PUBLISHER: DataM Intelligence | PRODUCT CODE: 1179900
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1179900
The global electro-diagnostic devices market size was valued at US$ YY million in 2022 and is estimated to reach US$ YY million by 2030, growing at a CAGR of YY% during the forecast period (2023-2030).
Electro-diagnostics is a testing technique that estimates the body's speed or extent of electrical activity. Electro-diagnostics equipment examines muscle and nerve impulses' electrical conduction or activity. These devices help practitioners or physicians recommend diagnoses for patients such as myopathy, neuropathy, neuromuscular junction disorder, and plexopathy. The major electro-diagnostic study includes nerve conduction studies (NCS), somatosensory evoked potential studies (SSEPs), and electromyography (EMG).
The rising product introductions, growing geriatric population and associated chronic diseases are boosting the global electro-diagnostic devices market growth in the forecast period.
The increasing product launches are fueling growth in the market.
The increased market developments, growing geriatric population and chronic diseases are boosting the global Electro-Diagnostic Devices market growth in the forecast period. For instance, in September 2020, AliveCor, a US FDA-approved personal electrocardiogram (ECG) technology firm, today entered the Indian market with the introduction of its clinically-validated personal ECG device, KardiaMobile 6L, the world's only six-lead, FDA-cleared personal ECG device and can detect three most common arrhythmias, the atrial fibrillation (AFib), bradycardia, and tachycardia. Since these conditions require regular monitoring, the patients can test themselves for these arrhythmias at home. The KardiaMobile 6L can record a medical-grade ECG in only 30 seconds. Also, in October 2022, Dozee, India's first contactless remote patient monitoring (RPM) company, declared about launching an ambulatory electrocardiogram (ECG) patch to monitor cardiovascular disease (CVD) patients.
Moreover, in July 2020, Brain Scientific Inc., a medical device and technology company delivering products and solutions associated with the brain, including neurology, AI and machine learning, improved its disposable EEG headset, NeuroCap, with new features. Likewise, in January 2022, Cadwell launched the Pudendal (Pelvic Floor) Stimulating and Recording Electrode and Cable in the United States. The pudendal electrode, fabricated by Spes Medica, is developed with the Sierra Summit system to assess pudendal nerve terminal motor latency (PNTML) in the anal sphincter. Therefore, the data above indicates that the increased product introductions boost the global electro-diagnostic devices market during the forecasted period.
The high cost of the equipment is expected to hamper global electro-diagnostic devices market growth.
However, one of the important factors hampering the market growth is the high setup and upkeep costs of electro-diagnostic devices. For instance, handheld ECG machines can be $500, and laptop-based ECG machines cost about $1000-$2,000. At the same time, portable ECG machines cost between $1,000-$3,000 on average.
The COVID-19 pandemic moderately impacted the global electro-diagnostic devices market. Most diagnostics procedures were canceled or postponed during the early pandemic day since the major focus was on COVID-19. Still, later with the decrease in cases of COVID-19, electro-diagnosis procedures were performed with extreme precautions. For instance, in early 2020, the cancellation of elective medical procedures in the United States, including non-urgent outpatient and inpatient electro-diagnostic (EDx) studies, was observed. While certain regions subsequently showed a decrease in daily new cases, EDx laboratories were reopened under the direction of the American Association of Neuromuscular & Electrodiagnostic Medicine (AANEM). Furthermore, COVID-19 led to the development of personalized monitoring devices which positively impacted the market. Therefore, from the data mentioned, COVID-19 had a mixed impact on the global electro-diagnostic devices market.
Electrocardiography (ECG) devices are expected to dominate the electro-diagnostic devices market throughout the forecast period (2022-2029).
