Cardioline S.P.A.
- SUZUKEN CO., LTD.
- Norav Medical
- BIONET
- VectraCor, Inc.
- Nexus Lifecare
- Midmark Corporation
- Spacelabs Healthcare
- Innomed Medical Inc.
- Other players
Some of the Recent Developments:
- In March 2022, GE Healthcare declared its partnership with AliveCor. Healthcare professionals can utilize GE Healthcare’s MUSE system with the KardiaMobile 6L ECG device. The partnership intends to upsurge patient convenience and decrease cardio-based hospitalizations by improving the patient’s data quality and integration.
- In January, 2021, BioTelemetry, Inc. acquired by Koninklijke Philips N.V. Philips will be able to expand its portfolio of patient care management solutions after the acquisition.
Segments
By Product
- Resting ECG
- Stress ECG Devices
- Holter Monitors
- Implantable Loop Recorders
- Event Monitors
- MCT Devices
- Smart ECG Monitors
By Lead Type
- 12-lead ECG Devices
- 5-lead ECG Devices
- 3-lead ECG Devices
- 6-lead ECG Devices
- Single-lead
- Other Lead Types
By End User
- Hospitals
- Clinics and Cardiac Centers
- Ambulatory Surgical Centers
- Other End Users
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