Pune, India, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Increasing prevalence of cardiovascular disease around the world is driving the global ECG devices market, says Fortune Business Insights in a report. Rising demand for cost-effective ECG devices for diagnosis is a factor predicted to support the growth of the global ECG devices market. North America is likely to dominate the ECG Devices market during the forecast period owing to the rising cases of cardiovascular disease, growing adoption of sedentary lifestyle.
Key Industry Developments:
- In May 2019, Abbott, launched RX Implantable Cardiac Monitor (ICM), a paperclip-sized implantable device, combined with the smartphone connectivity which continuously monitors the heart beat in order to track unpredictable heart rhythm problems for quick and accurate diagnosis.
- In April 2019, KardiaMobile a personal ECG device manufactured by AliveCor, Inc. received approval from FDA that can be used to detect atrial fibrillation at heart rates below 40 and above 120.
- In February 2019, CardioComm Solutions, Inc., received clearance from FDA to use HeartCheck CardiBeat handle head ECG device which is used to heart beat monitoring and also received approval to use GEM mobile ECG app.
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Launch of Next-Gen ICM by Abbott Will Stimulate Growth
Abbott, an American healthcare company launched a new, smarter heart monitor for better arrhythmia detection after receiving approval from the Food and Drug Administration. The next-generation Confirm Rx insertable cardiac monitor (ICM), combines smartphone connectivity and constant remote monitoring to track unpredictable heart rhythm problems for a fast and accurate diagnosis.
The launch of the paperclip-sized implantable device, Confirm Rx ICM is predicted to aid ECG devices growth owing to the first-ever technology in the new device that allows syncing with the smartphone via Bluetooth therefore, transmitting information to the physician to help identify irregular heartbeats instantaneously.
Furthermore, approval from the FDA for innovative ECG devices by key players is also expected to promote growth of the global ECG devices market. For instance, CardioComm Solutions, Inc., received clearance from FDA to use HeartCheck CardiBeat handle head ECG device which is used to heartbeat monitoring and also received approval to use GEM mobile ECG app.
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Growing Technological Advancements in ECG Devices Will Boost Growth
Increasing technological advancements and product launches by key players are driving the global ECG devices market. For instance, in 2019, by AliveCor, Inc. received approval from the FDA to use a Kardia Mobile, a personal ECG device to detect Bradycardia and Tachycardia. Furthermore, increasing prevalence of cardiovascular disease along with the growing geriatric population are factors contributing positively to the global ECG devices revenue.
According to the American Heart Association (AHA), it is estimated that around 4 million patients worldwide suffer from arrhythmias. In addition, rising demand for cost-effective ECG devices for diagnosis of heart diseases is also predicted to facilitate global ECG devices growth during the forecast period. However, the high cost of heart diseases diagnosis & patient care is likely to hamper the growth of ECG devices market during the forecast period.
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Growing Geriatric Population Will Support Growth in Asia Pacific
Geographically, the global ECG devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is likely to dominate the ECG Devices market during the forecast period owing to the rising cases of cardiovascular disease, growing adoption of sedentary lifestyle.
Increasing awareness among healthcare organizations about the benefits of using novel technologies for early diagnostic of cardiac-related issues is also predicted to foster growth in the region. Asia Pacific is expected to grow exponentially during the forecast period owing to the growing geriatric patient pool and rising investments by government organizations for providing better healthcare infrastructure. Rising adoption of innovative technology in emerging nations such as China and India is also predicted to boost the global ECG devices market during the forecast period.
List of the major companies that are present in the global ECG devices market:
- General Electric Company
- Koninklijke Philips N.V.
- OSI Systems Fukuda Denshi Co Ltd.
- Schiller AG
- Opto Circuits Limited
- Medtronic
- Spacelabs Healthcare Inc.
- Bionet
- Cardiac Science
- Midmark Corporation
- Cardionet Inc.
- Omron Healthcare, Inc.
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ECG devices market Segmentations:
By Product
• Wearable Holter Monitor
• Portable Handheld ECG
• Lead
By End User
• Hospitals
• Ambulatory surgical centers
• Diagnostic centers
• Specialty Clinics
• Others
By Geography
• North America (the U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and, Rest of the Middle East & Africa)
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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