Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “ECG Devices Market– Global Industry Analysis, Market Size, Opportunities And Forecast, 2020-2027”
LOS ANGELES, Feb. 15, 2021 (GLOBE NEWSWIRE) -- The Global ECG Devices Market is expected to grow at a CAGR of around 5.6% from 2020 to 2027 and reach the market value of over US$ 7,271.2 Mn by 2027.
The ECG devices market is segmented based on product type, end-user, and geography. By product type, the market is divided into monitoring ECG systems, and diagnostic ECG systems including rest ECG Systems, Stress ECG Systems, and Holter ECG Systems. Based on end-user, market segments include hospitals, clinics, ambulatory surgical centers, and others.
Based on product type, monitoring the ECG systems segment is leading the ECG Devices Market with maximum revenue share (%) in 2019. The monitoring ECG systems are further segmented into remote data monitoring, event monitoring, and continuous cardiovascular monitoring systems. The declining cost of wireless technologies simultaneously increasing the incidence of cardiovascular diseases where monitoring of heart activities is important is the factor driving the segmental market value. The increasing demand for home ECG devices is boosting the segmental market value.
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In 2019, North America held the major share (%) of the global ECG devices market. The presence of major players in the regional market including AliveCor Inc., CardioComm Solutions Inc., GE Healthcare, and iRhythm Technologies Inc. are contributing to the regional market value. The rapidly increasing geriatric population, as well as rising incidences of cardiovascular diseases, is supporting the regional market value. Additionally, the well-established healthcare infrastructure in the US and Canada is further contributing to the regional market value.
Apart from these, the Asia Pacific region is anticipated to experience the fastest growth with a major CAGR (%) over the forecast period from 2020 to 2027. The emerging economies, developing healthcare infrastructure, increasing disposable income coupled with the increasing spending on healthcare solutions, favorable government policies, and increasing investment by the market players in the region to take advantage of available opportunities are the factors supporting the regional market value. The developing economies of the region including China and India are contributing to the regional market value.
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Some of the leading competitors are Aerotel Medical Systems Ltd, AliveCor Inc., BPL Medical Technologies, Cardiocity Limited, CardioComm Solutions Inc., GE Healthcare, iRhythm Technologies Inc., MediBioSense Ltd, Medtronic PLC, and Nihon Kohden Corporation. ECG devices companies have announced strategic mergers and acquisitions, partnerships and collaborations, and new product development to expand their position in the ECG devices industry. Major players are also moving into new regions with advanced technologies for gaining a competitive advantage.
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Some of the key observations regarding ECG devices industry include:
- LifeSignals Group has received FDA 510(k) clearance for its ECG Remote Monitoring Patch Platform in 2020. The ECG Remote Monitoring Patch Platform is a wireless remote monitoring system that is used by healthcare professionals in ambulatory, hospital, home, and healthcare settings. The new platform records data that is transmitted wirelessly to a remote server for storage and analysis.
- In 2020, the Electronics and Telecommunications Research Institute (ETRI) and a midsize medical device company have jointly developed a monitoring system, which includes a device consists of a biometric signal measuring device (VDR-1000) and a patient monitoring device (VMA-1000). The VDR-1000 measures the patient's electrocardiogram (ECG), pulse wave, pulse, respiration, and blood pressure and sends the recorded values to VMA-1000 which allows the healthcare professionals to monitor the COvid-19 infected patients’ condition in real-time.
- In 2020, GS Elektromedizinische Geraete G. Stemple GmbH and VectraCor Inc. have announced an agreement, particularly to incorporate VectraCor's cloud-based version of VectraCor's derived 22-Lead ECG and Cardiac Electrical Biomarker technology into corpuls defibrillators.
- In 2020, Withings, a French consumer electronics company has announced a $60 million Series B funding round that will be co-led by Gilde Healthcare, Idinvest Partners and Bpi France, through their Large Venture funds, as well as BNP Paribas Développement, ODDO BHF, and Adelie Capital.
- Philips has launched remote monitoring and defibrillator solution (Tempus ALS) for pre-hospital settings in the U.S. The company has received 510(k) clearance from the FDA for its pre-hospital wireless monitoring solution (Tempus LS- Manual). The software platform provides robust, real-time transfer of clinical data and events, interactive ECG measurement, and two-way communication among others.
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