Diagnostic Electrocardiograph Market
Number of pages: 100 | Report Format: PDF | Published date: September 07, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 8.5 Billion |
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Revenue forecast in 2030 |
USD 14.83 Billion |
|
Growth Rate |
CAGR of 6.4% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Product Type, Application, End-User, and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global diagnostic electrocardiograph market was pegged at US$ 8.5 billion in 2021 and is expected to witness a CAGR of 6.4% during the forecast period.
Market Fundamentals
According to the WHO, cardiovascular disease is one of the leading causes of death in the globe. 17.9 million people are predicted to die from cardiovascular diseases (CVDs) per year, or 31% of all fatalities globally. A device called an electrocardiogram (ECG) uses electrodes in contact with the body (chest) to record the electrical activity of the heart as waveforms, and the data are amplified on an ECG monitor. Arrhythmia and acute coronary syndrome symptoms can be recognised by interpreting these waveforms. Among other cardiac disorders, electrocardiography is used to diagnose cardiac murmurs, myocardial infarction, cardiac stress tests, and fainting. Also used as a non-invasive diagnostic technique is the electrocardiograph
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Market Dynamics
Over the course of the forecast period, the market for diagnostic electrocardiographs is anticipated to expand. The market is expected to develop as a result of rising rates of cardiovascular diseases and lifestyle-related illnesses like ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases. Moreover, the global diagnostic electrocardiograph (ECG) market is anticipated to be driven by an expanding geriatric population, improved healthcare infrastructure, and favourable reimbursement policies. Additionally, throughout the course of the forecast period, the diagnostic ECG market is anticipated to rise as a result of ongoing developments in ECG device technology and the introduction of remote monitoring devices.
Market Ecosystem
The global diagnostic electrocardiograph market has been analyzed from five perspectives by product, technology, lead type, end user, and region.
Diagnostic Electrocardiograph Market by Product
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Based on product, the global diagnostic electrocardiograph market has been segmented into rest ECG system, stress ECG system, holter ECG system, event recorders, and others. The holter ECG system segment dominated the segment during forecast period. A new generation of portable and compact holter ECGs is driving their increased acceptance on the diagnostic and monitoring front, particularly in the home healthcare sector. An example of a transportable electrocardiogram is the Holter ECG system (ECG). Over the course of 24 hours or more, it continually captures the electrical activity of the heart. The Holter ECG's benefits and accessibility make it the segment dominate.
Diagnostic Electrocardiograph Market by Technology
Based on technology, the global diagnostic electrocardiograph market has been segmented into portable ECG systems and wireless ECG systems. The portable ECG system segment dominated the market during the forecast period. Research and development in the portable ECG device are taking place rapidly. Data collected in the portable ECG devices are precise and specific to the patient.
Diagnostic Electrocardiograph Market by Lead Type
Based on lead type, the global diagnostic electrocardiograph market has been segmented into single lead ECG, 3-6 lead ECG, and 12 lead ECG. During the projected period, the segment for 3-lead ECG is anticipated to increase at the greatest CAGR. This is because they can be used in conjunction with several cardiac diagnostic tests, telemetry monitoring, and medical operations such as emergency, cardiac diagnostic testing, and the management of heart disease.
Diagnostic Electrocardiograph Market by End User
Based on end user, the global diagnostic electrocardiograph market has been segmented into home-based users, hospitals, and others. The market's highest share belonged to the hospital segment. The large share of this market can be primarily attributed to the increasing prevalence of cardiovascular diseases, which is in turn driving up demand for high-quality cardiology care and the number of patients visiting doctors' offices for the diagnosis of CVD, as well as the availability of reimbursements for Holter & event monitors in developed markets.
Diagnostic Electrocardiograph Market by Region
Based on region, the global diagnostic electrocardiograph market has been segmented North America, Europe, Asia Pacific, and Rest of the World. When it came to revenue, North America dominated all other regions. The ageing population, expanding demand for minimally invasive procedures, and high per capita income are all expected to contribute to this market's expected continued dominance over the projection period. Due to its large population, rising disposable income, and expanding healthcare facilities, the Asia Pacific region is anticipated to grow profitably. India, Japan, China, Myanmar, Brazil, and other Asian nations are included in the Asia-Pacific region.
Competitive Landscape
Some of the prominent market player in the global diagnostic electrocardiograph market include
Strategic development
The global diagnostic electrocardiograph market is expected to grow at a CAGR of 6.4% in the coming years.
The increasing geriatric population, technological advancement, and collaboration between the companies are the key driving factors for the expansion of the market.
Some of the prominent market player in the global diagnostic electrocardiograph market include Medtronic. Inc., Hill-Rom Holdings, General Electric Company (GE Healthcare), etc.
3-lead ECG is dominating the global diagnostic electrocardiograph market.
Asia Pacific is expected to witness highest growth in the forecast period.
*Insights on financial performance is subject to availability of information in public domain
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