The global ECG equipment market is expected to reach USD 6.3 billion by 2022, according to a new report by Grand View Research Inc. The rising incidences of cardiovascular disorders and government initiatives to make people aware about health check-ups are expected to boost market growth. In addition, the change in the medical preference from acute intervention to preventive care is expected to increase the demand for more accurate and cost-effective methods for heart monitoring.
According to the WHO, in 2012, around 17.5 million people died due to cardiovascular diseases. This is due to the late diagnosis and absence of early symptoms as the patient fails to keep record of his vital signs.
Owing to the increasing incidences, government is undertaking various awareness programs. According to the American Heart Association (AHA), 56% women identified heart disease as a leading cause of death in 2012 as compared to 30% in 1997.
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Further key findings from the report suggest:
- ECG monitoring equipment has high future growth potential owing to changing trend towards preventive care and new product innovation with data integration. In February 2014, Medtronic launched its FDA approved Reveal LINQ. The upgraded version of Reveal XT offers patient heart monitoring for three years with 20% more data memory than its previous version.
- ECG stress testing systems is one of the dominating segments of the market. The growing need for flexible stress systems and comprehensive data management is driving the market for this segment. Quinton 9500 series from Cardiac Science portable system allows physicians to optimize the examination space and enables more data integrations.
- Holter monitoring systems is another segment, which is expected to gain significant market share over the forecast period due to the fact that the system assists in identifying arrhythmias that takes place during certain activities such as exercise, stress, bowel movements, sleep, eating, and stress.
- 2M Engineering Ltd. launched the VitaMove 2S ExG movement and ECG-recorder, which is equipped with 3-lead ECG holter, that combines daily activities with heart rate events/trends, ECG, and derivatives such as Heart Rate Variability (HRV).
- North America dominated the market in 2014 and is expected to grow at a CAGR of 5.8% over the forecast period. With major industry players situated in North America, the innovations and upgrading rates are higher as compared to other regions. In August 2015, InfoBionic along with Safeguard Scientists raised USD 8 million to commercialize Mome Kardia. Mome Kardia is a remote patient monitoring system based on the cloud technology that could be worn around the neck.
- Asia Pacific is expected to witness substantial growth during the forecast period owing to the rising incidence rate of heart diseases and growing manufacturing outsourcing in the region.
- According to the Government of India, the prevalence of heart failure in the nation due to hypertension, obesity, coronary heart disease, obesity, rheumatic heart disease, diabetes ranges from 1.3 to 4.6 million and an annual incidence rate of 491,600 to 1.8 million.
- As per a report published by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), people have adopted unhealthy lifestyles along with increasing stress levels, decreasing physical activity, tobacco smoking, and increasing consumption of saturated fats.
- Industry players are constantly fueling the market with newer technologies or upgrading existing technology. In May 2015, CardioComm Solutions, Inc. launched HeartCheck PEN. This Bluetooth wireless connectivity pen could be connected for data acquisition with Android and Apple smartphones.
- Apart from technology innovations, many industry players are expanding their global presence by signing distribution agreements with domestic distributors. In October 2015, iNeedMD Holdings, Inc. signed a distribution agreement with Clifton Africa Ltd. This one-year distribution agreement is worth USD 1.5 million.
- Key players of the ECG equipment market include Medtronic, GE Healthcare, Philips Healthcare, Schiller AG, Nihon Kohden, CardioComm Solutions, Inc., and Johnson & Johnson.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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