Growth in this market can primarily be attributed to factors such as the rapidly increasing aging population, technological advancement, favoring government regulations towards monitoring devices and increasing incidences of cardiovascular diseases.
The ECG Cable and ECG Lead wires Marketwitnessed considerable growth during the last decade and is expected to grow at a CAGR of 5.7% between 2016 and 2021 to reach USD 1.75 Billion by 2021.
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The ECG cables and ECG leadwires market is segmented based on material, usability, leadwires by machine type, patient care setting and regions.
Based on ECG cables and ECG leadwires by materials, the market is split into three, namely, TPU (Thermoplastic polyurethane), TPE (Thermoplastic elastomer) and others (Silicone, PVC). Based on usability, the ECG cables and ECG leadwires market is divided into reusable and disposable.
Based on leadwires by type, the ECG leadwires market is segmented into single-lead ECG leadwire, 3-lead ECG leadwire, 5- lead ECG leadwire, 6- lead ECG leadwire, 12- lead ECG leadwire and other leadwires (15- and 18- lead ECG leadwires).
In 2015, the reusable segment accounted for the largest share in the global ECG cables and ECG leadwires market. And based on materials, the TPE (Thermoplastic elastomer) segment accounted for the largest share in the global ECG cables and ECG leadwires market.
Similarly, based on patient care setting, the ECG cables and ECG leadwires market is subsegmented into hospitals, clinics, long term care facilities and ambulatory and homecare. On the basis of geography, the ECG cables and ECG leadwires market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America held the largest share in the ECG cables and ECG leadwires market owing to the growing aged population and demand for remote monitoring ECG devices. On the other hand, the Asia-Pacific (APAC) region is expected to witness the highest growth rate during the forecast period.
The market players namely, 3M Company (U.S.), Becton, Dickinson and Company (U.S.), Medtronic plc (Ireland), Koninklijke Philips N.V. (The Netherlands) and Mindray Medical International Limited (China), held major share of the ECG cables and ECG leadwires market. The companies majorly focused on strategies such as Agreements, partnerships, mergers, acquisitions and expansions to sustain their positions in the market.