ECG Cable and ECG Lead wires Market size in 2019 is estimated to be $1.5 billion, growing at a CAGR of 5.8% during the forecast period 2020-2025. ECG Cable and ECG Lead wires are used in electrocardiography, that record electrical activity of the heart with the help of electrodes which are placed on chest of the patient. It is used to precisely send the electronic signal to a diagnostic tool. These electrodes detect the electrical activity of heart muscles. ECG records the indication such as myocardial infarction, cardiac murmur, Cardiac stress testing and fainting. Increasing prevalence of cardiovascular diseases and rising geriatric population across the globe are the major factors driving the growth of the market. Moreover, rising technological advancement and government support for devices further enhance the overall market demand for ECG Cable and ECG Lead wires during the forecast period 2020-2025.
ECG Cable and ECG Lead wires Market - By Usability
Based on the usability, ECG Cable and ECG Lead wires Market is segmented into Reusable Cables and Lead wires, Disposable Cables and Lead wires. The Disposable Cables and Lead wires is projected to be the fastest-growing segment and is projected to grow at a CAGR of 5.3% during the forecast period 2020-2025. This is mainly owing to the reliability, safety, and convenience that it offers and that it can be easily connected and disconnected. Moreover, it helps to decrease the risk of cross-contamination between patients and improve patient care that are contributing to the growth of this segment.
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ECG Cable and ECG Lead wires Market - By Material
Based on the Material, ECG Cable and ECG Lead wires Market is segmented into Thermoplastic Elastomers (TPE), Thermoplastic Polyurethane (TPU). In 2019, Thermoplastic Elastomers (TPE), held the largest share in the ECG Cable and ECG Lead wires market. This is owing to its increased product life and ability of offering patient comfort and safety. Also, it can be processed and recycled which is further contributes to the dominance of this segment.
ECG Cable and ECG Lead wires Market - By Patient Care Setting
Based on the patient care setting, ECG Cable and ECG Lead wires Market is segmented into Hospitals/Clinics, Long-Term Care Facilities, Ambulatory and Home Care. In 2019, Hospitals/Clinics, held the largest share in the ECG Cable and ECG Lead wires market. This is owing to the increasing number of patients in the hospitals for the diagnosis of cardiovascular diseases. Moreover, rising demand for quality cardiac diagnosis is also contributing to the dominance of this segment.
ECG Cable and ECG Lead wires Market - By Geography
North America dominated the ECG Cable and ECG Lead wires market share accounting for 41% of the market in 2019. This is owing to increasing prevalence of cardiovascular diseases in this region. According to American Heart Association (AHA), cardiovascular diseases is the leading cause in the America and nearly half of the U.S. adults have some types of cardiovascular diseases which increases the demand of Diagnostic ECG Market
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing government support and the rising geriatric population.
ECG Cable and ECG Lead wires Market Drivers
Increasing prevalence of cardiovascular diseases
Increasing prevalence of cardiovascular diseases and chronic diseases are driving the growth of Diagnostic ECG market. According to World Health Organization (WHO), cardiovascular diseases are the leading cause of death in globally, and cause around 17.9 million deaths annually in worldwide. Moreover, rising generic populations is also set to increase the market growth.
Growing Technological Advancement
Growing technological advancement in healthcare and rising government support towards monitoring devices are some factors driving the growth of the market. Also, rising expenditure on healthcare further contributing to the growth of the market.
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ECG Cable and ECG Lead wires Market Challenges
High cost of disposable cables and lead wire is poised to challenge the growth of the market.
ECG Cable and ECG Lead wires Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the ECG Cable and ECG Lead wires Market. ECG Cable and ECG Lead wires top 10 companies are Koninklijke Philips N.V, Becton, Dickinson and Company, Boston Scientific Corporation, Toshiba Corporation, Siemens, Schiller AG, 3 M Company, Cardinal Health, Toshiba Corporation.
Acquisitions/Product Launches:
In November 2019, Siemens Healthineers AG has acquired a majority stake in ECG Management Consultants, a leading U.S. healthcare advisory company.
Key Takeaways
In 2019, North America dominates the ECG Cable and ECG Lead wires Market owing to owing to increasing prevalence of cardiovascular diseases.
Increasing technological advancement is driving the market growth of ECG Cable and ECG Lead wires.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the ECG Cable and ECG Lead wires Market report.
High cost of disposable cables and lead wire is challenging the growth of the market.
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