Electrocardiography (ECG) product is estimated to hold most of the market share throughout the forecast period. The growing cases of cardiovascular diseases worldwide ensure that the electrocardiography (ECG) devices segment grows at a high CAGR during the forecast period. For instance, according to the WHO, cardiovascular diseases (CVDs) are the major cause of death globally, taking over 17.9 million lives annually. Over 75% of CVD-related deaths happen in low- and middle-income countries. The World Heart Federation forecasts over 23 million CVD-related deaths annually by 2030.
Furthermore, the increased initiatives by various entities to spread awareness about cardiac health are boosting segment growth in the forecasted period. For example, NHLBI, The Heart Truth, and organizations around the United States on National Wear Red Day marked each year on the first Friday in February to obtain greater awareness of heart disease as a leading cause of death for Americans. Also, on February 10, 2019, the Heart Foundation introduced the coordinated advertising and editorial 'Serial Killer' campaign in collaboration with News Corp Australia to point out to Australians that heart disease is the nation's leading cause of death. The campaign delivered Australians with an easy-to-use online tool, the Heart Age Calculator, to enable them to evaluate their own risk for heart disease and called on the Government to support the prevention of heart disease by supplying a Medicare advantage for Heart Health Checks.
Additionally, CDC run Million Hearts is a national endeavor to avert 1 million heart attacks and strokes in the period of five years. It concentrates on enforcing a small set of evidence-based preferences and targets that can enhance cardiovascular health for all. Therefore, from the mentioned data, it is estimated that the electrocardiography (ECG) devices segment will grow at a high CAGR throughout the forecast period.
North America holds the largest market share of global electro-diagnostic devices.
North America is anticipated to hold most of the global electro-diagnostic devices market during the forecasted period (2022-2029) because of the increasing number of developed and well-staffed hospitals and increased healthcare expenditure in this region. For instance, according to the American Hospital Association, currently, over 6,093 hospitals have more than 920,531 staff bed capacity, which in 2022 had over 33,356,853 admissions generating $ 1,213,881,001,000 of expenditure. In addition, the growing geriatric population and related chronic disease cases in this region contribute to the region's dominance over the global electro-diagnostic device market. For example, according to the United States Census Bureau, over 54 million adults ages 65 and older living in the United States in 2021, accounting for around 16.5% of the nation's population. The number of older U.S. adults is growing. By 2050, the total number of adults ages 65 and older is projected to reach 85.7 million, making up around 20% of the overall U.S. population.
Furthermore, according to the CDC, six out of ten U.S. adults have at least one chronic disease. Moreover, according to the same source, approximately 697,000 people in the United States died from heart disease in 2020. The American Heart Association estimated that By 2035 over 130 million U.S. adults will have some heart disease. Thus, the mentioned data indicates that North America will dominate the global electro-diagnostic devices market in the forecast period.
The global electro-diagnostic devices market is fairly consolidated, with selected key players accounting for the predominant market share. The major players with significant market share include Stryker Corporation, Becton, Dickinson and Company, Boston Scientific, Medtronic, Abbot, Bionet America, Inc., Philips Healthcare, Cardinal Health, GE Healthcare, and B. Braun Melsungen AG, among others. The key players focus on R&D, product innovation, and product outreach through distribution through local suppliers and distributors worldwide. For instance, in November 2022, Bionet America, Inc. announced its plan to restructure its diagnostics division to make around 300 million euros in savings by 2025.
GE Healthcare is headquartered in Chicago, Illinois, United States, and was founded in 2004. It is a subsidiary of the American Multinational Conglomerate General Electric. It is a leading manufacturer and distributor of diagnostic imaging and radiopharmaceuticals for imaging modalities used in medical imaging procedures.
GE Healthcare's product portfolio of electro-diagnostic devices has CARESCAPE B450 Monitor: The CARESCAPE B450 monitor functions seamlessly with the CARESCAPE ONE monitor or CARESCAPE Patient Data Module (PDM) and one additional e-module, delivering the ability to monitor patients with various insights. Portable and inexpensive, it's developed with emergency departments, surgery centers, and step-down units in mind.
The global electro-diagnostic devices market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.
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