The global market for ECG devices has been estimated at USD XX billion in 2016 and is projected to reach USD XX billion by 2021, growing at a CAGR of XX% during the forecast period from 2016 to 2021.
Electrocardiography (ECG) is a non-invasive medical test that records the electrical activity of the heartbeat over a period of time. Each heartbeat produces an electrical impulse and is recorded using electrodes placed on the patient’s body. The electrodes detect the tiny electrical changes on the skin that arise from the heart muscle depolarizing during each heartbeat. An ECG gives two kinds of information. Firstly, by measuring time intervals on the ECG, a cardiologist can determine if the electrical activity is normal or slow, fast or irregular. Secondly, by measuring the amount of electrical activity passing through the heart muscle, a cardiologist can find out if parts of the heart are too large or overworked.
Global Electrocardiograph (ECG) Market-Market Dynamics
Around 610,000 people die of heart disease in the United States every year – that’s one in every four deaths. Heart disease is the leading cause of death in both men and women in the US. Coronary heart disease is the most common type of heart disease, killing over 370,000 people annually in the United States. Every year, about 735,000 Americans have a heart attack out of which 210,000 happen in people who have already had a heart attack. The trend of heart diseases over the globe is more or less the same as that in the USA; the rise in the number of cardiac patients has generated a demand for cardiac diagnostic and monitoring devices.
Some of the factors contributing to the growth of the market are:
Rise in the incidence of cardiovascular diseases due to change in living pattern Investments in the field of research and development of heart disease detection Demand for portable monitoring & diagnostic devices Government regulations favoring the production of cardiac monitoring devices Restraints
Some of the factors limiting the growth of the market are:
Reimbursement hurdles Market saturation High cost of devices The global ECG devices market has been segmented by product type: monitoring ECG systems, and diagnostic ECG systems; portability: portable ECG and wireless ECG; lead type: single lead ECG, 3-6 lead ECG, and 12 lead ECG; and end-user: home-based users, clinics, and hospitals.
The global ECG devices market has been geographically segmented into Asia-Pacific, Europe, North America, and Rest of the World, with North America dominating the market followed by Europe, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
The key players dominating the market with their products, services, and continuous product developments are:
Bionet Compumed GE Healthcare Mindray Philips Schiller Welch Allyn Key Deliverables in the Study
Global, regional and country-level analysis along with forecasts of the study market Study of the effect of exogenous & endogenous factors, viz. demographic, economic, and political factors, among others, which affect the global market Porter’s five forces framework incorporating the factors influencing each force to determine the intensity of competition Segment and sub-segment level analysis of the market over the review and forecast period Identification of key factors instrumental in changing the market scenario, exploiting new opportunities and gaining a competitive edge SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators