ECG Equipment And Management Systems Market Size, Share & Trends Report

ECG Equipment And Management Systems Market Size, Share & Trends Analysis Report By Type, By End Use (Hospitals & Clinics, Ambulatory Facilities), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2020 - 2027

  • Report ID: GVR-2-68038-016-3
  • Number of Report Pages: 141
  • Format: PDF, Horizon Databook
  • Historical Range: 2016 - 2018
  • Forecast Period: 2020 - 2027 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the ECG equipment and management systems market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for ECG equipment and management systems market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of ECG equipment and management systems market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

ECG Equipment And Management Systems Market Categorization:

The ECG equipment and management systems market was categorized into three segments, namely type (Holter Monitors, Resting ECG System, Stress ECG Monitors, Event Monitoring Systems, ECG Management Systems), end-use (Hospitals & Clinics, Ambulatory Facilities), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The ECG equipment and management systems market was segmented into type, end-use, region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The ECG equipment and management systems market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Canada; the UK; Germany; Japan; China; Brazil; Mexico; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

ECG equipment and management systems market companies & financials:

The ECG equipment and management systems market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • GE HEALTHCARE - GE Healthcare is a provider of medical technologies and services. The firm delivers medical imaging, medical informatics technologies, drug discovery, medical diagnostic tools, and biopharmaceutical manufacturing technologies to organizations in the healthcare sector. Furthermore, the firm offers patient monitoring systems and performance solutions services to leaders in the healthcare industry. The company has established its presence in regions such as Asia Pacific, Eastern Europe, Europe, the Middle East & Africa, Latin America, and Canada.

  • NIHON KOHDEN CORPORATION - Originating from Japan, Nihon Kohden Corporation is a pioneer in the creation, production, and distribution of medical electronic equipment. The company boasts a robust sales team of over 1,000 members, spread across more than 120 offices throughout Japan. In addition to its domestic presence, the corporation has extended its reach globally through subsidiaries and distributors in the U.S., Europe, Asia, and other parts of the world. Nihon Kohden Corporation is committed to expanding its geographical footprint and diversifying its product portfolio through the development of cutting-edge products. The company's primary export products include defibrillators, electroencephalographs, evoked potential & electromyography systems, and patient monitors. To bolster its distribution network, the corporation has integrated 11 domestic sales subsidiaries. Furthermore, it has set up five offices outside of Japan, reinforcing its strong standing in the global marketplace.

  • BIOTELEMETRY, INC. - Previously recognized as CardioNet, Inc., BioTelemetry, Inc. is structured into three divisions: Healthcare, Research, and Technology. The healthcare division provides a variety of products and solutions designed for diagnostics and the monitoring of cardiac arrhythmias, also known as heart rhythm disorders. The research services division delivers cardiac monitoring, scientific consulting, imaging, and data management services for drug & device trials, and medical treatment to contract research organizations. The technology division is dedicated to the production, engineering, and development of noninvasive cardiac monitors for healthcare companies, clinics, and hospitals all over the world. BioTelemetry, Inc. operates in regions across North America, Europe, and Asia Pacific. In a strategic move in February 2021, Philips acquired BioTelemetry to enhance its cardiac care portfolio and establish itself as the global market leader.

  • COMPUMED, INC. - Based in the U.S., CompuMed, Inc. specializes in delivering diagnostic telemedicine solutions. The company provides a range of solutions encompassing enterprise telemedicine, telecardiology, teleradiology, osteoporosis diagnostics, mobile solutions, and medical devices. Within the medical devices segment, it offers a variety of products including ECG devices and ultrasound devices. CompuMed caters to over 1,000 clinical settings. The company's telecardiology and teleradiology solutions enable direct access to U.S. board-certified specialists via cloud-based technology and integrated medical devices. CompuMed has built an extensive network for the remote electronic processing of ECG, echocardiograms (Echos), X-rays, and ultrasound studies.

