Increasing incidences of cardiovascular diseases and lifestyle associated diseases such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases are anticipated to drive diagnostic electrocardiograph market over the forecast period. Increasing geriatric population base, improving healthcare infrastructure and supportive reimbursement policies are expected to drive the global diagnostic ECG market. Furthermore, continuous advancement in technologies for ECG devices coupled with introduction of remote monitoring devices is expected to fuel the growth of this market over the forecast period. Developing nations witness high growth opportunity in comparison with developed countries owing to fact that the market of developed nations is almost saturated. Additionally, developing nations are expected to witness lucrative growth opportunity owing to favorable government policies, increasing expenditure in healthcare and large untapped potential market.
The global diagnostic electrocardiograph market is studied under three main segments namely product type, lead type and end use. On the basis of product type, the market is classified into halter monitors, resting ECG systems and stress ECG monitors. In 2014, halters monitors market was the large segment due to remarkable increase in the number of hospitals coupled with growth in hospital’s expenditure in ECG devices. By lead type, the market is segmented into single lead type ECG devices, 3 to 6 type ECG devices, 12 lead type ECG devices and other lead type ECG devices. In 2014, 3 to 6 type ECG devices market was dominant in the entire ECG market and expected to show significant growth rate owing to high efficiency rate of these devices with low cost. On the basis end use, the market is again divided into hospitals, clinics, ambulatories and other institutions. In 2014, the hospital market was dominating entire ECG market owing to tremendous increase in the number of hospital and high expenditure in buying ECG devices.
Geographically, the global diagnostic ECG market is studied under five different regions namely, North America, Asia Pacific, Latin America, Europe and MEA. In 2014, North America was the most dominant region in terms of revenue. Owing to rising in number of geriatric population, increasing demand for minimal invasive procedure and high per-capita income this market is anticipated to continue its dominance over the forecast period. By 2022, the growth of the European market is expected to slow down due to saturation of market. Asia Pacific regions include India, Japan, China, Myanmar, Brazil and other Asian countries. This region is expected to show lucrative growth owing to increasing disposable income, high population base and improving healthcare infrastructure.
The market is highly competitive due to the presence of large number of market players. Companies has to invest large amount of money for research and development to avoid being obsolete for the market. Some of the major drivers of the global diagnostic electrocardiograph market are GE Healthcare, Schiller AG, Spacelabs Healthcare, Philips Healthcare, Cardionet, Mindray Medical, Mortara Instrument Inc., Nihon Kohden Corporation, Welch Allyn and Compumed Inc to name a few. Firms have to go through many business development activities such as mergers, acquisitions, etc. to survive in the long run.
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