Global Electrocardiograph (ECG) Market - Segmented by Product, Technology, Lead Type, End user and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global electrocardiograph (ECG) market is expected to witness a CAGR of approximately 5%. North America is expected to have highest market share and APAC is expected to witness the highest CAGR.
Rising Incidences of Cardiac Diseases due to Change in Living Pattern
The increase in cardiovascular diseases is a direct cause for the increase in demand for ECG devices. Prevalence of CVD is strongly driving the market for ECG devices. According to WHO, about 17.3 million died from CVD in 2013. Since then, there have been widespread awareness programs being conducted, along with extensive marketing for these devices. The future opportunity and concern lie in the estimation made by WHO that 23.3 million people may die from CVDs by the end of 2030. This forecast is expected to be a major propelling factor in the cardiac assist devices market, in the coming years. Countries, such as Japan and China, which have high geriatric population, are expected to show rapid growth because the geriatric population is more susceptible for cardiac diseases.
Expensive Instruments and Maintenance
Portable and wireless ECG devices cost from a few dollars to more than thousand dollars, which is costly, especially for people in developing countries, such as India, where per capita income is approximately USD 1400. Other developing countries also have a low per-capita income, which makes advanced devices unaffordable. Additionally, healthcare facilities in these countries are still developing, and maintenance cost for these devices are very high. Although portable ECG devices have been developed, they have not been implemented to their complete use, since these instruments are expensive. In many countries, due to the cost-effective factor, physicians are being forced to use traditional ECG devices instead of the latest high-end devices. Approximately one-third of the problems reported with ECG devices arise from problems caused by the user, one-third from technical problems, and only one-third require special knowledge of the equipment. Hence, high cost for buying and maintaining, and lack of technical skills are hindering the growth of the market in developing regions. In developed regions, the new sales is almost equal to the replacement rate because of already well- established infrastructure.
North America to Dominate the Market
The electrocardiograph (ECG) market is segmented by product, technology, lead type, end, and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America dominates the electrocardiograph (ECG) market treatment market due to the presence of well-established healthcare facilities. The demand for preventive care devices, like ECG devices, is also increasing proportionally. The ECG devices segment is the most profitable and promising segment in the Indian patient monitoring devices market. It contributes to almost 25% to the whole patient monitoring market in developing countries, such as India, the Asia-Pacific market is expected to register the highest growth.
Major Players: GE HEALTHCARE, PHILIPS HEALTHCARE, NIHON KOHDEN CORPORATION, SCHILLER AG, OPTO CIRCUITS LIMITED, JOHNSON & JOHNSON, MINDRAY MEDICAL INTERNATIONAL LIMITED, MEDTRONIC PLC, MORTARA INSTRUMENT INC. amongst others
Key Developments in the market