New York, July 22, 2019 (GLOBE NEWSWIRE) -- The rise in the occurrence rate of cardiovascular diseases, increased demand for ambulatory surgical centers, and the rise in geriatric population are some of the factors boosting Electrocardiograph Market.
The Global Electrocardiograph Market is forecast to reach USD 8.33 Billion by 2026, according to a new report by Reports and Data. A combination of different factors is propelling the expansion of the market. One of the dominant factors contributing to the development of the market is the increased occurrence rate of cardiovascular diseases and the associated rise in the mortality rate. The severity of the condition can be well-established with the help of the fact that, globally, approximately 18 Million individuals die from cardiovascular diseases every year. Such high mortality rate associated with cardiovascular diseases has resulted in increased investments and rise in funds being allocated by the government in the market and healthcare sector. The elevated investments are encouraging the growth of the market. It is also worth mentioning that, such increased rate of investments is also contributing to the increased R&D activities in the market that results in the technological advancements, which is also positively impacting the growth of the market.
In addition to that, increased government support has also resulted in the formulation of supportive government regulations that is promoting the production of ECG devices. The formulation of these favorable regulations makes the operation of the industry smooth, which in turn is encouraging the expansion of the market.
In context to region, Asia Pacific is forecasted to witness the highest growth rate in the Electrocardiograph Market, during the forecast period. The growth rate of Asia Pacific in the ECG market is the result of the increase in disposable income, rise in expenditure in the healthcare sector, and expansion of medical tourism in this region.
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Further key findings from the report suggest
- In the year 2018, the Global Electrocardiograph market held a market share of USD 5.20 Billion, with a growth rate of 5.8% during the forecast period.
- The technological advancements being made by key players of the industry like Spacelabs launching latest cardiology information management system is encouraging the growth of the market. Under this information management system, data is collected from a wide range of cardiovascular monitoring devices that increases the application areas of the market.
- In regards to Device Type, the Resting ECG segment dominated the market, generating the highest revenue of USD 3.01 Billion in 2018 with the second highest CAGR of 6.0% during the forecast period. The reason for the Resting ECG segment to yield the highest revenue is its applicability in detecting arrhythmias among service users even in resting position, making it appropriate for hospital admissions.
- In regards to Technology, Automatic Diagnosis and Anatomical Detection is occupying the largest market share, generating the highest revenue of USD 1.30 Billion in the year 2018, with a growth rate of 5.3% during the forecast period. The generated revenue by this segment is attributed to its extensive incorporation in the healthcare sector. It is widely used in hospitals and other care providing organizations due to advantages like enhancing patient electronic medical record (EMR) and technological developments like web-based access to the ECG system.
- In context to Lead type, the 3-6 Lead segment is leading the market that held 54.0% of the market share in 2018 with the highest growth rate of 6.5% during the forecast period. Factors contributing to the market dominance of the 3-6 Lead segment is its low cost and high rate of efficiency as compared to other lead types.
- In the End-users, the Hospital segment held the largest market share of 58.0% in 2018, with a growth rate of 5.2% during the forecast period. Factors like increased occurrence rate of cardiovascular diseases, and associated hospital admissions are contributing to the segment’s market dominance.
- The Asia Pacific region is forecasted to experience the highest growth rate of 7.2% during the forecast period. Factors like increase in disposable income, rise in expenditure in the healthcare sector, and expansion of medical tourism in this region are contributing to its growth rate.
- Key participants include Mortara Instrument, INC., GE Healthcare (General Electric Company), Mindray Medical International Limited, Medtronic, OPTO Circuits Limited, OSI Systems Fukuda Denshi CO LTD, Philips Healthcare (Koninklijke Philips N.V.), Schiller AG, Spacelabs Healthcare and Nihon Kohden Corporation.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the Global Electrocardiograph [ECG] Market based on Device Type, Technology, Lead type, Distribution channel, Application and End-user, and Region:
Device Type Outlook (Revenue, USD Billion; 2016-2026)
- Stress ECG
- Holter Monitors
- Wireless Holter Monitors
- Wired Holter Monitors
- Resting ECG
Technology Type Outlook (Revenue, USD Billion; 2016-2026)
- Automatic Diagnosis and Anatomical Detection
- Mobile Cardiac outpatient telemetry (MCT/MCOT)
- Electronic ECG management system
- Smart Wearable ECG Monitors
- Artificial Intelligence
Lead type Outlook (Revenue, USD Billion; 2016-2026)
- Single Lead
- 3-6 Lead
- 12-Lead
Distribution channel Type Outlook (Revenue, USD Billion; 2016-2026)
- Offline
- Online
Application Type Outlook (Revenue, USD Billion; 2016-2026)
- Atrial Fibrillation
- Ventricular Fibrillation
- Myocardial ischemia
- Myocardial infarction
- Hyperkalemia
- Hypokalemia
End-user Outlook (Revenue, USD Billion; 2016-2026)
- Hospitals
- Ambulatory Surgical Centers
- Homecare Settings
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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