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ECG Devices Market: High Prevalence of Cardiovascular Diseases to Drive Market

The global ECG devices market is driven by the high prevalence and rapid increase in incidence of cardiovascular diseases across the globe. The global market was valued at US$ 3.95 Bn in 2017 and is projected to reach US$ 6.79 Bn by 2026, expanding at a CAGR of 6.2% from 2018 to 2026. High growth rate of the market is attributed to the increase in adoption and availability of technologically advanced ECG devices, rise in the geriatric population, and surge in preference for minimal invasive diagnostics tools across the globe. 

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Cardiovascular diseases is the leading cause of death across the world. Cardiovascular diseases is a group of disorders of the blood vessels and the heart. They include congenital heart disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease. According to the World Health Organization (WHO), about 17.9 million people died of cardiovascular diseases in 2016, which represents 31% of all deaths worldwide. Of these, 85% of deaths were caused by stroke and heart attack. About 47% people in the U.S. are at a risk of a heart attack due to diabetes, overweight, physical inactivity, smoking, and excessive consumption of alcohol. This drives the demand for diagnostic techniques in the region. Increase in geriatric population, unhealthy diet, and obesity among various age groups are anticipated to drive the global ECG devices market during the forecast period. According to an estimate by the United Nations University (UNU), the percentage of the global population aged 65 years or above is expected to increase to 16% by 2050, from 7% in 2000. Furthermore, the World Health Organization (WHO) has stated that cardiovascular diseases would be the leading cause of death worldwide by 2030.

Thus, increase in population aged 65 years or above augments the demand for diagnostic and monitoring devices, including ECG devices. This is anticipated to boost the global ECG devices market during the forecast period.

The global ECG devices market has been segmented based on technology, end-user, and region. In terms of technology, the market has been classified into resting ECG systems, Holter monitoring, stress ECG systems, event monitoring, and mobile cardiac telemetry. The resting ECG systems segment dominated the global ECG devices market. The segment’s dominance is attributed to the high usage of resting ECG systems across hospitals, clinics, and ambulatory surgical centers and advancements in technology of ECG devices, as recent ECG systems are designed to improve workflow and simplify operation. For instance, in 2017, HeartSciences launched MyoVista ECG in Europe. The device combines informatics with traditional 12-lead resting ECG tracings and ECG interpretive analysis. The mobile cardiac telemetry segment is estimated to expand at a higher CAGR from 2018 to 2026, due to the rise in adoption of mobile cardiac telemetry devices owing to technological advancements in these devices and their effectiveness in cardiac monitoring services. Moreover, the diagnostic yield of mobile cardiac telemetry is considerably higher than event monitoring and Holter monitoring systems. 

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In terms of end-user, the global ECG devices market has been classified into hospitals, specialized clinics, ambulatory surgical centers, and others. The hospitals segment accounted for major share of the global market in 2017, followed by specialized clinics. The ambulatory surgical centers segment is projected to expand at a higher growth rate during the forecast period, to an increase in the outpatient setting for cardiovascular care, including interventional cardiology and electrophysiology procedures, with continued technology advances and a surge in preference for ambulatory surgical centers, as they are high quality, cost-effective sites for cardiac patients care and cardiovascular procedures.

In terms of region, the global ECG devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a prominent share of the global market in 2017, followed by Europe. Well-established health care facilities, favorable reimbursement policies, and early adoption of technologically advanced products for the management of cardiovascular diseases have contributed to North America’s large market share. Asia Pacific is projected to be a highly attractive market for ECG devices from 2018 to 2026. The market in the region is anticipated to expand at a notable CAGR during the forecast period, due to the high prevalence and increase in incidence of cardiovascular diseases, and surge in awareness about disease conditions in the region.

The global ECG devices market is consolidated, with small number of companies accounting for majority market share. Key players operating in the global market include GE Healthcare, Philips Healthcare, BioTelemetry Inc., Hill-Rom Holdings, Inc., Nihon Kohden Corporation, Schiller AG, and Spacelabs Healthcare (OSI Systems, Inc.). These players exhibit significant geographical outreach, with presence in multiple ECG devices segments. Manufacturers are adopting acquisition & collaboration and new product development strategies in order to tap the unmet needs of a large proportion of cardiovascular diseases patient pool. Other prominent players in the global ECG devices market include Fukuda Denshi Co., Ltd, Mindray Medical International Limited, and CompuMed Inc. 

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on May 17 at 2:48

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