The global diagnostic electrocardiography devices market is expected to witness lucrative growth over the forecast period owing to increasing prevalence of cardiovascular diseases coupled with rising geriatric population base. Hence, the need of innovation in diagnostics for detection of disease progression increases thereby leading to a positive impact on diagnostic electrocardiography (ECG) devices market. The other major factors that drive the market are high prevalence of obesity, diabetes, coronary diseases, hypertension, and cholesterol associated disorders such as hyperlipidaemia. Advantages including accuracy, direct electric signaling of heart’s activity, and measurement of heart rate variability at low power consumption offered by ECG over the other diagnostic aids such as photoplethysmography (PPG) also tend to spur the market.
Diagnostic electrocardiography devices market is segmented on the basis of product type, and end-use. Segmentation by product types includes holter monitor system, stress ECG, resting ECG, 3-6 lead, single-lead, and 12 lead. Amongst these segments, stress ECG exhibited a major market share in 2014 owing to its high preference exhibited by the physicians and its better performance in assessment of heart’s response to exercise or stress. Holter monitor systems are expected to witness substantial growth over the forecast period. The advantages of holter monitors such as portable diagnosis and continuous monitoring of the physiological state of heart that aids to produce an accurate picture of heart functioning to the physician provides this segment a growth platform in the diagnostic ECG devices market over the forecast period. The 3-6 lead segment also held a lucrative share in the market share in 2014, owing to its wide application in research and diagnosis. The factors attributing for its preference over the other lead types are non-redundant results and presence of limited number of leads. As per end-use, the market is categorized into hospitals, ambulatory care, and research & diagnostic centers. The hospital was the largest segment in 2014 and is expected to continue its dominance over the forecast period owing to the comparatively high number of patient admission in it to avail diagnostic and surgical services which focus on monitoring the heart functioning.
Geographically, the diagnostic ECG devices market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. As of 2014, North America held the largest share as a consequence of growth propelling factors such as increased prevalence of cardiovascular diseases coupled with the rise in disposable income and sophisticated healthcare infrastructure. Furthermore, North America is anticipated to maintain its dominance in the market over the forecast period owing to the expected increase in patient base suffering from cardiac disorders due to unhealthy lifestyle practices such as smoking, drinking, work stress, and high lipid intake. The other factors responsible for the growth of the market in North America include adoption of computerization for maintenance of electrocardiogram records and growing investments in data management systems for data accession in order to carry out a comparative analysis of overall data of patients. Asia Pacific is expected to gain substantial growth over the forecast period owing to the presence of high unmet medical needs of the patients and the rapidly improving healthcare infrastructure of this region.
Key players of diagnostic electrocardiography devices market include Philips Healthcare, GE Healthcare, Mortara Instrument Inc., Mindray Medical, Schiller AG, Spacelabs Healthcare, Cardionet, Welch Allyn, and Nihon Kohden Corporation. The market strategies of the competitors include the maintenance of a large product portfolio with different characteristics and principles, personnel training, and efficiency in after-sales service. These companies are incorporating various features to the products to enhance their product portfolio. The enhancements include alphanumeric display and multiple ECG modes to diagnose arrhythmia. Companies are also involved in the development of wireless technologies which are well integrated into hospital coupled with software systems which can streamline the clinician’s work with updated treatment plan choices for patients. Extension of the market by prominent players in remote areas with the aid of health awareness programs along with provision of disease diagnosis at affordable costs is expected to provide growth potential to the market.
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The most common concern for the governments of all Covid-19 hit nations is the excruciating need to screen for and test large numbers of patients for possible Sars-Cov-2 infection. As a result, most of them are facing major shortages in the supply for diagnostic kits to test for the virus. Diagnostics virology entities are under immense pressure to provide reliable testing kits, and there is a surge in demand for in-vitro or point-of-care testing capacities by labs across a large number of countries. The report will account for Covid19 as a key market contributor.