Market Insights
The global ECG market is currently stable with certain periodic technological innovations and improvements in device features and characters over time. However, this market, with many device manufacturers, is highly fragmented and competitive.
This report studies the global ECG equipment market in terms of 3 segmentations: products, end-user applications, and lead type. Based on end-user applications, this market is studied for hospital ECG monitors and ambulatory care ECG monitors.
Regarding product types, the ECG equipment market is classified into resting ECG systems, stress ECG systems, and Holter monitors. Moreover, based on led types, the global ECG equipment market is studied for single-lead devices, 3-6 lead devices, and 12 lead devices markets. Each of these segments thus mentioned is further studied and forecasted for their geographical segmentation, namely, North America, Europe, Asia Pacific, and the Rest of the World. The market size of each of these segments and forecast is provided for 2012-2022 with a forecast CAGR for 2015-2022, considering 2014 as the base year.
Product Type Investigation Segmentation Investigation
Currently, the global ECG equipment market is dominated by resting ECG systems, with over 60% market share in 2015. However, the demand is particularly strong for Holter monitoring systems during 2015-2022. The Holter monitoring systems’ data detect cardiac abnormalities like ischemia early. With a Holter monitor, an ECG file can be downloaded in 90 seconds. It also allows for different styles of scanning, which can be completed quickly and generates customized and accurate reporting.
The top manufacturers of resting ECG devices include GE Healthcare, Cardionet, Compumed Inc, J&J, Welch Allyn, and so on. The companies offer various devices such as Mobile Cardiac Outpatient Telemetry, which enables heartbeat by-heartbeat, ECG monitoring, analysis, and response. It enables healthcare providers to connect the heart of patients to the minds of physicians with accurate and reliable ECG information for faster, more accurate diagnosis.
On the other hand, increased patient satisfaction and accuracy of stress ECG programs are expected to drive the market. In addition, direct connectivity to EMR and diagnostic devices enables remote access to patient data and tests, resulting in faster review and diagnosis and better workflow solutions expediting administrative processes and reducing data entry errors.
Lead Type Segmentation Investigation
By lead type, the market is currently dominated by 3-6 lead type ECG devices, contributing to almost 50% of the market share in 2014. Over the forecasted period, 3-6 lead type and 12 lead type ECG devices are expected to grow at the highest CAGR. However, single lead type devices, due to their limitations in coping with advancing technologies and accurate results, are expected to witness reduced market share.
Global ECG equipment by single lead type ECG devices is expected to expand significantly in the next few years due to the huge rise in CVD, CHD, and other heart diseases. In addition, the awareness level has increased over the years due to various social events and promotions by healthcare organizations and companies such as GE Healthcare, Conmed, Toshiba, etc.
ECG equipment is segmented into single-lead, 3-6 lead, and 12 lead ECG machines. A single-lead ECG machine enables one to measure basic heart rates and symptoms such as chest pain. Single-lead ECG equipment enables sequentially accomplishing 12 lead recordings. Moreover, it also enables research, arrhythmias, and educational purposes. Mostly, single-lead ECG equipment is available for home, personal use, and sports. These machines also determine the heart rate associated with exercise, sports activities, and workouts. Single-lead ECG equipment is economical compared to 12-lead type ECG equipment. Additionally, single-lead ECG equipment records data for longer periods and enables physicians to diagnose disease better. Other ECG machines include 12-lead ECG, 5-lead ECG, 3-Lead ECG, wireless ECG, and portable handled ECG monitors.
End-user Application Segmentation Investigation
Among the end users, Hospitals are expected to drive the demand for the growing ECG equipment market. With more and more hospitals moving toward computerization for maintaining ECG records, greater investments are being made in data management systems to streamline hospitals’ workflow effectively.
In the recovery and rehabilitation of patients suffering from lingering diseases CVD, CHD, Stroke, and other heart diseases, ECG equipment is considered to be very effective. However, hospital stay and therapies associated with the treatment may cost very high in developed economies such as the US, UK, and Canada.
The Global ECG equipment market for home/ambulatory care is expected to expand significantly in the next few years due to the huge adoption of technologically advanced ECG equipment. ECG products such as BP monitors and ECG for home care are adopted extensively in the Homecare market. Home/ambulatory care includes aged patients suffering from lingering diseases such as CVD, CHD, Stroke, or other heart diseases. Home Care is not only limited to elderly patients who are suffering from lifestyle-oriented diseases; health-conscious individuals also adopt home care.
Geographically, the global ECG equipment market is categorized into:
- North America
- Europe
- Germany
- France
- Italy
- U.K.
- Russia
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
North America is expected to be the largest regional market through 2022, with nearly over 40% market share. On the other hand, Asia Pacific is the fastest growing region, with a CAGR of 6.6% during 2015-2022. With the development of better and safer ECG devices, which are portable, operate with lower power consumption, and are more accurate, the market will witness growth in resting ECG and Holter monitor systems. Across the world, cardiovascular diseases are monitored via resting systems, and since these are developed on a large scale in the US, it results in high sales. Stress systems for ECG readings follow the resting system pattern with a higher selling price than average, although demand for Holter systems is increasing rapidly. Even digital ECG systems are gaining popularity now due to their low cost, accuracy, and ability to store huge numbers of readings from patient records.
Detailed regional distribution of the global ECG equipment market is as follows:
- North America
- Europe
- Germany
- France
- UK.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
