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(Health-NewsWire.Net, November 19, 2021 ) According to the new market research report Diagnostic 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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The growth in the diagnostic electrocardiograph market can primarily be attributed to factors such as the increasing incidence of cardiovascular diseases and technological advancements in devices.
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> Geographic Snapshot of the Diagnostic Electrocardiograph Market
Based on the product, the diagnostic ECG market is segmented into resting ECG devices, stress ECG devices, implantable loop recorders (ILRs), event monitors, MCT devices, and smart wearable ECG monitors. The ILRs segment is projected to grow at the highest CAGR during the forecast period. Factors such as quick and enhanced diagnosis as compared to other short & longer-term monitoring modalities and the huge potential for reducing healthcare costs are driving the growth of the market.
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 diagnostic ECG market include Koninklijke Philips (Netherlands), GE Healthcare (US), Nihon Kohden (Japan), Asahi Kasei (Japan), and Hill-Rom Holdings (US).
Recent Developments:
> In March 2018, Biotelemetry acquired Geneva Healthcare to strengthen its position in the remote cardiac monitoring devices market.
> In May 2018, GE Healthcare collaborated with Preventice Solutions (US) to extended GE’s ECG services into home settings, providing monitoring for ambulatory ECG patients.
> In March 2018, Philips Healthcare launched IntelliSpace Cardiovascular 3.1 under its cardiovascular product segment.
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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.
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