Electrocardiograph market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Rising Cardiovascular Disorder Cases to Complement Electrocardiograph Market Growth
Rising number of cardiovascular disorders due to lifestyle changes continue to influence the demand for electrocardiograph (ECG) products. Diseases such as ischemic heart disease (IHD), stroke, peripheral artery disease and hypertensive heart diseases are on the rise. Cardiovascular diseases are one of the major causes of mortalities worldwide. For instance, according to American Heart Association (AHA), cardiovascular disorders are the leading causes of deaths in the US amounting to around 868,662 fatalities. Also, AHA, around 4 million individuals in the United States are affected by arrhythmias with half million deaths every year. This is expected to create ample opportunities for products that can monitor and analyse heart conditions, in turn bolstering growth of the electrocardiograph market.
Remote Patient Monitoring to Pave the Way for Electrocardiograph Market Expansion
With advancements in technology, the demand for remote monitoring has increased considerably backed by the medication at home trend. This is further triggered by growth in the home healthcare space, which remains instrumental in driving demand for healthcare products such as electrocardiograph. Earlier, remote patient monitoring was underutilized owing to lack of system difficulties and data transparency. However, this scenario changed as telehealth emerged as the next generation of virtual solutions in the healthcare industry. This is likely to result into remote electrocardiograph systems to gain centre-stage for long term remote heart monitoring. That said, remote patient monitoring trend is expected to present potential avenues for the electrocardiograph market in the coming years.
Holter ECGs to Gain High Traction in Global Electrocardiograph Market
The Holter electrocardiographs are witnessing increasing demand, especially in home healthcare since past few years. This type of electrocardiograph is portable and can record electrical activities in the heart on a continual basis for 24 hours or more. Moreover, with technological developments, advanced Holter ECGs are available and include a Bluetooth transmitter that transmits data. This has further improved the accessibility of the results and analysis singled out by Holter electrocardiograph. Also, in view of growing demand for Holter ECGs, companies manufacturing them are carrying out collaborations to further improve their market position. For instance, in 2021, M. Heart Co. Ltd., Nitto Denko Corporation and Astellas Pharma collaborated and signed a MoU (Memorandum of Understanding) regarding electrocardiograph testing services. Under this collaboration, these companies will remain engaged in developing EG Holter, which is a new disposable Holter electrocardiograph. This factor remains instrumental in driving the demand and sales of Holter ECG, thus contributing towards growth of the electrocardiograph market.
North America Continues to Spearhead Global Electrocardiograph Market
North America is expected to lead the electrocardiograph market in terms of value and volume in the years to follow. This can be attributed towards increasing focus on patient success and care backed by developed healthcare infrastructure. In addition, use of technologically advanced systems and healthcare devices coupled with rising cases of cardiovascular disorders in the region add to the value growth of the electrocardiograph market. Furthermore, increasing rate of geriatric population in the region is expected to increase the burden of cardiovascular disorders. For instance, according to ACL (Administration for Community Living), in United States around 54 million individuals aged 65 years and above were present in 2019, which is expected to further increase to touch 80.8 million by end of 2040 and by 2060 it is likely to cross 94 million.
With increasing number of aged individuals, the chances of developing cardiovascular disorders also increase. This is likely to elevate the demand for healthcare tools such as electrocardiograph for proper diagnosis and detection of cardiac disorders. In addition, according to American College of Cardiology Foundation’s 2022 analysis, the prevalence of VHD (Valvular Heart Diseases) is growing in United States and over 5 million individuals are diagnosed with VHD each year, while around 1.5 million suffer from AS (Aortic Stenosis) in the country. That said, rising prevalence of cardiovascular diseases and demand for advanced healthcare tools is expected to augment the growth of the ECG market in North America.
Electrocardiograph Market: Competition Scenario
Major players in the electrocardiograph market are focused on developing new products, offering new services, and carrying out other growth strategies such as acquisitions, collaborations, and partnerships to consolidate their position. For instance, in 2022, AliveCor introduced KardiaMobile Card in United States. This is a slim and a convenient to carry electrocardiograph device that can fit in regular wallets and can be used to get instant analysis on heart health at any given point in time. Similarly, same year in January, Philips launched a 12 lead electrocardiograph full service at home solution. In the same year, HeartBeam Inc. received patent approval from United States Patent and Trademark Office for its 12 lead electrocardiograph patch monitor. This device by the company can detect Acute Coronary Syndrome (ACS) and cardiac arrhythmia at anytime.
On the other hand, in September 2022, Biotronik announced a strategic collaboration with AliveCor to leverage AI enabled solutions in the cardiac digital health space. Through this pilot collaboration, healthcare providers would be able to gain access to clinically relevant actionable reports apropos to heart rhythm analysis, monitor at-risk individuals, identify arrhythmias and improve patient care, facilitating factorable clinical outcomes. In May 2020, mobile electrocardiograph portfolio expansion was carried out by CompuMed by expanding its cooperation with GE Healthcare and AliveCor.
A few of the key players in the electrocardiograph market include GE Healthcare, Schiller AG, Biotronik, Nihon Kohden Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Philips Healthcare, OSI Systems Inc., Medtronic PLC, CompuMed, Biotelemetry, AliveCor, and Hill-Rom Holdings Inc.
The Global Electrocardiograph Market Is Segmented As Below:
By Product Type
By Lead Type
By End User
Key Elements Included In The Study: Global Electrocardiograph (ECG) Market
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