Market Research Report
ECG Telemetry Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Resting ECG Devices, Stress ECG Devices, and Others) and End User (Home Healthcare and Hospitals)
|ECG Telemetry Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Resting ECG Devices, Stress ECG Devices, and Others) and End User (Home Healthcare and Hospitals)|
Published: May 7, 2021
The Insight Partners
Content info: 177 Pages
Delivery time: 1-2 business days
The ECG telemetry devices market is expected to reach US$ 3,783.48 million in 2028 from US$ 2,087.66 million in 2020; it is estimated to grow at a CAGR of 7.3% during 2020-2028. The key factors such as increase in cardiovascular disease incidence and surge in geriatric population drive the growth of the market. However, the high cost and disadvantages of ECG telemetry devices restrain the market growth.
The world has been witnessing notable developments in mobile health (mHealth) from the last decade, which is offering physicians and patients new approaches to manage many diseases, including atrial arrhythmias, ventricular arrhythmias, ventricular, atrial fibrillation. The growing prevalence of arrhythmia and other cardiovascular diseases (CVDs) is triggering the need for improved diagnostic methods. ECG telemetry systems are the most effective instruments used for detecting arrhythmias. These devices allow simpler and quicker heart monitoring, which has added to their popularity. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide, with ~30 million people experiencing a stroke each year. According to the American Heart Association, almost half of all adults in the US have a kind of CVD. More than 130 million people, i.e., 45.1%, of the US population are projected to have a type of CVD by 2035. Furthermore, the European Society of Cardiology reported that Atrial fibrillation is the most common arrhythmia, and it accounts for 0.28-2.6% of healthcare spending in European countries. It also mentioned that patients suffering from atrial fibrillation at a five-times greater risk of getting a stroke, and 20-30% of total stroke cases in Europe are caused due to atrial fibrillation. As per the study conducted by the European Society of Cardiology in 2016, in the EU, ~7.6 million people with age 65 years and above had atrial fibrillation. As per the European Society of Cardiology estimates, the number is expected to increase by 89% to reach ~14.4 million by 2060. The prevalence of atrial fibrillation is estimated to reach 9.5% by 2060 from 7.8% in 2016. Further, as per the report "Beyond the Burden: The Impact of Atrial Fibrillation in Asia Pacific" by Biosense Webster, published in 2019, more than 16 million people in Asia Pacific suffer from atrial fibrillation , and the number is expected to reach ~72 million by 2050. The report also suggests that the condition has affected the middle-aged and elderly population more.
A few of the primary risk factors for CVDs are family history, ethnicity, and age; other risk factors include tobacco consumption, hypertension, obesity, high cholesterol, physical inactivity, diabetes, unhealthy diets, and alcohol consumption. Further, lifestyle changes are leading to the rise in the incidence of diseases such as diabetes, hypertension, dyslipidemia, and obesity, contributing to a surge in CVD cases across the world. Most types of CVDs can be prevented through pre-monitoring and pre-diagnosis. Likewise, abnormalities in the functioning of the heart, arrhythmias, can be averted with early diagnosis. Owing to this, the demand for ECG telemetry devices is increasing as these devices help save patients at high risk of cardiac arrest.
Based on product, the ECG telemetry devices market is segmented into resting ECG devices, stress ECG devices, and others. The resting ECG devices segment held the largest share of the market in 2020, and the same segment is anticipated to register the highest CAGR of 8.1% in the market during the forecast period. The market growth for this segment is attributed to the increasing cardiovascular diseases. Furthermore, due to its offered advantages, many players are adopting organic and inorganic strategies to sustain their position in the market. For instance, in August 2017, the US-based HeartSciences announced that its MyoVista high sensitivity electrocardiograph testing device received CE Mark and launched in Europe. The company stated that MyoVista hsECG uses the 12-lead, at-rest testing protocol as conventional ECG devices. The device syndicates informatics with traditional 12-lead resting ECG tracings and ECG interpretive analysis.
The World Health Organization (WHO), National Health Service, Centers for Disease Control and Prevention (CDC), Organization for Economic Co-operation and Development (OECD), American Division for Heart Disease and Stroke Prevention, The China National Committee on Aging, and company websites are among the major primary and secondary sources referred to while preparing the report on the ECG telemetry devices market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the ECG Telemetry Devices market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global ECG Telemetry Devices market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.