Diagnostic ECG Market size in 2019 is estimated to be $6.85 billion, growing at a CAGR of 6.0% during the forecast period 2020-2025. Diagnostic Electrocardiograph (ECG) is a medical device that helps to diagnose problem related to the electrical activity of the heart. Electrodes record heart’s electrical signals which are placed on chest of the patient. It is a painless and non-invasive method to diagnose heart related problems. Electrocardiograph is performed to determine myocardial infarction, cardiac murmur, cardiac stress testing and fainting. Increasing prevalence of cardiovascular diseases and rising geriatric population across the globe are the major factors driving the growth of the market. Moreover, growing advancement in technologies in ECG devices further enhance the overall market demand for Diagnostic ECG during the forecast period 2020-2025.
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Diagnostic ECG Market Segment Analysis – By Product Type
Based on the Product Type, Diagnostic ECG Market is segmented into Resting ECG Devices, Stress ECG Devices, and Holter Monitors. The Resting ECG Devices segment is projected to be the fastest-growing segment and is projected to grow at a CAGR of 5.4% during the forecast period 2020-2025. This is mainly owing to quick, enhanced diagnosis with no preparation time. Moreover, it detect certain heart conditions such as hypertrophy of heart, ischemia, myocardial infarction, sequelae of myocardial infarction, cardiac arrhythmias, etc. in less time that are contributing to the growth of this segment.
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Diagnostic ECG Market Segment Analysis – By Lead Type
Based on the Lead Type, Diagnostic ECG Market is segmented into Single Lead, 3-6 Lead and 12 Lead. In 2019, 3-6 Lead held the largest share in the Diagnostic ECG market. This is mainly owing to it is used most often in various cardiac diagnostic tests. Moreover, its high efficiency rate at low cost is also contributing to the growth of this segment.
Diagnostic ECG Market Segment Analysis – By End User
Based on the End User, Diagnostic ECG Market is segmented into Hospital & Clinics, Home & Ambulatory Care, and Others. In 2019, Hospital & Clinics held the largest share in the Diagnostic ECG market. This is mainly owing to increasing number of patients in the hospitals for the diagnosis of cardiovascular diseases. Moreover, rising expenditure on buying ECG devices for quality cardiology care is also contributing to the growth of this segment.
Diagnostic ECG Market Segment Analysis – Geography
North America dominated the Diagnostic ECG market share accounting for 41% of the market in 2019. This is mainly owing to increasing prevalence of cardiovascular diseases in this region. According to American Heart Association (AHA), cardiovascular diseases is the leading cause in the America and nearly half of the U.S. adults have some types of cardiovascular diseases which increases the demand of Diagnostic ECG Market.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing generic population coupled with rising incidence of chronic diseases.
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Diagnostic ECG Market Drivers
Increasing prevalence of cardiovascular diseases
Increasing prevalence of cardiovascular diseases and chronic diseases are some factors driving the growth of Diagnostic ECG market. According to World Health Organization (WHO), cardiovascular diseases are the leading cause of death in globally, and cause around 17.9 million deaths annually in worldwide. Moreover, rising generic populations is also set to increase the market growth.
Growing advancement in healthcare
Growing advancement in technologies for development of ECG devices coupled with introduction of remote monitoring device are some factors driving the growth of the market. Moreover rising disposable income of the people coupled with increasing expenditure on healthcare is contributing to the growth of Diagnostic ECG market.
Diagnostic ECG Market Challenges
Irregular reimbursement policies is challenging the growth of the market. Moreover, uncertainty in market saturation and economic circumstances are further restraining its market growth during the forecast period 2020-2025.
Diagnostic ECG Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Diagnostic ECG Market. Diagnostic ECG top 10 companies are GE Healthcare, BioTelemetry Inc., Koninklijke Philips, Schiller AG, SUZUKEN Co. Ltd., General Electric Company, BPL Medical Technologies, Nexus Lifecare, Mindray Medical and Midmark Corporation.
In March 2018, Phillips Healthcare, leading player in healthcare technology has launched IntelliSpace Cardiovascular 3.1 to extend cardiovascular product line.
In May 2018, GE Healthcare collaborated with Preventice Solutions to expand GE Healthcare ECG services into the home, creating a solution for monitoring ambulatory ECG patients.
In 2019, North America dominates the Diagnostic ECG Market owing to increasing prevalence of cardiovascular diseases.
Increasing advancement in healthcare infrastructure is driving the market growth of Diagnostic ECG.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Diagnostic ECG Market report.
Uncertainty in market saturation is challenging the growth of the market.
Related Reports :
A. Electrocardiograph Market
B. Myocardial Ischemia Market
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