Market Research Report
ECG Equipment Market, By Types, By End User, and By Geography - Analysis, Size, Share, Trends, & Forecast from 2020-2026
|Published by||AnalystView Market Insights||Product code||937211|
|Published||Content info||199 Pages
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|ECG Equipment Market, By Types, By End User, and By Geography - Analysis, Size, Share, Trends, & Forecast from 2020-2026|
|Published: May 1, 2020||Content info: 199 Pages||
ECG equipment market was valued at USD 5.68 billion by 2019, growing with 5.6% CAGR during the forecast period, 2020-2026
An electrocardiogram or ECG is defined as a graphical noting of cardiac cycle formed by heart with the help of an electrocardiograph. This electrocardiograph translates the electrical activity of the heart into line tracing on the paper. An ECG picks up and translates the electrical impulses into a waveform, which are generated by the depolarization and polarization of cardiac tissue. This line is represented in dips and spikes form and is called as waves. Thus, the impulse formed by the heart is detected with the help of an ECG. The main purpose of an ECG is to detect heart problems and it is also used to identify the cause of symptoms such as palpitation and chest pain with the help of an ECG equipment. The ECG equipment is a medical device or a machine specially designed to measure heart rates. An ECG equipment can vary in function and size depending upon the requirements.
The growing prevalence of cardiovascular disease is one of the major factor driving the growth of the global ECG equipment market. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the primary cause of deaths all across the globe. WHO has estimated that around 23.6 million people will die from cardiovascular diseases, mainly from heart diseases and stroke by 2030. Moreover, this will propel the demand for ECG equipment in the coming years as the number of ECG tests conducted by people is susceptible to heart diseases.
Additionally, technological advancements in ECG equipment, favorable government policies, and a rise in geriatric population are other factors impelling the market growth. Conversely, economic slowdown and unfavorable reimbursement policies are predicted to impede the market growth in the coming future. On the other hand, the industry players of the market are focusing on developing improved and error-free ECG devices, which will create lucrative growth opportunities during the forecast period.
In terms of types, the ECG equipment market is categorized into resting ECG systems, holter monitoring systems, stress ECG monitors, ECG management systems, and event monitoring systems. Among these, the resting ECG management category subjugated the global industry in 2019 and is projected to witness noteworthy growth during the forecast period. This is mainly owing to technological advancements in monitoring equipment with wireless technologies, enhanced connectivity, and algorithms. In addition, the accuracy of resting ECG systems and increased patient satisfaction are other factors anticipated to propel the segmental market growth in the projected timeframe.
On the other hand, the holter monitoring systems segment is estimated to grow exponentially during the forecast period. This is because the data generated from these systems are utilized in the early detection of cardiac abnormalities such as ischemia. Besides, the holter monitors deliver prompt and accurate results.
End User Takeaway
By end user, the worldwide market is bifurcated into hospitals & clinics and ambulatory facilities. Of these, the hospitals & clinics segment is anticipated to surge the demand for the mounting ECG equipment market. The penetration of these systems is high in hospital settings because a large number of hospitals all over the world are moving towards computerization in order to maintain ECG records. Also, huge investments are made by the major market players of the industry in data management systems to effectively modernize the workflow in hospitals. On the other hand, the ambulatory facilities segment is estimated to rise at a significant CAGR by the end of 2026 owing to the increasing adoption of technologically advanced ECG equipment.
Regionally, the global industry is divided into Europe, North America, Middle East & Africa, Asia Pacific, and Latin America. The North America region accounted for the majority of market share in 2019 and is expected to dominate the market throughout the forecast. This dominance is majorly attributed to a surge in funding for researchers and rising technology innovations in this region. Furthermore, the launch of the American Heart Association (AHA)'s complementary "Mission- Lifeline" and American College of Cardiology's (ACC) door-to-balloon (D2B) time initiative is projected to increase product demand for Bluetooth-equipped ECG monitors. Besides, the industry players of the North America region are expanding their presence in other emerging economies to hold a strong market position.
The Asia-Pacific market for ECG equipment is anticipated to grow at the fastest pace during the period of forecast owing to rising occurrences of cardiovascular diseases and the growing elderly population. Besides, the ability of digital ECG equipment to store a large number of readings and its low costs and accurate results is gaining popularity in this region, which is expected to impel the regional market growth by 2026.
Due to the sudden outbreak of COVID-19, many companies in the ECG equipment market are taking suggestive steps and struggling to tackle the challenges. In order to mitigate the impact of COVID-19 on the company revenue, the major market players of the industry are involved in extensive research about coronavirus and implementing various alternative methods to sustain. However, the global ECG equipment market is anticipated to grow at a healthy rate, post-coronavirus pandemic.
Key Vendor Takeaway
The leading players operating in the global ECG equipment market include Spacelabs Healthcare, Welch Allyn, McKesson Corporation, CardioComm Solutions, Inc., Meditech Equipment Co., Ltd., Device Technologies, BioTelemetry, Inc., GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Hill-Rom, NIHON KOHDEN CORPORATION, Koninklijke Philips N.V., Schiller, ZOLL Medical Corporation, medical ECONET, and CompuMed, Inc.
In August 2018, Schiller launched its ECG device namely, 'CARDIOVIT AT-102 G2,' which makes a substantial leap in electrocardiography in a single swift action. This is the latest generation of ECG devices that features state-of-the-art technology, ease of use, extremely high operation speed, and bi-directional WiFi communication to send the ECG.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2015 to 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2026
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ECG EQUIPMENT MARKET KEY PLAYERS
NIHON KOHDEN CORPORATION
Koninklijke Philips N.V.
CardioComm Solutions, Inc.
Meditech Equipment Co., Ltd.
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
ZOLL Medical Corporation
GLOBAL ECG EQUIPMENT MARKET, BY TYPES
Holter Monitoring Systems
Stress ECG Monitors
Resting ECG Systems
Event Monitoring Systems
ECG Management Systems
GLOBAL ECG EQUIPMENT MARKET, BY END USER
Hospitals and Clinics
GLOBAL ECG EQUIPMENT MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA