As observed in the recent years, cardiovascular diseases are the major cause of death across the world. Electrocardiogram (ECG) devices test and record the electrical activity of the heart.ECG records the electrical impulse that is generated by the cardiac tissues during polarization and depolarization. ECG devices are of great help to cardiologist and physicians for the early and proper diagnosis of cardiac disorders like abnormal heart rhythm, inflammation of the heart, poor supply of blood to the arteries, congenital heart defect and many more. The global ECG equipment market is projected to grow at a CAGR of $6.3 billion growing at a CAGR of 6% during 2015-2021.
One of the dominant segment of this market is the ECG stress test system, owing to the increasing need of flexible test system and data management system. Another segment which is projected to grow and acquire significant share in the market is the Holter monitoring system which helps in identifying arrhythmias, which happens during stress, sleep, exercise etc. Holter monitoring system is classified into wired Holter monitors and the Wireless Holter monitors. On the basis of type of lead used by the electrocardiogram device, it is segmented into single lead ECG, which records basic heart rate and is available for personal, home use and is also cost effective. The other segments are the 3-6 lead ECG devices, the 12 lead ECG devices and the portable handled ECG monitors.
Major driving forces for the growth of global ECG equipment market is the growing geriatric population in the world , better and advanced healthcare facilities and infrastructure, remote monitoring devices, rising awareness among the potential customers, and increased level of expenditure on healthcare. Trends show that there is an increase in the demand for home care monitoring devices and wireless technologies, new products and upgraded technologies for preventive care. Favorable government policies in regard of monitoring devices also support the growth of global ECG equipment market.
The global market for ECG equipments is dominated by North America due to the growing geriatric population and the increase in lifestyle associated diseases. Also, the major players of the industry are located in North America, so the rate of innovation and upgradation is higher as compared to the other regions. The fastest growing market in Asia Pacific region is expected to be that of India and China owing to the growth of manufacturing outsourcing in these countries, and the increase in purchasing power of the people.
The restraining factors for the market include the limited reimbursement policies and the unstable economy. Major players in the global ECG equipment market are Medtronic, Royal Philips Healthcare, Spacelabs Healthcare Inc., GE Healthcare, Compumed Inc., Welch Allyn, Mortara Instruments Inc., Schiller AG, Mindray Medical International Ltd., Cardionet Inc., Johnson & Johnson, and Nihon kohden Corporation. Increasing mergers and acquisitions, and joint ventures by the top players and capturing the emerging untapped market help the global ECG equipment market to grow and develop.