  • SCHILLER AG - Schiller AG is a company that specializes in the research, development, production, and distribution of medical devices for patient monitoring, cardiopulmonary diagnostics & therapy, and emergency medicine. The company's product portfolio includes ECG, external defibrillators, long-term ECG & medical IT solutions, spirometers, blood pressure recorders, and patient monitors. Schiller's products are available in over 85 countries worldwide. The company operates in various regions including Europe, North America, Central America, South America, the Middle East, Africa, and Asia Pacific. Schiller has a global presence with 30 subsidiaries spread across the world.

  • MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD. - Solid Union Limited, a subsidiary of Excelsior Union, has successfully merged with Mindray Bio-Medical Electronics Co., Ltd. The primary focus of the company is the creation and promotion of medical devices. It has five main operational sectors: In Vitro Diagnostic Products, Patient Monitoring & Life Support Products, Medical Imaging Systems, VET, and Orthopedics. The segment of patient monitoring and life support products provides devices that monitor various physiological parameters in patients. The company's principal products and solutions encompass single & multiple parameter monitors; mobile & portable multifunction monitors; central stations; electrocardiogram & veterinary monitoring devices; anesthesia machines; defibrillators; surgical equipment, syringes, & infusion pumps; and ventilators. The company has a presence in 32 countries and provides services in over 190 countries. It has several subsidiaries, including ZONARE Medical Systems, Inc.; Mindray DS USA, Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Mindray Medical India Private Limited; Mindray Medical Canada, Ltd.; and Mindray Medical Netherlands B.V. The company's operations span across the globe, with services offered in numerous countries.

  • KONINKLIJKE PHILIPS N.V. - Koninklijke Philips N.V., previously known as Koninklijke Philips Electronics N.V., is a technology company. It provides products for advanced molecular imaging, diagnostic imaging solutions, image-guided therapy solutions & therapy devices, and integrated clinical solutions. In the diagnostic imaging solutions category, the company manufactures and provides CT, MRI, and diagnostic X-ray devices. In addition, it provides patient monitoring solutions, clinical decision support systems, therapeutic care products, and respiratory monitoring devices.

  • SPACELABS HEALTHCARE - OSI Systems, Inc. is the parent company of Spacelabs Healthcare, which is fully owned by them. The company is at the forefront of creating advanced and innovative medical devices and tools that aid healthcare professionals and clinicians in delivering superior patient care. It has three operational sectors: delivery of anesthesia & ventilation, connectivity & patient monitoring, and cardiology diagnostics. The company has subsidiaries that handle sales and services in approximately 11 countries and has a global presence in 120 countries.

  • MCKESSON CORPORATION - Currently, McKesson Corporation, a company specializing in medical devices, is concentrating on delivering nonmedical/supportive services to individuals diagnosed with cancer. In the year 1900, McKesson and Robbins collaborated with established wholesalers to establish a national company for drug wholesaling, becoming distributors of pharmaceutical goods. In 1960, a merger with Foremost Diaries of San Francisco led to the creation of Foremost-McKesson, Inc., facilitating distribution on a large scale. By 1980, McKesson shifted its focus towards the healthcare sector, leading to the acquisition of Automated Healthcare, General Medical, and HBO & Company, culminating in the formation of McKesson HBOC, Inc.

  • DRÄGERWERK AG & CO. KGAA - Headquartered in Germany, Drägerwerk AG & Co. KGaA is a company that specializes in the production of medical and safety equipment. Its products and services are utilized across a wide range of sectors, including fire services, the chemical sector, the oil and gas sector, the pharmaceutical sector, mining, the automotive sector, and the steel and metal sector. The firm’s operations span across over 190 countries globally.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

ECG Equipment And Management Systems Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2019, historic information from 2016 to 2018, and forecast from 2020 to 2027). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

ECG Equipment And Management Systems Market Report Assumptions:

  • The report provides market value for the base year 2019 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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