An electrocardiogram (ECG) is a test used to inspect the functioning of the heart by measuring the electrical activity of the heart. An ECG measures and registers the electrical activity that goes through the heart. An ECG may be suggested if a patient is feeling arrhythmia, chest pain, or palpitations, and an abnormal ECG result can be a signal of several different heart conditions. The key factors bolstering the market growth include increasing cases of cardiovascular diseases, increasing usage of remote monitoring devices, and rapid technological advancements. Moreover, the geriatric population that is more prone to chronic diseases is expected to increase in the coming years, which may ultimately lead to increased demand for electrocardiographs.
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The Global Electrocardiograph (ECG) Market presents comprehensive knowledge that produces a valuable provider of perceptive knowledge for business strategists throughout 2021-2027. supporting historical knowledge, the Electrocardiograph (ECG) Market report provides major segments and their sub-segments, revenue, and supply and demand knowledge. Given the technological innovations at intervals among the market, the business is perhaps going to emerge as a complementary platform for investors at intervals among the rising market. a radical competitive analysis covering perceptive knowledge on business leaders is supposed to help potential market entrants and competitive existing players to appreciate their alternatives in the right direction. The market structure analysis discusses fine the profile of the Electrocardiograph (ECG) Market company, revenue share at intervals the market, comprehensive product portfolio, networking and distribution strategy, regional market footprint, and more.
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Additionally, key players in the ECG market are focusing on frequent product developments and approvals, which may substantially drive the market growth during the forecast period. For instance, in 2019, the US Food and Drug Administration (FDA) approved Verily's Study Watch, a wearable medical device that conducts electrocardiograms (ECGs), which measure the electrical activity of the heart and can be used to diagnose several heart conditions. The FDA acknowledged a 510(k) clearance to the watch, segmented it as a Class II medical device for its on-demand ECG feature, which records, stores, transfers, and displays single-channel ECG rhythms. The constant improvement and up-gradation of exiting marketed ECG devices are also anticipated to improve the accuracies by reducing the incidence of false alarms. Furthermore, with a rise in the approval of devices worldwide, the adoption rate is expected to increase over the forecast period.
Top Participants are included in this Electrocardiograph (ECG) Market report:
GE Healthcare,Koninklinje Philips NV,Nihon Kohden Corporation,Schiller AG,OSI Systems Inc. (Spacelabs Healthcare),AliveCor,Mindray Medical International Limited,Medtronic PLC,Hill-Rom Holdings Inc. (Welch Allyn),and others.
COVID-19 Impact on Electrocardiograph (ECG) Market
The COVID-19 outbreak continues to change the growth of some markets, and the significant impact of the outbreak is varied. In this period, some of the sectors may account for a fall in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. Moreover, the effects of the disease on public health, there is also the collateral effect of near‐universal interruptions and cancelation of surgical services. This has unprecedented implications on surgical services and patients with surgical conditions.
Further, standard electrocardiography (ECG) is a recommended diagnostic test for all COVID-19 affected patients because virus infection and pneumonia increase the risk of rhythm disturbance and acute coronary syndrome. Moreover, ECGs are also helpful in evaluating the cardiac toxicity of antibiotics prescribed to COVID-19 patients. Further, the February 2020 case report in the Journal of the American Medical Association (JAMA) identified those complications in 16.7% and 7.2% of hospitalized patients, respectively; hence, physicians have found ECG an essential tool to monitor cardiac complications in patients, which may generate demand and have a positive impact on the market growth.
Market Dynamics And Factors
Drivers
Increasing Usage Of Remote Monitoring Devices
The demand for remote monitoring devices has increased over the past few years, which can be attributed to the increased geriatric population and growing burden of chronic diseases worldwide. Remote ECG monitoring systems are gradually becoming conventional medical devices for heart monitoring. In recent years, remote ECG monitoring systems have been adopted to monitor arrhythmia, tachycardia, and bradycardia heart conditions, and the quality of the conduction and reception of the ECG signals during the process has advanced. As per a 2021 article, 'Home Monitoring of Cardiac Devices in the Era of COVID-19', remote patient monitoring (RPM) technology remained underutilized secondary to a lack of data transparency and systems issues until the COVID-19 outbreak leads to a new era of telehealth and virtual solutions out of requirements. The advancements in integrated circuits and wireless communications have led to the design and fabrication of low-cost, powerful, and intelligent physiological data acquisition devices. There is a trend of replacing Holter monitors with inexpensive wearable or smartphone-based ECG monitors such as preferable event monitors that remain active for a month. Thus, the increasing usage of remote monitoring devices is one of the major driving factors for the studied market.
