Diagnostic Electrocardiograph Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1913
Diagnostic Electrocardiograph Market size is projected to experience significant growth from 2017 to 2024.
Diagnostic Electrocardiograph (ECG) market size should witness significant growth due to growing elderly population coupled with amplified prevalence of heart diseases. Rising demand for painless and non-invasive procedure that records the heart’s electrical activity for early diagnosis of heart disorders will drive the global diagnostic electrocardiograph market size.
Electrocardiographs sense the electrical indications related with cardiac actions and yields a graphic record of voltage against time. ECG assists in diagnosis and treating some categories of heart disease and arrhythmias, determines an individual’s response to drug treatment, and reveal changes or trends in heart activities. Multichannel electrocardiographs signals from two or additional leads alongside are often used in place of single-channel. Several electrocardiographs can perform automatic interpretation and measurement of the ECG as an optional or selectable feature.
Increasing global prevalence of arrhythmias due to changes in heart's structure, such as from cardiomyopathy, coronary artery disease, diabetes, sleep apnea and high blood pressure will fuel the industry growth. Furthermore, growing prevalence of hyperthyroidism and hypothyroidism, increasing smoking, alcohol or caffeine consumption, drug abuse and stress will increase the number of ECG’s performed. As per Circulation journal, in 2013, around 33.5 million people around the world were diagnosed with atrial fibrillation. Few problems are associated with electrocardiographs like electrical safety artifact or noise, improper application, poor skin preparation that can cause an abnormality to be overlooked may hamper the diagnostic electrocardiograph market growth.
12 lead ECG will grow at a substantial due to additional benefits over the other approaches. Various aspects like quick identification of injury or infarction, early diagnosis, low timeframe to reperfusion treatment, and improved index of suspicion should boost the business share. Holter ECG will witness a robust growth over the forecast period pertaining to factors like portability, 24 to 48-hour patient monitoring that offers continuous hearth rhythm monitoring can be missed by clinical ECG.
Hospitals are witnessing for major revenue share due to availability of advanced and low technologies for disease diagnosis. Growing number of hospital coupled with rising public awareness towards healthcare and system availability will propel the industry share.
U.S. will witness significant growth over the forecast period due to presence of large patient pool. As per WHO statistics, cardiovascular diseases accounts for most deaths globally. Approximately 17.7 million people die of disease annually. Growing death rate of women with atrial fibrillation in developing countries coupled with rising prevalence of obesity and hypertension among elderly population will drive the diagnostic electrocardiograph market size.
UK will grow at profitable rate over the forecast period. Increasing prevalence of circulatory system diseases with considerable burden on healthcare systems and government budgets will witnesses to create lucrative growth opportunities. In 2013, there were approximately 1.9 million deaths resulting from circulatory system diseases in Europe, which was equivalent to 37.5% of all deaths across the region.
India diagnostic electrocardiograph market will expand at robust growth rate in coming years due to increased prevalence of chronic disorders and rise in development of healthcare infrastructure. According to Apollo hospitals, more than 10 million cases are recorded each year in the country. Favorable government policies, huge population base and growing awareness towards novel technologies will boost the demand.
Some of the industry players include Cardionet, Compumed, Cardiac Insights, GE Healthcare, Mindray Medical International, Mortara Instrument, Nihon Kohden, Philips Healthcare, Schiller, Spacelabs Healthcare, and Welch Allyn. The industry players focus on strategic alliances and innovative product launch to expand their business portfolio as main strategies. For instance, in June 2017, Cardiac Insight launched Cardea Solo a wearable atrial fibrillation sensor, that offers both patients and physicians with cardiac data and assist in diagnosis of various arrhythmias.
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