Global ECG Systems Market: Snapshot
The global market for ECG systems is gaining traction from a number of factors, such as increasing incidences of lifestyle inflicted diseases, prevalence of cardiovascular diseases, technological advancements in electrocardiography systems, growing need for remote monitoring to reduce cost and serve growing population of geriatrics, and government regulations in various developed and developing countries that favor the ECG devices.
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On the other hand, the market for ECG systems is facing challenge from unstable economic conditions in various potential country-wide markets, saturation of the market, and undefined reimbursement policies. Nevertheless, the vendors operating in the global ECG systems market are expected to find new opportunities in the emerging economies, particularly in Asia Pacific, and gain ground over the competition via merger and acquisitions as well as joint ventures.
As far as the competitive landscape of the global ECG systems market is concerned, presence of several established players makes it highly intense and advent of new products that offer improved efficiency and accuracy will help them increment their market shares. For instance, CardioComm Solutions, Inc. launched a new product called HeartCheck PEN, which works on bluetooth wireless connectivity to gain data from Andriod and iOS smartphones. Around the same time, Philips has unveiled its Efficia ECG100, which is primarily a cost-effective cardiograph that aids in enhancing patient care and also reduces healthcare costs. This report on the global ECG systems market overviews the current scenario and estimates the future state until 2024, based on in-depth analysis of the factors that may influence the demand. The report also contains profiles of a number of key players in order to represent the opportunities for new vendors and recent strategic developments.
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Electrocardiography (ECG) is a way of measuring the electrical activity of the heart. During each heartbeat, cardiac muscles undergo depolarization, creating a small electrical charge. This charge, the frequency and magnitude of which serves as a sign of heart health, is detected via electrodes on the chest and limbs. ECG systems allow cardiologists to diagnose several cardiac conditions, such as arrhythmias, congenital cardiac problems, and poor blood supply. The ease of conducting an ECG test has led to it becoming widely used for primary cardiologic diagnosis.
Global ECG Systems Market: Drivers
The primary driver for the global ECG systems market is the increasing prevalence of cardiovascular diseases. The increasing acceptance of the Western lifestyle in developing regions such as Asia Pacific and Latin America has led to an increasing prevalence of lifestyle disorders such as diabetes and obesity, which are major risk factors for cardiovascular diseases. Cardiac diseases are already among the deadliest groups of diseases across the world and are expected to increase in morbidity in the coming years due to the increasingly sedentary lifestyle of the modern populace. This will likely propel the global ECG systems market at a brisk pace.
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Steady technological innovation in medical devices, required to iron out the tiniest of flaws and make vital medical devices as precise as possible, has led to the development of advanced ECG systems that monitor cardiac activity with a high degree of precision. This has made diagnosis through ECG systems increasingly reliable, consequently increasing patient confidence and thus driving the global ECG systems market.
Several governments across the world have been proactive in establishing advanced, modernized health-care networks. This has led to steady government support for the development of disease monitoring devices that can provide accurate diagnoses and thus help reduce the incidence of diseases. This has worked in favor of the global ECG systems market in the past few years and is expected to remain an influential factor in the coming years.
Global ECG Systems Market: Restraints and Opportunities
On the flip side, the instability of economic conditions in many parts of the world and the lack of promising reimbursement policies are the major restraints on the global ECG systems market. The ECG systems market has also suffered from saturation in developed economies, where healthcare networks have already reached a high level of sophistication. However, the rising demand for ECG systems from emerging countries will help market players overcome this concern.
The ECG systems market remains highly competitive at present, with many companies able to offer devices at similar levels of technological sophistication. Collaboration for R&D as well as other parts of the product lifecycle has thus emerged as a major opportunity for players in the global ECG systems market. Collaboration will help players improve their R&D channels, while M&As will also allow multinational players to expand their geographical reach. Major players in the global ECG systems market include Royal Philips Healthcare, Nihon Kohden Corp., Welch Allyn, GE Healthcare, and Medtronic.
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Global ECG Systems Market: Regional Dynamics
The global ECG systems market was dominated by North America in 2015. The high prevalence of lifestyle disorders such as diabetes and obesity is a major factor responsible for the dominance of North America in the global ECG systems market. The increasing aging population, which is more prone to cardiac trouble than younger demographics, is another key factor expected to shape the trajectory of the ECG systems market in the region. The Europe market for ECG systems took up the second-largest share in the global market.
The future of the global ECG systems market, though, is expected to be dominated by Asia Pacific, with the increasing prevalence of cardiac disorders and increasing government support in APAC countries expected to help the regional market post strong figures in the coming years.
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