The growth in the ECG Market can primarily be attributed to factors such as the increasing incidence of cardiovascular diseases and technological advancements in devices.
According to research report the global ECG market size is expected to reach USD 10.3 billion by 2024 from USD 7.5 billion in 2019, at a CAGR of 6.4% during the forecast period.
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The market is segmented by Product (Resting ECG, Stress, Mobile Cardiac Telemetry Device, Implantable Loop Recorder) and Service, By Lead Type (12-lead, 6-lead, 5- lead), End User, and Region
Based on the product, the ECG products market is segmented into resting ECG devices, event monitors, MCT devices, stress ECG devices, implantable loop recorders (ILRs) and smart wearable ECG monitors. The ILRs segment is projected to grow at the highest CAGR during the forecast period. Factors such as quick and enhanced diagnosis as compared to other short longer-term monitoring modalities and the huge potential for reducing healthcare costs are driving the growth of the market.
By lead type, the diagnostic ECG market is divided into 12-lead, 5-lead, 3-lead, 6-lead, single-lead, and other lead types (15- and 18-lead). The 3-lead segment is expected to grow at the highest CAGR during the forecast period. This positive growth is primarily due to the fact that these leads are used conjointly with various other cardiac diagnostic tests and during medical procedures.
On the basis of region, the ECG market is segmented into North America, Europe, Asia Pacific, and RoW. The Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as growing incidence of chronic diseases, growth in the geriatric population, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are fueling the demand for diagnostic ECG products and services in this region.
The major players in the global diagnostic ECG market are Koninklijke Philips (Netherlands), GE Healthcare (US), and Nihon Kohden Corporation (Japan). These players have adopted various growth strategies such as service product launches, partnerships collaborations, and mergers expansions to increase their presence in the global market.
Koninklijke Philips (Netherlands) was one of the major players operating in the diagnostic ECG market in 2018. The company’s major products include the Stress ECG testing system, ECG software management system, Holter monitors, and cardiographs. Philips Group operates in the Asia Pacific, Europe, North America, and Africa. In 2016, Philips Healthcare collaborated with the Rostock University Medical Center (Germany) to deliver networked cardiac care across Germany.
GE Healthcare (US) is among the leading players in the diagnostic ECG market. The company provides a range of diagnostic ECG products, including resting, stress, and ambulatory ECGs, as well as ECG software. The company focuses on investing in product RD and clinical studies. The company operates in more than 140 countries across the Americas, Europe, Asia, and the Middle East Africa.
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