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ECG Devices Market to Gain US$ 6.79 Billion by 2026, Says TMR
ALBANY, New York, March 18, 2019 /PRNewswire/ -- Transparency Market Research (TMR) has published a new report titled, "ECG Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026". According to the report, the global ECG devices market was valued at US$ 3.95 Bn in 2017. It is projected to expand at a CAGR of 6.2% from 2018 to 2026. High prevalence of cardiovascular diseases across the globe and launch of technologically advanced ECG devices are anticipated to boost the global market during the forecast period. North America and Europe are expected to dominate the global ECG devices market from 2018 to 2026. This is attributed to the availability of cost-effective and non-invasive small devices, favorable medical reimbursement policies, and rapid increase in the geriatric population. Asia Pacific is likely to account for a significant share of the global market by 2026. This is due to an increase in the prevalence of cardiovascular diseases in developing countries such as China and India, which in turn is propelling the need for cardiovascular diagnostic and monitoring devices including electrocardiogram devices. The market in Asia Pacific is expected to expand at a notable CAGR of 7.1% from 2018 to 2026.
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High Prevalence of Cardiovascular Diseases to Propel Market
Cardiovascular diseases is a highly prevalent disorder across the globe. It is a group of disorders of the blood vessels and the heart. They include congenital heart disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease. According to the World Health Organization (WHO), about 17.9 million people died of cardiovascular diseases in 2016, which represents 31% of all deaths worldwide. Of these, 85% of deaths were caused by stroke and heart attack. Surge in the prevalence of cardiovascular diseases in developing countries can be linked to increasing incidence of hypertension, smoking, and overweight led by changing lifestyle and surge in the incidence of diabetes and pre-diabetes. Thus, increase in the prevalence of cardiovascular diseases drives the need for cardiovascular monitoring devices. Thus, large patient pool with cardiovascular diseases is projected to fuel the global ECG devices market during the forecast period.
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Resting ECG Systems to be Highly Attractive Segment
The report offers detailed segmentation of the global ECG devices market based on technology, and end-user. In terms of technology, the resting ECG systems segment is estimated to account for a leading share of the global market during the forecast period. Factors attributed to the higher share of the segment include better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Record (EHRs) that simplify ECG workflow and reduce the complexity associated with custom integration and high usage of resting ECG systems across hospitals, clinics, and ambulatory surgical centers. Development and launch of technologically advanced electrocardiogram devices, as recent ECG systems are designed to improve workflow and simplify operation, is expected to propel the segment during the forecast period. For instance, in 2017, HeartSciences launched MyoVista ECG in Europe. The device combines informatics with traditional 12-lead resting ECG tracings and ECG interpretive analysis.
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Hospitals Segment to Dominate Market
Based on end-user, the hospitals segment is projected to account for a dominant share of the global ECG devices market from 2018 to 2026. The ambulatory surgical centers segment is anticipated to expand at a high CAGR from 2018 to 2026. High share of the hospitals segment is attributed to the increased usage of ECG devices across hospitals in cardiac settings, as an electrocardiogram is the most common diagnostic tool in the cardiac department, and it is the most frequently performed test in hospitals. Increasing preference for ambulatory surgical centers, as they are high quality, cost-effective sites for cardiac patients care and cardiovascular procedures, is expected to drive the ambulatory surgical centers segment during the forecast period. The specialized clinics segment is projected to be the second-leading segment, in terms of market share, during the forecast period. This is attributed to an increase in the number of specialized clinics for indications such as hypertension, heart failure, hypertrophic cardiomyopathy, atrial fibrillation, hyperlipidemia, and valvular heart disease.
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Asia Pacific to Create High Incremental Opportunity
In terms of revenue, North America is projected to maintain its dominance of the global ECG devices market from 2018 to 2026. This is attributed to the higher rate of adoption of ECG devices in developed regions, including North America, as leading players such as GE Healthcare and Philips Healthcare have reported significantly high sales of medical devices including ECG devices from North America, followed by Europe. The market in Canada is estimated to expand at a higher CAGR from 2018 to 2026, due to an increase in the geriatric population in Canada, resulting in the rise in prevalence of atrial fibrillation. Atrial fibrillation (AF) is a common cardiac arrhythmia, which increases the risk of stroke by up to 5 times. It is estimated that about 1 in 4 people of Canada over the age of 40 suffers from atrial fibrillation in his lifetime. Europe is anticipated to be the second-largest and highly attractive market for ECG devices. Cost-effective and non-invasive small devices coupled with advancements in technology have fueled the production of medical devices, including ECG devices, in Europe. The market in Asia Pacific is anticipated to expand at a rapid pace, owing to large population in countries such as India and China, large geriatric population in Japan, and improving health care facilities. Additionally, the presence of untapped opportunities and increasing awareness about cardiovascular disease conditions in the region are expected to fuel the ECG devices market in the region during the forecast period.
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New Product Development and Merger and Acquisitions of Parallel Companies: Key Trend among Leading Players
The report also provides profiles of leading players operating in the global ECG devices market. GE Healthcare, Philips Healthcare (Philips Group), BioTelemetry Inc., Nihon Kohden Corporation, Spacelabs Healthcare (OSI Systems, Inc.), and Hill-Rom Holdings, Inc. are major players operating in the market, offering products with proprietary technologies. Several companies have introduced technologically advanced ECG devices in the market in order to simplify clinical workflows and to improve clinicians' decision making. In November 2017, Hill-Rom launched Connex Cardio ECG, a PC-based resting ECG. This device is expected to help improve clinicians' decision-making and simplify clinical workflows. The device has leading algorithm, wireless technology, and flexible EMR connectivity. In 2017, the company's new product launches contributed about US$ 150 million in terms of revenue. The introduction of new products across businesses is expected to drive the company's growth. Players are expanding their presence in the ECG devices market through acquisitions and collaborations. For instance, in July 2017, BioTelemetry Inc. acquired LifeWatch. LifeWatch specializes in advanced digital health systems and wireless remote diagnostic patient monitoring services. Through this, BioTelemetry has consolidated its position, as the market leader in remote cardiac monitoring and diagnostic services.
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