ECG Market Size, Share, Outlook and Growth Opportunities by 2024
The Factors such as the rising incidence of lifestyle & cardiovascular diseases and increasing geriatric population are expected to propel the growth of the 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 ECG 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.
Mr. Aashish Mehra
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