Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Some of the widely used ECG systems include electrocardiogram (ECG) resting system, ECG holter monitoring system, ECG stress testing system, and cardiopulmonary stress testing system. Resting ECG device detects arrhythmias, while the patient is in resting position. These devices are widely adopted in hospitals and cardiology clinics. Holter ECG monitoring device is portable and is utilized for continuous monitoring of heart activities. It is further used to detect occasional cardiac arrhythmias.
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Statistics:
The global electrocardiogram (ECG) devices market is estimated to surpass US$ 5,589.3 Mn, in terms of value by the end of 2027.
Global Electrocardiogram (ECG) Devices Market: Drivers
Moreover, low cost of ECG services is one of the major factors that is expected to propel growth of the global electrocardiogram (ECG) devices market over the forecast period. For instance, the cost of an electrocardiogram ranges from US$ 76 to US$ 240.
Global Electrocardiogram (ECG) Devices Market: Opportunities
Moreover, usage of non-conventional energy sources in electrocardiogram (ECG) devices is expected to offer lucrative growth opportunities for players in the market. For instance, in May 2019, researchers from Pukyong National University, South Korea, reported designing an ECG device that is powered by solar energy with an output voltage of 2.4 V and a power out of 0.25 W.
Global Electrocardiogram (ECG) Devices Market: Restraints
However, inaccuracy of wearable electrocardiogram (ECG) devices is the major factor that is expected to hamper growth of the global electrocardiogram (ECG) devices market over the forecast period. Electrocardiogram (ECG) devices often offer false diagnostics of heart conditions. For instance, according to a research published in April 2019 by the Harvard Medical School, 30% of wearable devices yield inaccurate results.
Key Takeaways:
Among product type, ECG resting system segment in the global electrocardiogram (ECG) devices market is estimated to be valued at US$ 2,226.2 Mn in 2019 and is expected to reach US$ 3,089.4 Mn by 2027 exhibiting a CAGR of 4.2% over the forecast period. The growth of the segment is attributed to increasing adoption of expansion strategies from major players operating in the market to expand their product portfolio and to enhance their geographical footprint.
Among end user hospital segment accounted for major market share of 54.6% in the global electrocardiogram (ECG) devices market in 2014, in terms of value. This is attributed to increasing prevalence of cardiovascular diseases (CVDs), globally.
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Market Trends
Moreover, minor ST depression in the ECG is associated with cardiovascular disease and increased mortality. For instance, according to a study published in the Journal of Electrocardiology in December 2019, lower ST levels in ECG lateral leads are linked with all-cause mortality.
Artificial Intelligence (AI) can be utilized for automatic detection of hypoglycaemia using ECG. For instance, in January 2020, researchers at University of Warwick, U.K., reported the use of personalized medicine approach and AI to automatically detect nocturnal hypoglycemia using a few heartbeats of raw ECG signal recorded with non-invasive, wearable devices.
Regulations
Regulations for wireless devices:
- In the U.S., wireless medical devices are regulated by the Food and Drug Administration (FDA), Federal Communications Commission (FCC), and Centers for Medicare and Medicaid Services (CMS)
Global Electrocardiogram (ECG) Devices Market: Competitive Landscape
Key players operating in the global Electrocardiogram (ECG) Devices market include, Cardiac Insight Inc., Koninklijke Philips N.V., General Electric Company, CardioNet Inc., Mindray Medical International Limited, Spacelabs Healthcare (a subsidiary of OSI Systems Inc.), Schiller AG, Compumed Inc., Nihon Cohden Corporation, and Welch Allyn Inc..
Global Electrocardiogram (ECG) Devices Market: Key Developments
March 2019: VivaLNK, a connected healthcare solutions provider, launched its IoT-enabled medical wearable Sensor Platform that enables internet of health things (IoHT) solution partners to easily capture streams of patient data such as temperature and ECG rhythms
July 2018: LifeSignals Group Inc. received the U.S. FDA clearance for its wireless LP1100 Life Signal Patch, a wearable ECG patch
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Segmentation
- Global Electrocardiogram (ECG) Devices Market, By Product Type :
- Monitoring ECG Systems
- Data Monitoring
- Event Monitoring
- Cardiovascular Monitoring
- Diagnostic ECG Systems
- Rest ECG Systems
- Stress ECG Systems
- Holter ECG Systems
- Monitoring ECG Systems
- Global Electrocardiogram (ECG) Devices Market, By Technology:
- Portable ECG Systems
- Wireless ECG Systems
- Global Electrocardiogram (ECG) Devices Market, By Lead Type:
- Single Lead ECG
- 3-6 Lead ECG
- 12-Lead ECG
- Global Electrocardiogram (ECG) Devices Market, By End-user:
- Hospitals
- Homecare Settings
- Others
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