The ECG Market is expected to grow at a CAGR of 5.20% during the forecasting period (2023-2030). Electrocardiograph (ECG) is a non-invasive and painless medical test that records heart activities through electric signals, and these signals are amplified on the ECG monitor. In ECG each heartbeat is recorded with an electrode as an electrical impulse and detect minutest electrical changes in the skin caused due to heart muscle depolarizing during each heartbeat.
The global ECG market growth is driven by the increase in number of ECG tests are conducted by people, susceptible to heart diseases, technological advancements in ECG devices such as portable and handheld, rise in incidence of cardiovascular diseases, increase in geriatric population, and favorable government regulations regarding monitoring devices.
Increase in prevalence of heart diseases worldwide is the primary factor driving the electrocardiograph (ECG) will drive the market growth
Increase in prevalence of heart diseases worldwide is the primary factor driving the electrocardiograph (ECG) market globally. According to the WHO, cardiovascular disease is one of the leading cause of death worldwide. It is estimated that cardiovascular diseases (CVDs) take the lives of 17.9 million people every year, 31% of all global deaths. In addition, an increase in demand for the invasive techniques and lifestyle changes bolstering the electrocardiograph (ECG) market. Furthermore, technological advancements and growing accessibility to the advanced treatments are expected to boost the electrocardiograph (ECG) market. According to World heart federation, Latin America holds a high risk of abdominal obesity, high blood cholesterol, hypertension etc.
In 2015, According to the study, about 1.6 million deaths were recording in Latin America and the Caribbean because of cardiovascular diseases. The universal healthcare scheme in Brazil along with rising government focus for improving public health is fueling the market growth.
Many of the major companies are developing portable handheld ECG monitors, wireless ECGs, and ECG management systems to automate the processing, storage, and distribution of data. Cardiofax G electrocardiograph incorporates Nihon Kohden Corp.'s synthesized 18-lead ECG, which can improve the detection of hidden ischemia.
High cost for buying and maintaining of Electrocardiograph (ECG) is likely to hamper the market growth
In many of the developing countries, owing to the cost-effective factor, physicians are forced to use traditional ECG devices instead of the latest high-end devices. Hence, high cost for buying and maintaining, and lack of technical skills are hindering the growth of the market in developing regions. Lack of awareness among people about the use of electrograph for the diagnosis of cardiovascular diseases and shortage of skilled personnel for the operation of electrograph devices are the major factors anticipated to hamper the growth of the market in the forecast period.
As COVID-19 continues to affect the public, healthcare providers are routinely modifying care pathways to provide better treatment for individuals with the infection. ECG is a critical part of the process, but ensuring this diagnostic exam is as accurate as possible can present a challenge, especially if the COVID-19 patient is in respiratory distress.
A prior history of cardiovascular disease is one of the main risk factors for COVID-19 mortality among affected patients, and COVID-19 may exacerbate preexisting heart conditions, adding to the burden of care clinicians must face. Performing an ECG also raises the risk of cross-infection among medical personnel, so physicians should carefully determine when and if ECG is necessary in the course of caring for patients.
Current COVID-19 pandemic is challenging hospital capacity and healthcare workers. In such setting, it is imperative to properly select stable COVID-19 patients to be treated at home. Therefore, empowering family physicians and their patients with accurate and portable home diagnostic devices, including electrocardiogram (ECG) devices to early identifies those with evolutive potential becomes a priority. However, limited data exist on the role of ECG as home monitoring tool for COVID-19 stable patient.
The resting ECG system segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The resting ECG system dominated the ECG market in 2020. The resting electrocardiogram is a test that measures the electrical activity of the heart. The heart is a muscular organ which pumps blood through rhythmic contractions induced by electric impulses generated by the sinus node, the heart's natural pacemaker.
Factors contributing to the growth of the market are improved clinical accuracy due to advanced data analysis tools, new product launches, and various technological advancements for better care and accurate diagnosis. Partnerships among ECG manufacturers to develop the better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Record (EHR) are anticipated boost the ECG market by simplifying ECG workflow and reducing the complexity associated with custom integration.
In the preoperative setting, resting ECG is used to assess known cardiovascular diseases, to detect previously undiagnosed cardiovascular diseases, and to provide a baseline standard against which to measure changes in the postoperative period.
North America region holds the largest market share of Global Electrocardiograph (ECG) Market
North America accounted for the largest market share in 2020 due to technological advancements, an increase in product launches, collaborative agreements among manufacturers, and surging heart-related diseases.
According to the WHO, in 2018, 6.3 million people died from CVDs in the US. Among them, 1.3 million deaths were caused by stroke, and 2.9 million deaths were due to coronary heart disease. Some of the major companies operating in the North America region are Philips, AliveCor, Johnson & Johnson, GE Healthcare, Spacelabs Healthcare and Welch Allyn. Presence of a large patient pool, availability of high-quality services and increasing medical tourism are expected to drive the market in the region. Partnerships among ECG manufacturers to develop the better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Record (EHR) are anticipated boost the ECG market in the region by simplifying ECG workflow and reducing the complexity associated with custom integration.
The Electrocardiograph (ECG) market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include GE Healthcare, Koninklinje Philips NV, Nihon Kohden Corporation, Schiller AG, OSI Systems Inc. (Spacelabs Healthcare), AliveCor, Mindray Medical International Limited, Medtronic PLC, Hill-Rom Holdings Inc. (Welch Allyn), BioTelemetry among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Electrocardiograph (ECG) market globally. For In August 2018, Royal Philips acquired Xhale Assurance Inc., Xhale Assurance’s unique, disposable pulse oximetry sensor is placed on the wing of the nose, and can reliably measure and transmit a patient’s heart rate and blood oxygenation under low perfusion conditions.
Overview: GE Healthcare Inc. produces medical equipment. The Company offers scanners, monitors, dispensers, imagers, displays, recorders, analyzers, separators, and other laboratory and medical equipment for medical and medical research industries worldwide.
MAC VU360™ Resting ECG: The GE MAC VU360 Resting ECG Workstation is a virtually unlimited ECG. This machine offers fast high-quality ECGs with fewer repeats. It can create an ECG order at the time of the ECG, document critical test results, or close the ECG workflow for billing.
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