Rapid Technological Advancements
There have been constant technological developments in the field of electrocardiographs (ECG). As technology improves, it seems likely that a substantial proportion of chronic diseases will be tackled by this approach, which makes it an attractive option for both physicians and patients. ECG devices upgrade the patients' quality of life by allowing them to move around freely while undergoing continuous heart monitoring and reduce healthcare costs associated with prolonged hospitalization, treatment, and monitoring. Market players are adopting various growth strategies and are also focusing on the launch of advanced wireless devices in the market. For instance, in June 2020, the FDA expanded guidance on remote monitoring devices for COVID-19, which may address the emergency of the coronavirus (COVID-19) pandemic by allowing modifications that may increase access to important patient physiological data without the need for in-clinic visits, as well as facilitating outpatient management. Thus, the advent of technology may propel the growth of the electrocardiograph (ECG) market during the forecast period.
Restraints:
Some emerging countries have cost-effective factors, doctors are exacted to use traditional ECG devices instead of the latest high-end devices. Thus, high costs for purchasing and maintaining, and poor technical skills are hampering the growth of the market in emerging regions. In developed economies, the new sales are almost equal to the replacement rate because of already well-established infrastructure.
Moreover, need awareness among people regarding the usage of electrograph for the diagnosis of cardiovascular diseases, lack of skilled personnel for the operation of electrograph devices, and adverse reimbursement policies are other key factors expected to restraint the growth of the global diagnostic electrocardiograph (DECG) market.
Opportunities:
The rising number of chronic diseases worldwide is the major concerning factor, due to which many key players are investing highly in this sector. The rising investments in the healthcare sector are allowing healthcare companies to come up with advanced technologies.
There has been a growth in the incidence of heart diseases that require long-term ECG monitoring, which was earlier possible only in hospitals. However, with the wireless ECG introduction, doctors can monitor and diagnose patient's information remotely for years and more frequently. There are many cost-effective and efficient ECG devices coming up in the market in the recent few years with the involvement of information technology in healthcare facilities, which bolsters the adoption of these devices among consumers.
The future is anticipated to be bright, especially in the developed markets, with the continuous evolvement in the currently trending wireless ECG devices, such as ECG necklace (ALiveCor, HeartCheck Pen, MD 100E, and Dimetek), ECG strips, and mobile phone ECG. Also, an upcoming project involves nanosensors embedded in smart wear/ nanotechnology, which acts as digital polymers and soft electronics biosensors. Therefore, it can be inferred that there is significant scope for improvements in the sensor technologies currently being used, which is expected to drive market growth in the future.
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Key Important Features Which Are under Offering and Key Highlights of the Electrocardiograph (ECG) Market Report:
- Detailed Summary of Market
- Changing market dynamics of this industry
- Forex marketplace segmentation with Type, Program etc.
Electrocardiograph (ECG) Market Segmentation:
In market segmentation by Type, Electrocardiograph (ECG) Market report covers:
Rest ECG Systems,Stress ECG Systems,Holter ECG Systems,Event Recorders,Other Products
In market segmentation by Technology, Electrocardiograph (ECG) Market report covers:
Portable ECG Systems,Wireless ECG Systems
In market segmentation by Lead Type, Electrocardiograph (ECG) Market report covers:
Single-Lead ECG,3-6 Lead ECG,12 Lead ECG
In market segmentation by End-User, Electrocardiograph (ECG) Market report covers:
Home-Based Users,Hospitals,Other End Users
Following regions are Electrocardiograph (ECG) Market report:
· North America
· Asia Pacific
· Europe
· Middle East & Africa
Regional Insights:
The North American region dominates the market, followed by the Asia Pacific and Europe. In North America, the United States is expected to hold the major share of the market studied. The United States holds the largest share in the Electrocardiograph (ECG) market, which is majorly due to the high adoption of advanced technologies and the increasing trend for home health care monitoring, and the rising incidence of cardiovascular diseases. The electrocardiograph market in Germany is growing due to rising healthcare expenditure, and the increasing prevalence of cardiovascular diseases is fuelling the market growth.
In Europe, advancing technologies, growing economies, and increasing healthcare spending will offer vast growth potential for international market players, which may drive Europe's overall market during the forecast period.
In the Asia Pacific, China, one of the primary factors for the electrocardiograph market's growth is the increasing burden of cardiovascular diseases and well-established healthcare infrastructure. Additionally, rising government initiatives to aware the populous about chronic diseases may help the market to boost in the APAC region.
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The report covers exhaustive analysis on:
- The market size and industry growth rate of the global and regional market across various segments
- Based on extensive primary and secondary research this report provides comprehensive and granular data
- Key technological advancements and market trends that shape the market
- Brand dynamics and distribution trends in order to effectively plan strategies in the forecast period 2021-2027
- Key companies operating in this market and their market share
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