The global diagnostic electrocardiograph market is expected to witness growth over the forecast period. 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 the market growth. Increasing geriatric population base, improving healthcare infrastructure, and supportive reimbursement policies are expected to drive the global diagnostic electrocardiograph (ECG) market. Furthermore, continuous advancement in technologies for ECG devices coupled with introduction of remote monitoring devices is expected to fuel the growth of the diagnostic ECG market over the forecast period. Developing nations witness high growth opportunities in comparison with developed countries owing to the fact that the market of developed nations is almost saturated. Additionally, developing nations are expected to witness lucrative growth opportunities owing to favorable government policies, increasing expenditure in healthcare, and largely 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 was the large segment due to a remarkable increase in the number of hospitals coupled with growth in the 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 is expected to show significant growth rate owing to high-efficiency rate of these devices at 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 the entire ECG market owing to tremendous increase in the number of hospitals 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 number of geriatric population, increasing demand for minimally 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 the saturation of the 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 a large number of market players. Companies have to invest a 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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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.