Wireless ECG Devices Market - Growth, Trends, and Forecast (2019 - 2024)
NEW YORK, Nov. 7, 2019 /PRNewswire/ --
Market Overview
The major factors for the growth of the wireless ECG devices market include the growing geriatric population and increasing incidence of cardiovascular diseases, declining cost of wireless technologies, technological advancements in remote monitoring technologies, and policies favoring monitoring devices.
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There is an increase in the incidence of cardiovascular diseases (CVD), wherein long-term ECG monitoring is necessary. With the introduction of wireless ECG, the doctors can monitor and diagnose the patient remotely and on time. Earlier, the high cost of wireless ECG was affecting the market studied. These devices were unable to reach the rural and remote areas, as the average price of ECG was high. However, currently, there are many cost-effective and efficient wireless ECG devices available. The availability of such devices has bolstered the adoption of wireless ECG.
The development of cost-effective wireless ECG began in 2006. It was implemented by digitizing the measured ECG signal and then, transmitting it wirelessly, to display the results on the computer screen. The analog-to-digital converter was based on the sigma-delta modulator and offered a significant advantage of noise-shaping property.
The wireless ECG cardiac monitors developed by a UK-based medical services startup, Isansys, help to manufacture low-cost continuous ECG heart monitoring devices. These devices can be used for the continuous monitoring of patients suffering from CVD and for the detection of heart-related problems. The usage of a Bluetooth evaluation kit in these wireless technologies was replaced by technologies, such as ZigBee and AM-FM Transmission, which make it cost-effective, thus, making it affordable to most of the population.
Thus, declining costs of wireless technologies are augmenting the growth of the market studied, as the equipment are now available to a more extensive section of the population.
Scope of the Report
As per the scope of this report, wireless electrocardiography (ECG) is a type of ECG with recording devices. It uses wireless technologies, such as Bluetooth, smartphone, and other types of remote monitoring devices. The wireless ECG devices market is segmented by product type, end user, and geography.
Key Market Trends
The Monitoring ECG Systems Segment is Expected to be the Fastest Growing Segment During the Forecast Period
The continuous cardiovascular monitoring ECG systems segment is expected to grow over the forecast period, due to the increasing incidence of cardiovascular diseases and a growing geriatric population, which is likely to increase the need for continuous cardiovascular monitoring of patients' heart during their daily routines. According to the WHO factsheets in 2017, an estimated 17.7 million people died due to cardiovascular diseases in 2015, representing 31% of all global deaths. Of these deaths, an estimated 7.4 million were due to coronary heart disease and 6.7 million were due to stroke. Increasing awareness regarding early detection and management of cardiovascular diseases is augmenting the demand for continuous cardiovascular ECG monitoring devices. Continuous cardiovascular ECG monitoring systems are worn continuously by the patients. It continuously monitors and sends ECG readings to the user's smartphone, using Bluetooth; from there, the data is sent over mobile networks to a server. Development of commercially advanced devices, with enabled Bluetooth sensor technology and mobile app technology, is anticipated to drive the popularity of continuous cardiovascular ECG monitoring systems.
North America Accounted for the Largest Share in the Global Market
North America holds a major share for the wireless ECG devices market and is expected to show a similar trend over the forecast period, without significant fluctuations. As reported in 2016, the healthcare spending in the United States was the highest, when compared to other countries in the Organization for Economic Co-operation and Development (OECD) list. According to the estimates of the American Heart Association, cardiovascular disease is listed as the underlying cause of death and accounts for nearly 836,546 deaths in the United States. Furthermore, as per the American Heart Association (AHA), an estimated 4 million patients are affected by arrhythmias, with half a million people dying every year in the United States. ECG has been in existence for a long time. However, there has been a continuous evolvement year on year, with the need to observe the patient for an extended period. With the launch of door-to-balloon (D2B) time initiative and "Mission: Lifeline" by the American College of Cardiology and AHA, the demand from hospitals for Bluetooth-equipped 12-lead ECG monitors and wireless solutions has increased. Owing to more hospitals striving to meet the national guidelines for ECG devices, technology advancements, the prevalence of heart diseases, high healthcare expenditure, and reimbursement, the US wireless ECG market is expected to grow. The United States holds the largest market share in the North American wireless ECG devices market, and it is expected to register high growth rate over the forecast period.
Competitive Landscape
The wireless ECG devices market is a moderately consolidated market, owing to the presence of a few major players and small players in the market. The market players are focusing on R&D to develop the technologically advanced products in the market. The barriers for the new entrants are high in this industry, and hence, few major market players hold the maximum market share.
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