Growing Adoption of ECG Monitoring in Reducing Burden of Cardiovascular Diseases to Spur New Wave of Technological Advancement in ECG Devices Market: TMR
- Growing popularity of mHealth devices in various clinical settings makes mobile cardiac telemetry a prominent technology segment, ECG devices market to reach global valuation of US$ 6.79 bn by 2026-end
- Focus of policy makers in North America and Europe on establishing robust cardiac care infrastructure drives prospects for ECG monitoring in outpatient patient setting
ALBANY, N.Y., Oct. 12, 2020 /PRNewswire/ -- The clinical role of ECG monitoring systems in assessing and diagnosing cardiovascular diseases (CVDs) is also key driving force in their adoption in healthcare systems. ECG devices integrated with sensors and IoT are increasingly being preferred in diagnosing or detecting numerous abnormalities of the heart: atrial arrhythmias, heart failure, cardiomyopathy, rheumatic heart diseases, stroke, and heart attack.
Medical device manufacturers in ECG devices market are leaning on improving the workflow of resting ECG devices, thereby boosting the uptake in clinical and hospitals settings. Mobile cardiac telemetry is a markedly lucrative segment, according to findings by the analysts at TMR.
Clocking a CAGR of 6.2% from 2018 to 2026, the global valuation of the ECG devices market is expected to climb from US$ 3.95 bn in 2017 to US$ 6.79 bn by the end of 2026.
Of the various key technologies, resting ECG devices held the major market share in 2017
Mobile cardiac telemetry holds a high revenue potential during the assessment period
Of the various end users, hospitals segment held the leading share in ECG devices market in 2017
Geographically, North America and Europe are two of the lucrative regional markets
Opportunities in Asia Pacific ECG devices market are expected to rise at rapid pace through 2026
Explore 180 pages of top-notch research, incisive insights, and detailed country-level projections on ECG Devices Market (Technology - Resting ECG Systems, Holter Monitoring, Stress ECG Systems, Event Monitoring, Mobile Cardiac Telemetry; End use - Hospitals, Specialized Clinics, Ambulatory Surgical Centers, Others (Home Settings, Academic and Research Institutes)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/report-toc/61827
ECG Devices Market: Key Driving Factors and Promising Avenues
Per the factsheet by World Health Organization (WHO), CVDs account for the leading cause of death globally amounting to 17.9 million deaths every year. This is estimated to be 31% of all deaths around the world. Worryingly, more than 33% of these deaths occur prematurely in people under 70 years of age. The epidemiology of CVD paints a favorable scenario for substantial revenue potential in the ECG devices market.
The need for continuous heart rate monitoring in patients with heart attack, strokes, and arrhythmias has boosted the use of ECG devices. This is vital in disease preventing in various healthcare settings.
Remarkable technological advances have been made in ECG monitoring systems, notably in relation to sensors and wearable technologies. This has bolstered the use of ECG devices in elderly population.
The focus of healthcare systems toward ascertaining convenience and accuracy of measurements has led to a potentially high demand for advances ECG devices.
Focus of governments in developing and developed regions on reducing the health burden of CVDs has fuelled the demand for ECG monitoring, thereby boosting the ECG devices market. This is evident in outpatients and ambulatory settings.
North America and Europe have been lucrative markets. Governments in these regions have put substantial stakes in establishing robust medical resources that can help in assessment of CVD.
The above regional markets have thus seen a promising appetite for technologically advanced ECG devices.
In recent years, Asia Pacific has emerged as a source of steady revenue streams for medical device manufacturers operating in the ECG devices market.
Countries such as India and China are boosting their healthcare infrastructure to set up proactive framework that can help in reducing CVD burden, especially among older adults. This has propelled new avenues in the Asia Pacific ECG devices market.
The global ECG devices market is segmented based on:
Resting ECG Systems
Stress ECG Systems
Mobile Cardiac Telemetry
Ambulatory Surgical Centers
Others (Home Settings, Academic and Research Institutes)
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
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Cardiovascular Monitoring and Diagnostic Devices Market: According to this business intelligence study, the demand in the global cardiovascular monitoring and diagnostic devices market will increment at an impressive CAGR of 6.5% during the forecast period of 2017 to 2024. The analyst of the report has estimated that there will be opportunities worth US$3,629.5 in the market for devices that can monitor and diagnose cardiovascular system across the world by the end of 2024, substantially more than its evaluated valuation of 2,329.7 mn as of 2017.
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