3D Printing Medical Devices Market Growt...
Posted in Medical Devices by Adolf on Jun 26,2023 517
The electrocardiograph (ECG) is a non-invasive medical test that records the electrical activity of the heart over time. By placing electrodes on the skin, it generates a graph that represents voltage changes during each cardiac cycle, allowing for the detection of abnormalities such as rhythm disturbances, inadequate coronary artery blood flow, and electrolyte imbalances.
The global ECG market has witnessed significant growth in recent years and is expected to continue growing throughout the forecast period. The increasing incidence of cardiovascular diseases (CVDs) is a major driving factor. According to the World Health Organization, in 2016, more than 17.9 million people worldwide died from CVDs, emphasizing the need for advanced healthcare facilities to diagnose, treat, and monitor these conditions.
Advancements in ECG technologies, a growing geriatric population, and improvements in healthcare infrastructure are further expected to contribute to market growth. Additionally, behavioural risk factors such as tobacco consumption, unhealthy eating habits, obesity, physical inactivity, and alcohol consumption are anticipated to increase the demand for ECG devices.
However, there are certain challenges that may hinder the growth of the ECG market during the forecast period. These include the cost-effectiveness of premium ECG devices, unfavourable reimbursement policies, and market saturation, particularly in North America.
On a positive note, there are several factors that can create growth opportunities in the global ECG market. Favourable government initiatives, increased research and development activities, new product launches by market players, and the introduction of remote monitoring devices for comprehensive ECG monitoring are expected to drive market growth in the future.
Market Segmentation and Growth Trends –
The Global Electrocardiograph (ECG) market was valued at US$5.99 billion in 2021, and is projected to reach US$9.50 billion by 2030 growing at a CAGR of 5.35% from 2022 to 2030. Due to the surge in cardiac disorders and lifestyle-related diseases, along with a growing number of casualties caused by cardiovascular diseases (CVDs), the aging population, and risky behaviours like increased alcohol consumption and smoking, there has been a significant rise in healthcare expenses. These factors, combined with advancements in technology and innovation, have prompted a pressing need for better medical solutions in the field of cardiology.
Based on product, the market is segmented into monitoring ECG systems and diagnostic ECG systems. The monitoring ECG systems segment is further categorized into data monitoring, monitoring, and cardiovascular monitoring. The diagnostic ECG systems segment is further divided into rest ECG systems, stress ECG systems, and Holter ECG systems.
Based on technology, the market is segmented into portable ECG systems and wireless ECG systems.
Based on lead type, the market is segmented into the single lead, 3-6 lead, and 12-lead.
Based on the end user, the market is segmented into hospitals & clinics, home settings & ambulatory surgical centers (ASCs), and others.
Based on geography, firstly, Asia-Pacific region denotes a higher adoption of the electrocardiograph (ECG) and is anticipated to hold the highest market share in the electrocardiograph (ECG) market, during the forecast period. This is attributable to the factors including the increase in developments in the healthcare system, increasing disposable income, favourable government policies, high population base, and large untapped potential market in this region.
Secondly, North America region would witness increasing market size in the global electrocardiograph (ECG) market, owing to the presence of well-established healthcare facilities, high consumer awareness, and technological advancements.
Key Players of the market include Abbott Laboratories, ACS Diagnostics, Biotricity, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, CardioComm Solutions, Inc., Cardioline SpA, Edan Instruments, Inc., Fukuda Denshi Co., Ltd., General Electric Company, Hill-Rom Holdings, Inc., iRhythm Technologies, Inc., Koninklijke Philips N.V., Medtronic plc, Mindray Medical International Limited, Nihon Kohden Corporation, OSI Systems, Inc., Schiller AG, Suzuken Co., Ltd., Zoll Medical Corporation (Asahi Kasei Corporation).