Wilmington, Delaware, United States, June 02, 2022 (GLOBE NEWSWIRE) -- Demand for ECG devices for assessing and diagnosing cardiovascular diseases (CVDs) has grown steadily worldwide. Advancements in ECG monitoring systems have spurred the product penetration in various healthcare settings including clinics, ambulatory surgical centers (ASCs), and hospitals. The global ECG devices market is projected to advance at CAGR of 7.3% during 2022–2031.
Pressing need to control and prevent CVDs in a rapidly aging populations in several countries are enriching growth opportunities in ECG devices. An in-depth TMR study on growth prospects for ECG devices found that a spate of randomized clinical trials have helped a number of ECG devices manufacturers to capture new revenue streams in ECG devices market. Products equipped with wearable continuous monitoring has opened a new avenue for cardiac monitoring.
Growing popularity of mobile cardiac telemetry (MCT) services rests on the growing awareness of the advantages of advanced ECG devices workflow. Advancements in methods of cardiac monitoring have paved the way to new capabilities of at-home ECG devices. Medtech companies in global market for ECG devices thus are keen on expanding digitally enabled monitoring solutions, increasingly for self-monitoring.
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Key Findings of ECG Devices Market Study
- Extensive Use of ECG Devices in Hospitals Steer Revenue Growth: Rise in number of patients seeking ECG monitoring procedures is a key trend that has spurred the revenue growth for players in the ECG devices market. The hospital segment has been the leading end user, with enormous demand for electrocardiograms in their cardiology units. An uptick in demand for cardiovascular procedures in hospitalized patients has boosted the revenue growth for medica instrumentation companies in ECG devices market.
- Demand for Products to Rise in Ambulatory Surgical Centers (ASCs): Increased preference of ambulatory surgical centers among patients has underpinned abundant lucrative avenues for companies in the ECG devices market. They have gathered traction for providing cost-effective care to patients and individuals looking for ambulatory cardiac/telemetry monitoring. Growing R&D activities on ambulatory ECG monitoring systems is likely to pave the way to new revenue streams. The need for ASCs for availing real-time system for health monitoring in emergency care settings is a key underpinning for the vast revenue possibilities in the segment during the forecast period.
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ECG Devices Market: Key Drivers
- The high morbidity and mortality of cardiovascular disorders (CVDs) globally is a key driver for the need for constant ECG monitoring. CVDs of note have been found by the WHO as the leading cause of death, notably in the EU and the U.S. The mounting concerns have propelled the evolution of the ECG devices market.
- Growing trend of proactive healthcare in adults is a key trend bolstering the prospects of the ECG devices market. Advancements in wearable have boosted the capabilities of portable ECG monitoring systems.
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ECG Devices Market: Regional Growth Dynamics
- North America has remained as remarkably lucrative region in the ECG devices market, and the TMR study estimated its share to be nearly 40% in 2021. Profitable opportunities are expected to expand at a promising CAGR during the forecast period of 2022 – 2031. High sales of ECG devices by leading manufacturers have catalyzed the expansion of revenue of the North America ECG devices market.
- Asia Pacific ECG devices market is projected to expand at a remarkable CAGR amounting to 8.2% during the forecast period. Rise in number of older adults, especially due to rapidly aging population in Japan, China, and India, has steered the revenue potential.
ECG Devices Market: Key Players
Some of the key players in the ECG devices market are Mindray, CompuMed, Inc., SCHILLER AG, Fukuda Denshi Co., Ltd., Koninklijke Philips N.V., Hill-Rom Holdings, Inc., Nihon Kohden Corporation, and GE Healthcare.
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ECG Devices Market Segmentation
- Technology
- Resting ECG Systems
- Holter Monitor
- Stress ECG Systems
- Event Monitor
- Mobile Cardiac Telemetry
- End-user
- Hospitals
- Specialized Clinics
- Ambulatory Surgical Centers (ASCs)
- Others
Regions
- North America
- Latin America
- Europe
- Latin America
- Middle East & Africa
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