Pune India, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the Diagnostic electrocardiograph market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the diagnostic electrocardiograph market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, lead type, end-user, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global diagnostic electrocardiograph market are GE Healthcare, Hill-Rom Holdings Inc. (Welch Allyn), Nihon Kohden Corporation, AliveCor, Mindray Medical International Limited, Medtronic PLC, OSI Systems Inc. (Spacelabs Healthcare), Koninklijke Philips NV, Biotelemetry among others. To achieve a substantial market share in the worldwide diagnostic electrocardiograph market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
An electrocardiogram (ECG) test examines the heart's electrical activity to determine how effectively the human heart works. An ECG may be advised if a patient has palpitations, chest pain, or arrhythmia. An abnormal ECG result can indicate several heart diseases. An ECG of a normal heartbeat reveals the timing of the upper and lower chambers. The WHO lists cardiovascular disease as one of the world's major causes of death. Cardiovascular diseases (CVDs) are expected to cause 17.9 million deaths year, or 31% of all fatalities worldwide. Holter ECG monitors have been utilized widely in the identification of several cardiovascular disorders because they were initially assumed to be the most prevalent type of ambulatory ECG monitoring. In addition, the invention of wireless Holter monitors made it easier to gain a sizable market share in the global ECG industry. The large share of this category is mostly caused by the increasing prevalence of cardiovascular diseases, which is driving up the demand for high-quality cardiology treatment and the frequency of patient visits to doctors' offices for CVD diagnosis.
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Scope of Diagnostic Electrocardiograph Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, Lead Type, End-User, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | GE Healthcare, Hill-Rom Holdings Inc. (Welch Allyn), Nihon Kohden Corporation, AliveCor, Mindray Medical International Limited, Medtronic PLC, OSI Systems Inc. (Spacelabs Healthcare), Koninklijke Philips NV, Biotelemetry among others |
Segmentation Analysis
The resting ECG segment is expected to be the fastest-growing segment in 2022.
The product segment is stress ECG devices, Holter monitors, resting ECG, implantable loop recorders, MCT devices, smart ECG monitors, and event monitors. The resting ECG segment is expected to witness the highest growth rate during the forecast period. The resting ECG is the test that is most frequently utilized in clinical procedures of all sorts. The wireless resting ECG systems market is predicted to grow as a result of the recent trend toward smaller, more portable mobile ECG monitoring equipment. As the number of heart attacks rises, so does the demand for resting ECG equipment. BTL Corporate is one of the leading suppliers of wireless ECG equipment for use by medical personnel in hospitals to observe resting ECGs.
The 3-lead ECG devices segment is expected to be the fastest-growing segment in 2022.
The product segment is 5-lead ECG devices, Single-lead, 3-lead ECG devices, 12-lead ECG devices, 6-lead ECG devices, and others. The 3-lead ECG devices segment is expected to witness the highest growth rate during the forecast period. Recent technology advancements have made single-lead ECG monitoring devices feasible for early atrial fibrillation diagnosis. However, compared to a single-lead ECG, a 3-lead ECG provides doctors with a much clearer view of the heart, allowing them to detect a much larger range of arrhythmias and other heart conditions without the hassle of gels or wires.
The hospital segment is expected to be the fastest-growing segment in 2022.
The end-user segment is hospitals, clinics, cardiac centers, ambulatory surgical centers, and others. The hospital segment is expected to witness the highest growth rate during the forecast period. It has been noted that the adoption rate of ECG is increasing among patients in both private and public institutions as a result of the increased usage of ECG monitoring in non-cardiology departments such as electrophysiology labs (EP), respiratory care, and emergency departments (ED). As more heart disorders and risk factors are identified, the demand for portable ECGs has increased. Hospitals utilising additional ECG equipment in cardiac emergencies is also responsible for a sizeable portion of the increase. In hospitals, an ECG is the most often utilised diagnostic tool.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the diagnostic electrocardiograph include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. The electrocardiograph (ECG) market is anticipated to increase due to the increasing emphasis on patient care and demands, which is backed by the country's developed infrastructure, technologically sophisticated healthcare system, and the rising prevalence of cardiovascular disorders.
Country Analysis
- Germany
Germany's diagnostic electrocardiograph market size was valued at USD 0.21 billion in 2022 and is expected to reach USD 0.32 billion by 2030, at a CAGR of 5.8% from 2023 to 2030.
Due to the region's growing industrialization and the existence of sizable insulation product makers in Germany, it is projected that the local market will be an early adopter of emerging insulation materials. In July 2022, Owens Corning announced that it would acquire vliepa GmbH (Germany), a company that specializes in coating, printing, and finishing nonwoven, paper, and film for the building materials industry. Owens Corning is now better positioned to service the European building and construction industry thanks to the acquisition.
- China
China’s diagnostic electrocardiograph market size was valued at USD 0.149 billion in 2022 and is expected to reach USD 0.221 billion by 2030, at a CAGR of 5.1% from 2023 to 2030. Due to rising rates of cardiovascular disease, more advanced technology, quickening economic growth, and helpful government initiatives. Technology developments, such as wireless and real-time monitoring, increased healthcare spending, and governmental assistance, are expected to boost market expansion in China.
- India
India's diagnostic electrocardiograph market size was valued at USD 0.141 billion in 2022 and is expected to reach USD 0.20 billion by 2030, at a CAGR of 4.8% from 2023 to 2030. The diagnostic electrocardiograph (ECG) market in the region is anticipated to grow in the future years as a result of the expansion of the healthcare infrastructure, along with an increase in disposable income.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of diagnostic electrocardiograph market is mainly driven owing to the continuous increases in the incidence of cardiovascular and lifestyle-related disorders.
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