Analysts’ Viewpoint on ECG Devices Market Scenario
High prevalence of cardiovascular diseases across the globe and launch of technologically advanced ECG equipment are expected to propel the global ECG devices market during the forecast period. Increase in geriatric population, rise in number of people adopting sedentary lifestyle, and growth in tobacco & alcohol consumption are also anticipated to augment the ECG devices market. Increase in focus on health care in developing countries is likely to offer immense opportunities to players operating in the global ECG devices market.
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Overview of Global ECG Devices Market
ECG device is generally used alongside other tests to help diagnose and monitor conditions affecting the heart. It is a painless, non-invasive source that helps diagnose many common heart-related issues. Increase in geriatric population, unhealthy diet, and obesity among various age groups are projected to propel the ECG devices market in the near future.
Rise in Prevalence of Cardiovascular Diseases across Globe to Drive Market
The prevalence of cardiovascular diseases is high across the globe. Cardiovascular diseases include a group of disorders of blood vessels and the heart such as congenital heart disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease. Increase in prevalence of cardiovascular diseases in developing countries can be linked to the rise in incidence of hypertension; increase in smoking, and growth in obesity caused by sedentary lifestyle. Presence of a large patient pool suffering from cardiovascular diseases is projected to drive the global ECG devices market during the forecast period.
Increase in Need for Cardiovascular Monitoring among Aging Population to Boost Market
Aging is one of the key factors responsible for the increase in the incidence of disorders such as hypertension and high blood cholesterol level. This is likely to drive the demand for cardiovascular monitoring and diagnostic devices, such as ECG, that enable quick diagnosis of the disease and monitoring of patients.
According to a study published in the American Journal of Medicine, the U.S. population is aging rapidly. Increase in life expectancy is likely to result in a doubling of the population aged 65 years or above from 40 million people in 2010 to 81 million by 2040. The mortality rate is the highest in Eastern Europe and middle-income countries. Overall CVD death rates are higher in low- and middle-income countries than those in developed countries. Increase in population aged 65 years or above augments the demand for diagnostic and monitoring devices including ECG devices. This is anticipated to drive the global ECG devices market during the forecast period.
Growth in Demand for Resting ECG Procedures among Patients to Augment Market
The resting ECG systems segment dominated the global ECG devices market, accounting for a market share of around 50% in 2021. Higher share of the segment can be ascribed to the better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Record (EHRs), which simplify ECG workflow and reduce the complexity associated with custom integration, and rise in usage of resting ECG systems in hospitals, clinics, and ambulatory surgical centers. Development and launch of technologically advanced electrocardiogram devices – recently developed ECG monitoring systems are designed to improve workflow and simplify operation – is expected to propel the segment during the forecast period. Holter monitoring system and stress ECG system are also rapidly growing segments based on technology type.
ECG Devices Primarily Being Used in Hospitals to Drive Hospitals Segment
Based on end-user, the hospitals segment is projected to account for dominant share of the global ECG devices market from 2022 to 2031. The ambulatory surgical centers segment is also anticipated to grow at a high CAGR from 2022 to 2031. Major share of the hospitals segment can be ascribed to the increase in usage of ECG devices in cardiac settings across hospitals, as an electrocardiogram is the most common diagnostic tool in the cardiac department. It is also the most frequently performed test in hospitals. Increase in preference for ambulatory surgical centers, as these are high-quality, cost-effective settings for cardiac patients and cardiovascular procedures, is expected to propel the ambulatory surgical centers segment during the forecast period.
Regional Outlook of Global ECG Devices Market
North America accounted for the prominent share of around 40% of the global ECG devices market in 2021. The market in the region is projected to expand at a CAGR of more than 6.9% from 2022 to 2031. GE Healthcare and Philips Healthcare have reported significantly high sales of medical devices, including ECG devices, from North America, followed by Europe.
In terms of CAGR, Asia Pacific is likely to be the fastest-growing region of the global market by 2031. The market in the region is expected to grow at a CAGR of 8.2% during the forecast period owing to the large population in countries such as India and China, significant presence of geriatric population in Japan, and improving health care facilities. Additionally, untapped opportunities and rise in awareness about cardiovascular diseases are expected to drive the ECG devices market in the region during the forecast period.
Analysis of Key Players in Global ECG Devices Market
The global ECG devices market is consolidated, with a few key players accounting for a major share. Most companies are making significant investments in research & development activities. Expansion of product portfolios and mergers & acquisitions are the key strategies adopted by the players. Key players operating in the market include GE Healthcare, Nihon Kohden Corporation, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Spacelabs Healthcare (OSI Systems, Inc.), Fukuda Denshi Co., Ltd, SCHILLER AG, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and CompuMed, Inc.
