Published on : Feb 16, 2021
As per a report published by the WHO, in 2012, approximately 1.75 million people died, which accounts for 31% of the global deaths, due to cardiovascular diseases.
Growing prevalence of cardiovascular diseases worldwide is impelling adoption of continuous monitoring devices. This is one of the key driving factor projected to fuel growth of ECG equipment market.
Further, growing healthcare expenditure, and effort of ECG equipment manufacturing companies to provide error free devices are likely to contribute extensively to expansion of the global ECG equipment market.
The newly added report “Global ECG Equipment Market Research Report 2020” in RMoz repository provides insights about various factors contributing to growth of the market. It also presents information about several challenges and restraining factors that may limit the growth of ECG equipment market in coming years.
The report consists of 91 pages, each page depicting different aspects of the market growth. In addition, the analysts have used graphs and statistics to present the information in pictorial form.
The market analysts have done in-depth research to provide details of the drivers and trends shaping the market. They have also visited several engineers and other key operators of the ECG equipment market to get an idea of possible growth rate in coming years.
Shift in Trend of Healthcare Measures Pushes Adoption Rate of ECG Equipment
Shift in the trend from proactive health measures to preventive healthcare steps is providing is resulting in growth in demand for advanced ECG equipment. The equipment are designed to diagnose symptoms of disease at earliest, so that target treatment can be provided at right time.
In year 2014, North America ECG device market, standalone, accounted for major chunk of the global ECG equipment market. Prominence of the region is attributed to technological innovations and investment inflow for research and development activities.
In August 2015, InfoBionic, the U.S. based firm partnered with Safeguard scientists to raise money for commercialization to raise fund for commercialization of Mome Kardia. Mome Kardia is a device to monitor system remotely based on technology that can be worn around the neck.
Furthermore, regional players of North America are expanding their presence in other regions to lead in the global market. For example, in October 2015, iNeedMD Holdings Inc. collaborated with Clifton Africa Ltd. for distribution of the device. The agreement is for a year and worth 1.5 million.
Registering recent advancements in cardiac devices, Europe market is anticipated to follow the growth trajectory of North America market.
In February 2014, Medtronic introduced Reveal LINQ, which is an updated version of Reveal XT. The device has been approved by FDA. It provides provision of patient heart monitoring for 3 years at a stretch. In addition, it has more data memory when compared to its older version.
Meanwhile, Asia Pacific market is anticipated to witness fastest growth rate in coming year. As per market analyst, growing geriatric population and rising incidences of cardiovascular diseases across the region is the key factor behind the growth rate.
Some of the key players operating in ECG equipment market are Philips Healthcare, Johnson & Johnson, GE Healthcare, Cardio Comm Solutions Inc., Schiller AG, and Nihon Kohden. These players are consistently undertaking several strategies to mark their presence across the globe and strengthening their foothold in various regions. Merger and acquisitions, collaborations, and partnerships are some of the strategies.
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In May 2015, CardioComm Solutions Inc. introduced HeartCheck PEN. The bluetooth wireless connectivity pen enables connectivity for data acquisition with Apple and Android smartphones.
Likewise, in March 2015, Philips introduced a cardiograph called as Efficia ECG 100. It is cost-effective cardiograph that aims to improve patient care and reduce the healthcare cost.
Shift towards preventive healthcare measures coupled with technological innovations are anticipated to steer growth in the global ECG equipment market in coming years.