The Factors such as the rising incidence of lifestyle &
cardiovascular diseases and increasing geriatric population are expected
to propel the growth of the Diagnostic Electrocardiograph Market.
According to the new market research report ECG Market is expected to reach USD 10.3 billion by 2024 from USD 7.5 billion in 2019, at a CAGR of 6.4% during the forecast period.
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• By lead type, the diagnostic ECG market is divided into 12-lead,
5-lead, 3-lead, 6-lead, single-lead, and other lead types (15- and
18-lead). The 3-lead segment is expected to grow at the highest CAGR
during the forecast period. This positive growth is primarily due to the
fact that these leads are used conjointly with various other cardiac
diagnostic tests and during medical procedures.
• By end user,
the market is classified into hospitals, clinics, and cardiac centers;
ambulatory surgical centers; and other end users. In 2018, the
hospitals, clinics, and cardiac centers segment accounted for the
largest share of the market. The large share of this segment can
primarily be attributed to the growing burden of cardiovascular
diseases, which, in turn, is increasing the need for quality cardiology
care.
The major players in the global diagnostic ECG market are
Koninklijke Philips (Netherlands), GE Healthcare (US), and Nihon Kohden
Corporation (Japan). These players have adopted various growth
strategies such as service & product launches, partnerships &
collaborations, and mergers & expansions to increase their presence
in the global market.
Koninklijke Philips (Netherlands) was one
of the major players operating in the diagnostic ECG market in 2018.
The company’s major products include the Stress ECG testing system, ECG
software management system, Holter monitors, and cardiographs. Philips
Group operates in the Asia Pacific, Europe, North America, and Africa.
In 2016, Philips Healthcare collaborated with the Rostock University
Medical Center (Germany) to deliver networked cardiac care across
Germany.
GE Healthcare (US) is among the leading players in the
diagnostic Diagnostic Electrocardiograph Market. The company provides a
range of diagnostic ECG products, including resting, stress, and
ambulatory ECGs, as well as ECG software. The company focuses on
investing in product R&D and clinical studies. The company operates
in more than 140 countries across the Americas, Europe, Asia, and the
Middle East & Africa.
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On the basis of region, the diagnostic ECG market
is segmented into North America, Europe, Asia Pacific, and RoW. The
Asia Pacific is expected to grow at the highest CAGR during the forecast
period. Factors such as growth in the geriatric population, growing
incidence of chronic diseases, rising healthcare spending, healthcare
reforms for infrastructural development, growing demand for advanced
technologies, and less stringent regulations are fueling the demand for
diagnostic ECG products and services in this region.
