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Diagnostic Electrocardiograph Market Sales Is Expected To Reach US$ 14.9 billion by 2030, Globally

insightSLICE
·5-min read

PUNE, India, Jan. 06, 2021 (GLOBE NEWSWIRE) -- The Global Diagnostic Electrocardiograph Market, Trends, Analysis and forecasts 2020-30 gives a brief idea on the key developments, business strategies, research & latest innovations and key events in the industry and market composition analysis.

The global diagnostics electrocardiograph market size was estimated to be US$ 7.6 billion in 2019 and is expected to reach US$ 14.9 billion by 2030 at a CAGR of 6.3%. Diagnostic Electrocardiograph is a device that is used in diagnosis of several heart issues. It is a non-invasive and painless way of diagnosis. It is used to determine and detect the abnormality of heart rhythm. Electrocardiograph is used in the diagnosis of several cardiac indications which includes cardiac stress testing, fainting, cardiac murmur, and myocardial infarction.

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Driving factors behind Diagnostic Electrocardiograph market

There is an increase in the number of patients suffering from cardiac disorders globally, which creates a great demand for advanced Cardiac diagnosis. As the Diagnostic Electrocardiograph plays a major role in the diagnosis of heart related abnormalities, this proves to be a driving force that increases the scope of the Diagnostic Electrocardiograph market. The increase in availability of reimbursements for the cardiac patients in various countries also paves the way for the market’s growth. The burden of lifestyle-based diseases such as obesity and high cholesterol also leads to increase in heart diseases which makes it necessary for physicians, doctors and researchers to find better diagnostic ways to detect heart abnormality. This also proves to be a driving force for the Diagnostic Electrocardiograph Market. Increasing Geriatric Population also paves the way for the market’s growth. The need for the development of more affordable, remotely available diagnostic devices also fuels the ECG market. Developing healthcare infrastructure fuels the Diagnostic Electrocardiograph Market. The market players investing more on the Research and Development to develop novel ECG devices improves the scope of the market. These factors prove that the market will undergo a fair amount of growth in the forecasted period.

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Recent developments in Diagnostic Electrocardiograph market

Some of the developments in the market are Biotelemetry acquired Geneva Healthcare to strengthen its market position in the of market remote cardiac monitoring devices in March 2018. Philips Healthcare introduced a new product called IntelliSpace Cardiovascular 3.1 modelled by its cardiovascular product segment on March 2018.

Hospitals, Clinics and Cardiac centres are high revenue generating end-user category

The diagnostic ECG market is classified into cardiac care centres, solo clinics, hospitals, and ambulatory surgical centres based on the end-user. These are the places that people suffering from cardiac abnormalities or the patients who have symptoms of cardiac abnormalities tend to go. This makes the Hospitals, Clinics and Cardiac centres a higher revenue-generating buyer. The increase in cardiac patients due to several factors like aging, lifestyle diseases and heredity has created a great demand for the Cardiac centres to work on finding new effective, non-invasive, painless diagnostic ways and improving the existing ECG so that the gap between demand and availability is bridged. This paves a way for the development of the ECG market on a huge scale. In addition, the rise in elderly population, developments in healthcare infrastructure, supportive reimbursement policies add as a fuel for the Diagnostic Electrocardiograph Market.

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North America dominates the global market for Diagnostic Electrocardiograph Market

On basis of geographical region, the global diagnostic electrocardiograph market can be divided into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific. North America has the biggest scope for growth of diagnostic electrocardiograph market. The region held largest market share in 2019 and expected to maintain its leading position throughout the forecast timespan. This is because of the number of hospitals and healthcare institutions that are present in that region. The U.S. is expected to be the largest contributor for the growth of diagnostic electrocardiograph (ECG) market in North America. The Asia-Pacific is the densely populated region and has some of the main fastest growing markets like India, Japan, South Korea and China. Australia also has a great scope for the Diagnostic Electrocardiograph Market due to the increase in technology advancements and in the number of research centres. In Europe the countries like Germany, UK, France, Spain, Italy and Russia have anticipated to have a moderate growth of market for Diagnostic Electrocardiograph Market. In South America, Brazil and Argentina are the major contributors.

Some of the key players leading in the global market are Nihon Kohden, Koninklijke Philips, GE Healthcare, Norav Medical, VectraCor, Inc., BPL Medical Technologies, Midmark Corporation, OSI Systems, Inc., SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS Co. Ltd., Hill-Rom Holdings, SCHILLER, Allengers Medical Systems, Ltd., and Asahi Kasei.

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