The Global ECG Market is expected to reach $6.63 billion by 2023, registering a CAGR of 5.6% from 2017 to 2023. The research is helpful for new entrants, stakeholders, market players, and investors to devise further strategies based on current scenario and projections for the future.
The research offers insights on drivers, restraints, and opportunities of the global electrocardiograph market. Technological advancements, rise in incidence of cardiovascular diseases across the globe, and favorable government regulations drive the growth in the market. However, high cost associated with complex ECG devices and fluctuating market conditions restrain the market growth. On the other hand, rise in developments regarding cloud computing and wireless communication create new opportunities in the market.
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The report offers a detailed segmentation of the global ECG market into product, lead type, end user, and region. Based on product, the market is divided into resting ECG, stress ECG, and holter monitors. Holter monitors would grow at the fastest CAGR of 9.1% from 2017 to 2023, owing to utilization of these monitors to capture asymptomatic and symptomatic arrhythmias and rise in demand among patients suffering from irregularities in heartbeats. Based on lead type, the study segments the into single lead, 3-6 lead, and 12-lead. Among these segments, the 3-6 lead segment generated the highest revenue in 2017 and is expected to maintain its dominant position throughout the forecast period. Moreover, this segment is expected to grow at the highest rate, with a CAGR of 6.1% during the forecast period.
Based on end user, the research classifies the market into hospitals & clinics, home settings & ambulatory surgical centers (ASCs), and others. The hospitals & clinics segment held the highest share in terms of revenue, accounting for nearly fifth-sevenths share in 2017 and is expected to lead throughout the forecast period. Geographically, North America accounted for the highest market share in 2017 and will maintain its lion’s share by 2023. However, Asia-Pacific would register the highest growth rate during the forecast period, owing to high population density, rise in healthcare expenditure, and surge in cardiovascular diseases in the region.
The report offers a detailed analysis of market players including GE Healthcare (General Electric Company), Nihon Kohden Corporation, Royal Philips Healthcare (Koninklijke Philips N.V.), Opto Circuits Limited, Schiller AG, Johnson and Johnson, OSI Systems Fukuda Denshi Co Ltd., Mortara Instrument, Inc., Mindray Medical International Limited, and Medtronic. These players have implemented various strategies including expansion, merger & acquisition, partnership, new product launch, and joint venture to gain stronghold in the global market.
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