New York, USA, June 06, 2022 (GLOBE NEWSWIRE) -- Diagnostic Electrocardiograph (ECG) Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Diagnostic Electrocardiograph (ECG) Market Information by Product Type, Lead Type, End-User, and Region - Forecast till 2030”, the market will touch USD 11.57 Billion by 2030 at a 5.45 % CAGR.
Market Scope:
A diagnostic electrocardiograph is a medical instrument that aids in diagnosing heart electrical activity issues. Electrocardiography is used to diagnose cardiac murmur, myocardial infarction, cardiac stress testing, and fainting, among other cardiac conditions. An electrocardiograph is also a non-invasive diagnostic tool. Every heartbeat generates an electrical impulse, collected using electrodes implanted on the patient's body and used to deliver signal information.
The global increase in the prevalence of heart illnesses is the key driver of the electrocardiograph (ECG) market. In addition, the electrocardiograph (ECG) industry is benefiting from an increase in demand for invasive procedures and lifestyle adjustments. Furthermore, the electrocardiograph (ECG) market is predicted to develop due to technical advancements and increased access to innovative treatments. Due to cost considerations, physicians in many impoverished nations are constrained to employ older ECG machines rather than the latest high-end devices. As a result, high purchase and maintenance costs and a lack of technical skills are impeding market expansion in developing nations. New sales are nearly comparable to replacement rates because of the well-established infrastructure in industrialized regions.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 11.57 Billion |
| CAGR | 5.45% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Lead Type, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising Incidence of Lifestyle Diseases and Increasing Geriatric Population |
| Technological Advancements in Wireless Monitoring and Wearable Devices |
Diagnostic Electrocardiograph (ECG) Market Competitive Dynamics:
The central players in the diagnostic electrocardiograph (ECG) market are:
- General Electric Company (US)
- Norav Medical (US)
- Innomed Medical Inc. (Hungary)
- VectraCor Inc. (US)
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd (China)
- Schiller (Switzerland)
- ACS Diagnostics (US)
- BPL Medical Technologies (India)
- Fukuda Denshi (Japan)
- BTL (US)
- Koninklijke Philips N.V. (Netherlands)
- Nihon Kohden Corporation (Japan)
- Hillrom Services Inc. (US)
- Spacelabs Healthcare (US)
- Edan Instruments Inc. (China)
- Cardioline SpA (Italy)
Market Dynamics:
Market Drivers:
The ensuing growth in accuracy connected to market offers is causing a significant increase in demand for market products and services. There has also been a great deal of precision in diagnosing numerous health issues, such as chronic diseases and cardiovascular ailments. An ECG has a well-established relationship with identifying heart issues related to electrical activity.
Market Restraints:
One of the biggest challenges that the diagnostic electrocardiograph market will face during the forecast period is a lack of understanding among the target audience about the usage of electrographic for disease diagnosis. Furthermore, a scarcity of experienced individuals and service providers poses important concerns and obstacles for the market, which are expected to stymie the diagnostic electrocardiograph market's projected growth through 2028. However, the market is constrained by poor reimbursement policies. However, soon, a scarcity of qualified people to run electrograph machines may pose a significant obstacle to the diagnostic electrocardiograph (ECG) market.
COVID-19 Analysis:
Since the pandemic hit the world, the hardships of enterprises, industries, numerous worldwide marketplaces, the corporate world, merchants, manufacturers, and exporters, among others, have not been kept secret. As the threats to public healthcare systems grew, global governments enacted stricter safeguards and regulations. The government implemented a permanent and temporary lockdown, one of the key causes preventing businesses and markets from operating normally. Due to a shortage of skilled workers, workforce, resources, and critical production inputs, the supply chain mechanism that ensured the smooth and profitable operation of the diagnostic electrocardiograph market on a global scale was severely disrupted.
Invest in research and technological breakthroughs that will aid in improving and launching products on a wide scale during the forecast period, which ends in 2028, for the market to recover its losses and opt for strategic planning and seize opportunities along the way. Furthermore, rising government assistance in the form of plans and regulations would aid the diagnostic electrocardiograph market to grow at a healthy rate.
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Diagnostic Electrocardiograph (ECG) Market Segmentation:
By Lead type
The 3-lead ECG sector is expected to increase at the fastest rate during the projected period. They can be used in conjunction with other cardiac diagnostic tests, medical operations, and telemetry monitoring.
By Product Type
The ILRs segment is projected to develop at the highest CAGR throughout the forecast period.
By End-User
The segment of hospitals, clinics, and cardiac care facilities held the greatest proportion of the market. The mounting burden of heart disease is principally responsible for this segment's size.
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Diagnostic Electrocardiograph (ECG) Market Regional Analysis:
The diagnostic ECG market in North America was the largest in the world. The rising prevalence of CVD, excellent healthcare infrastructure, high disposable income, strong demand for medical devices, and technical improvements all contribute to this region's considerable share. The key reason for the North American market's success is the presence of a high-quality healthcare infrastructure and facilities that have earned the target audience's trust and faith. The aging population and the rising number of individuals with severe diseases pressure market actors and governments worldwide to raise healthcare spending.
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The upgraded technology and availability of less stringent regulations in the US and Canada propel the diagnostic electrocardiograph market forward during the forecast period. In addition, emerging economies such as Asia-Pacific pose a lucrative opportunity for the market's growth. Due to the increased technology breakthroughs, mounting prevalence of cardiovascular illness, rapid economic expansion, and favorable government initiatives, Asia-Pacific is likely to see significant growth. Because of changing lifestyles and the rising frequency of cardiovascular disease, Latin America will likely expand significantly. Since rich countries' markets are nearly saturated, developing countries have more growth potential than developed countries. Furthermore, good government regulations, rising healthcare spending, and a largely new prospective market will likely provide attractive growth opportunities for developing countries.
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