Diagnostic electrocardiography (ECG) records electric activity of the heart for the diagnostic purposes. They record electrical conduction system of the heart to diagnose abnormalities and health issues of the heart. It is the reason why this is one of the most essential and primary techniques used for the diagnosis and monitoring of various cardiovascular diseases. The diagnostics ECG market is strongly driven by rising instances of cardiovascular diseases and other such lifestyle related health conditions and advancing technology. Growth in the research and diagnostic activities across the emerging markets is also expected to create business prospects for the existing as well as potential businesses in the industry. Growing investments in the emerging regions are also considered as a crucial factor triggering the demand for this market.
Segmentation in Diagnostic Electrocardiography Market
The global Diagnostic ECG market is segmented on the basis of the types of segments, end users and leads. The segments include Holter monitor, stress and rest systems. Lead types include 12, 3-6, single lead and other types of leads. End users of the ECG devices include hospitals of different capacities, ambulatory care, homecare, and other users like research institutes, rehabilitation and diagnostic centers, surgical centers, physician offices and medical clinics. On the basis of the geographic regions, the global market is segmented into North America, Europe, Asia Pacific, and Rest of the World (Row), which includes Middle East, Latin America, and Africa.
4 Market Drivers
According to the experts, the diagnostics ECG market is driven by four essential factors. These drivers include increased lifestyle related diseases, cardiovascular diseases and threats of their occurrence, growing awareness amongst the customers as well as governments towards healthcare and checkups for early diagnosis, remote monitoring and technological advancements in the existing systems, growth in geriatric population, aging population and requirement for the monitoring devices. Apart from that, government regulations are also creating positive prospects for the monitoring devices including ECG.
Unstable reimbursement policies from the governments along with unstable economic conditions of today are expected to create unstable conditions in the global market. However, mergers and acquisitions with large and established players along with discovery of various untapped emerging markets are expected to create better business opportunities for the players in this industry. According to the researchers, the global diagnostics ECG market is expected to maintain a steady CAGR of over 5% from 2013 to 2020. At the estimated rate, the market is anticipated to reach $5,435 million by 2020.