Feb 25, 2021: The global ECG Equipment Market size is expected to value at USD 6.3 billion by 2022. The ECG equipment industry is subject to witness a substantial growth due to increasing occurrence of chronic diseases, changing food patterns, significant adoption of ECG monitoring systems by healthcare professionals, and ease of operation of these devices. Increasing demand from healthcare specialists coupled with growing health-conscious population is expected to drive the growth of ECG equipment market over the forecast period.
Furthermore, rise in the number of awareness initiatives by local governments are anticipated to offer growth opportunities for market players in the near future. However, strict laws and guidelines adopted by regional governments and lack of availability of skilled professionals are restricting the market growth, in the recent years.
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Changing lifestyle and varying eating habits have steered rising occurrence cardio-vascular diseases among young as well as elderly population. High-calorie diet and lesser physical exercise are contributing to rising number of incidences of cardio-vascular diseases such as arteriosclerosis and high blood pressure. The common factors such as ever-growing pollution with the rapid industrialization and urbanization, are contributing to the respirational disorder, attributing to the demand for ECG equipment.
An ECG equipment offers smart diagnosis based treatment with the help of highly accurate diagnosis of physiological parameters in the real-time. An ECG system is able to predict and facilitate diagnostic needs of patients. The ECG systems provide highly accurate test results that helps in further treatment of patients suffering from cardo-vascular disorders. Globally, the ECG equipment industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the ECG equipment market.
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ECG monitoring alongside multiple sensor data fusion techniques are typical methodologies implemented to enhance system capabilities by utilizing integral redundancy in data with the help of a sensor and signal processing. ECG machines are vital for diagnosis in extreme conditions and critical situations in which the diagnosis of inherently interlinked signals is needed. The application of the electrocardiogram (ECG) equipment includes intensive care units, battlefield medical facility and outer-space operations. These systems prevent possibilities of data misinterpretation, responsible for raising false alarms only to offer a high degree of precision in its results with the help of data aggregation and fusion.
The ECG equipment industry is broadly categorized into five major segments based on the product type such as holter monitors, resting ECG system, stress ECG monitors, event monitoring systems and ECG management systems. The ECG management system is considered as one of the fastest growing segment in the market with a substantial revenue generation in the last few years. Growing popularity of the ECG management system segment is attributed to the increasing adoption by numerous healthcare facilities and their cost-effectiveness. The holter monitors segment has also witnessed a substantial growth due to the highly accurate results and lower cost.
The ECG equipment market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in healthcare sector, increasing number of research & development activities by prominent industry participants and existence of well-established medical facilities. Asia-Pacific region is predicted to hold a major market share in the ECG equipment with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing number of medical facilities in the region, growing healthcare expenditure by local governments, increasing disposable income and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the ECG equipment industry are BioTelemetry, Inc., Compumed Inc., GE Healthcare, Inc., Mindray Medical Co., Hill Rom Ltd., NIHON KOHDEN Co., Philips Healthcare, Inc., Schiller Group AG, Spacelabs Healthcare, Inc., Welch Allyn, Inc., CardioComm Solutions, Inc., McKesson Co., Device Technologies, Inc., and Medical Information Technology, Inc.
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