A new market intelligence report by Transparency Market Research, titled “ECG Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”, provides a detailed overview of this market.
The report presents a comprehensive study of the factors influencing the growth of the global electrocardiography (ECG) systems market. The rising prevalence of cardiovascular diseases is the key driver for this market. Rising shift towards sedentary lifestyles in emerging regions such as Latin America and Asia Pacific is increasing the prevalence of lifestyle disorders such as obesity and diabetes, which reportedly increase the risk for cardiovascular diseases. This is anticipated to fuel the global ECG systems market at a significant pace.
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Moreover, the development of highly precise and technologically advanced ECG systems has made diagnosis increasingly reliable, consequently propelling the demand for these systems. Other factors bolstering the growth of the global ECG systems market are the increasing government support in establishing modernized and advanced healthcare networks and a growing global geriatric population.
On the flip side, the absence of promising reimbursement policies and volatile economies are anticipated to impede the growth of the global ECG systems market. The saturation in the healthcare infrastructure of developed regions is also adversely affecting the growth of this market. These regions have already reached a high level of sophistication, leading to the low adoption of ECG systems. However, the rapid growth in the healthcare sector of emerging countries such as India, China, and Russia is expected to provide tremendous opportunities to the companies operating in the global ECG systems market.
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Geographically, the global ECG systems market has been segmented into North America, Eastern Europe, Western Europe, Latin America, Middle East and Africa, and Asia Pacific. Of these, North America emerged as the most prominent market in terms of revenue in 2015. The rising aging population and growing prevalence of lifestyle disorders are the key factors responsible for the leadership of North America in the global ECG systems market. However, the increasing government support and rising prevalence of cardiac disorders is likely to facilitate Asia Pacific to exhibit a noteworthy CAGR from 2016 to 2024.
The report provides a detailed evaluation of the competitive landscape. The ECG systems market is characterized by high competitive rivalry, with many vendors offering systems at similar levels of technological sophistication. There is a high scope of collaboration for research and development, which has emerged as a notable opportunity for players in the global ECG systems market. Multinational players are entering into mergers and acquisitions to expand their consumer base across different regional markets.