SEATTLE, May 29, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global electrocardiogram (ECG) devices market was valued at US$ 4.2 Billion in 2018, and is projected to exhibit a CAGR of 5.8% over the forecast period (2018–2026).
Key Trends and Analysis of the Electrocardiogram (ECG) Devices Market:
Key players are involved in gaining approval of novel electrocardiogram (ECG) devices and launch them into market. Launch of such novel devices in the market is expected to drive global electrocardiogram (ECG) devices market growth over the forecast period.
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For instance, in January 2019, Alphabet Inc.'s health division, Verily received approval from the U.S. Food and Drug Administration (FDA) for Verily’s Study Watch, a wearable medical device that conducts electrocardiograms (ECGs), which measure electrical activity of the heart and can be used to diagnose a number of heart conditions.
Furthermore, high prevalence of cardiovascular disease is expected to cater the demand for electrocardiogram (ECG) devices and support global electrocardiogram (ECG) devices market growth over the forecast period. For instance, according to the data published by American Heart Association, in 2018, cardiovascular diseases, listed as the underlying cause of death, accounted for nearly 836,546 deaths in the U.S.
According to the data published by The European Heart Network in 2018, annually, cardiovascular diseases (CVD) cause around 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). CVD accounts for 45% of all deaths in Europe and 37% of all deaths in the EU.
Key players in the market are involved in strategic collaborations with various organizations for conducting research and developing novel EGC devices. For instance in 2016, AliveCor, Inc., collaborated with Mayo Clinic to utilize AliveCor’s unique measurement technology to unlock previously hidden health indicators in ECG readings. Such partnerships and collaborations by key players in the region is expected to support global electrocardiogram (ECG) devices market growth over the forecast period.
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Key Market Takeaways:
- The market is expected to exhibit a CAGR of 5.8% during the forecast period (2018–2026). This growth is attributed to frequent launch and approval of novel products and high prevalence of cardiovascular diseases, which in turn is expected to rise demand for ECG devices.
- Key players in the market are involved in strategic partnerships and collaborations for the development of novel ECG devices. For instance, in 2018, GE Healthcare and Preventice Solutions, Inc. collaborated to provide customers with an extension of the hospital heart station and to expand GE Healthcare ECG services into home, creating more holistic solution for monitoring ambulatory ECG patients.
- Asia Pacific electrocardiogram (ECG) devices market is expected to be a potential region, due to increasing awareness regarding healthcare and high prevalence of cardiovascular disease in China, India, and Japan
- Some of the major players operating in the global electrocardiogram (ECG) devices market include, Cardiac Insight Inc., Koninklijke Philips N.V., General Electric Company, CardioNet, Inc., Mindray Medical International Limited, Spacelabs Healthcare (a subsidiary of OSI Systems Inc.), Schiller AG, CompuMed Inc., Nihon Cohden Corporation, and Welch Allyn, Inc.
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