The ECG devices market is witnessing growth owing to a sharp rise in the incidence of CVDs globally, an increase in the geriatric population, technological advances in these devices, and stringent government regulations on monitoring devices. These devices capture information regarding the functioning of the heart. As per the World Health Organization (WHO), the major cause of death globally is CVDs, which result in approximately 17.9 million deaths per year. This drives the demand for ECG and the number of tests conducted on individuals susceptible to CVDs.
The major driver for the ECG devices market advance is a gradual hike in the investment in R&D activities, to adapt to the existing technologies and come up with better ones. Product evolution, coupled with the innovation in designing electrocardiographs, contributes to the market growth. For instance, doctors can easily monitor patients remotely with the introduction of wireless ECGs. Since the average pricing of wireless ECG devices is high, they have a lower accessibility in rural areas. However, the availability of cheap and effective ones will increasingly boost their adoption in the future.
North America is expected to hold one of the largest shares in the ECG devices market over the coming years. This may be attributed to the increasing incidence of CVDs, a strong healthcare infrastructure, and higher disposable income effectively pushing the purchasing power of consumers. In addition, the demand for this equipment in APAC will rapidly grow owing to the rising healthcare expenditure and reforms for an enhanced infrastructure. As per the WHO, LMICs, a lot of which are located in APAC, account for three-fourths of all the CVD deaths on this planet.
Some of the key players in this market include General Electric Company, Mindray Medical International Limited, CardioNet Inc., Koninklijke Philips N.V., Spacelabs Healthcare, Nihon Cohden Corporation, Schiller AG, Compumed Inc., and Welch Allyn. The higher degree of competition among them boosts the ECG devices market by bringing remarkable technological advancements. Moreover, these established market players are scrambling for a larger market share in developing and developed nations via product portfolio expansion and aggressive marketing.
Based on end use, hospitals, clinics, and cardiac centers will account for a significant revenue contribution to the ECG devices market in the future. This can be attributed to the growing global burden of CVDs. Consequently, there is a dire need for quality cardiac care and to meet the requirements for Holter and event monitors across developing and developed markets. Overall, there is a domino effect on the skyrocketing demand for these devices. as they are imperative in emergency rooms, OPDs, operating rooms, ICUs, and patient wards.
Based on lead type, the six-lead ECG category in the ECG devices market will grow potentially due to the rising demand for these variants for the diagnosis of cardiac disorders that require an explicit understanding of the functioning of the heart. It can detect atrial fibrillation as well as tachycardia with utmost comfort. Nonetheless, the 12-lead ECG category will grow owing to the increasing utilization of these variants to ascertain the electrical impulses coming into the four chambers and the four valves.
Thus, a sharp rise in the incidence of CVDs globally and gradual technological advancements will together improve the revenue generated in this market.