Market Research Report
Global Electrocardiogram (ECG) Machine Market - Forecasts from 2021 to 2026
|Global Electrocardiogram (ECG) Machine Market - Forecasts from 2021 to 2026|
Published: July 8, 2021
Knowledge Sourcing Intelligence
Content info: 113 Pages
Delivery time: 1-2 business days
Global Electrocardiogram (ECG) Machine Market is projected to witness a CAGR of 5.18% during the forecast period to reach a market size of US$7.087 billion by 2026, increasing from US$4.977 billion in 2019.
Electrocardiogram (ECG) is a non-invasive medical test that records the electrical activity of the heartbeat over a period of time. ECG monitoring devices such as resting ECG, stress ECG, and Holter monitors help to identify and provide information about abnormal functioning of the heart. The surge in the number of patients being diagnosed with heart diseases will proliferate the market growth during the forecast period. According to Healthline, in the United States, in 2018, 30.3 million adults were diagnosed with heart diseases, and every year 6, 47,000 Americans die due to heart-related diseases, making it the leading cause of death in the country. The changing lifestyle in many regions across the globe has led to an increase in the obese population which is prone to a continuous risk of suffering from heart diseases. According to the World Health Organization, approximately 650 million people were obese, worldwide and this number is expected to increase every year. To meet the increasing demand of patients, the need for ECG machines for regular or continuous monitoring of cardiac health will be required. In addition, the rapidly increasing geriatric population is further elevating the need for cardiac monitoring, thereby increasing the demand for ECG machines.
Also, technological advancements in ECG devices such as portable and handheld, have made the ECG procedure easier and more popular as patients can use the machines at the convenience of their homes, instead of going to the hospitals. Furthermore, substantial amounts are being funneled into research and development by key market players to develop advanced and error-free ECG machines which will further boost the market growth over the projected period.
By type, the Holter monitors segments is expected to hold a dominant market share as it is portable and records the electrical activity of the heart continuously over 24 hours or longer without being in the hospital premises. By end-users, the hospital's segment is estimated to have a significant market share owing to the rising number of treatments and surgeries being taking place, globally for which electrocardiogram machines are required. Geographically, the Asia Pacific region is expected to witness the highest CAGR over the projected period due to increasing investments in this region by key market players and improving healthcare infrastructure in this region. Also, due to the increase in the geriatric population in countries such as Japan and India will further propel the market growth. North America is estimated to hold a notable market share owing to the flourishing healthcare industry and the presence of key market players in this region.
The number of patients suffering from cardiovascular diseases (CVD) across the globe has been on a constant rise. The stable increase in the numbers is likely to increase the requirement for ECG monitoring and subsequently the demand for electrocardiogram machines. According to the American Heart Association, in the United States in 2019, coronary events are expected to occur in about 1,055,000 individuals, including 720,000 new and 335,000 recurrent coronary events. The increasing incidence of cardiovascular diseases in people will drive the growth of the market during the forecast period as it will increase the number of patients who will require the ECG monitoring procedure.
The increase in the geriatric population worldwide is further projected to support the market growth of electrocardiogram machines in the long run. According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050, this will fuel the market growth during the forecast period as the geriatric population is more likely to require regular ECG monitoring which in turn will increase the demand for electrocardiogram machines.
The major restraint for the electrocardiogram machines market is the unfavorable reimbursement policies associated with it. Many medical claim providers and medical insurance companies do not reimburse the ECG claims, which makes patients apprehensive about going forward with the procedure as it is a costly affair. The unfavorable reimbursement policies may hamper the market growth as if the patients are unable to claim the expenses, they will try to avoid the ECG monitoring procedure which in turn will restrict the market growth of the electrocardiogram machines.
COVID-19 impact On Electrocardiogram (ECG) Machine Market.
The Covid-19 pandemic moderately impacted the global electrocardiogram machines market as due to the nationwide lockdown restrictions; many patients deferred their ongoing treatments and postponed their visits to the hospital to avoid public places which hampered the market growth of electrocardiogram machines. However, the patients who required ECG monitoring on an urgent basis did go forward with the procedure which stabilized the market growth. Also, the patients suffering from chronic and cardiovascular diseases witnessed a huge spike in numbers due to being affected by the virus, which resulted in the increasing demand for ECG monitoring, subsequently contributing to the growth of the electrocardiogram machine market.
The market leaders are Koninklijke Philips N.V., CardioComm Solutions, Inc., SCHILLER AG, Nihon Kohden Corporation, Mortara Instrument, General Electric Company, and BioTelemetry, Inc. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance, in December 2020, CardioComm Solutions, Inc. entered into a technology integration agreement with LiveCare Corporation and a Value-Added Reseller and Distribution Agreement with Alliance Tele-Med, to provide integrated ECG remote monitoring through the LiveCare Link coupled with the device and telemedicine platform.