ECG devices are experiencing a paradigm technological shift from resting ECG systems to portable Holter monitoring systems, owing to their advantages of patient mobility, low prices and longer duration of patient monitoring. ECG devices are proving to be more efficient in ECG monitoring due to advancement in technology, allowing healthcare providers to monitor recorded data remotely and data management facilities for better analysis of data. These factors are expected to fuel the growth of global ECG devices market to grow at a CAGR of 4.1% between 2016 and 2024, according to a new report by Persistence Market Research (PMR). The report, titled, “ECG Device Market: Global Industry Analysis and Forecast, 2016-2024”.
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PMR’s report offers market forecast and analysis on global ECG device market, segmenting the market on the basis of product, end-user, and region. The report segments the global ECG device market into five key regions, North America, Latin America, Europe, Middle East and Africa (MEA) and Asia Pacific (APAC). According to the PMR’s regional analysis, North America (U.S. and Canada) is the most lucrative market for ECG devices globally. This region holds highest market share over the forecast period (2016-2024) and is expected to exhibit slow growth rate. The Asia Pacific is expected to be the fastest-growing region for ECG devices owing to its increasing incidence rate of cardiovascular diseases and high population. APAC is estimated to hold nearly 27.3 % revenue share by the end of 2016 in the ECG device market. MEA region is also expected to grow significantly over the forecast period owing to its high public healthcare expenditure and government funding. This region is expected to grow at CAGR of 4.5% over the forecast period.
On the basis of product, PMR has segment the ECG device market into ECG resting system, ECG Holter monitoring system, ECG stress testing system and cardiopulmonary stress testing system segments. ECG Holter monitoring system segment is expected to dominate the market through the forecast period and is anticipated to be the most lucrative segment. Due to the high adoption rate of ECG Holter monitoring devices globally this segment is expected to witness high incremental opportunity.
On the basis of the end user, the ECG device market has been segmented into hospitals, diagnostic centers, clinics and ambulatory surgical centers (ASCs). PMR estimates that hospitals segment accounts for highest revenue share in the end user segment of ECG device market and is expected to witness the fastest growth over the forecast period. Factors like increasing number of private hospitals in emerging countries and government funding for better infrastructure is expected to boost revenue share from hospitals segment for ECG device market. Diagnostic centers segment is also expected to gain significant growth during the forecast period due to better diagnostic facilities and ease of access.
The report discusses several factors affecting the ECG device market like increment in healthcare expenditure, key strategies of the participant companies, reimbursement policies, and regulations.
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Some key market participants included in the PMR’s ECG device market include GE Healthcare, Koninklijke Philips N.V, Welch Allyn (Hill-rom company, Inc.), Schiller AG, Fukuda Denshi Co. Ltd., Nihon Kohden Corporation, Mortara Instrument, Inc., Spacelabs Healthcare, Inc.