Global Electrocardiogram (ECG) Devices Market Analysis
Overview
The electrocardiogram or ECG is a system that captures the heartbeat in patterns using sensors that are positioned in contact with the body (chest), and the signals are magnified on an ECG monitor. These pulses’ interpretation aids in the detection of arrhythmia and acute coronary syndrome symptoms.
By the end of 2027, the global electrocardiogram (ECG) devices market is expected to be worth US$ 5,589.3 million.
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Drivers
Over the forecast period, the global electrocardiogram (ECG) devices market is projected to rise due to the rising incidence of cardiovascular diseases (CVDs). As per the American Heart Association’s Heart Disease and Stroke Statistics 2018, about 92.1 million individuals in the U.S. suffer from CVD or stroke-related complications.
Furthermore, the global electrocardiogram (ECG) devices market is projected to rise as the elderly population grows. As per the World Health Organization, the global elderly population will reach 2 billion by 2050, up from 900 million in 2015.
In terms of value, the North American region dominated the global electrocardiogram (ECG) devices market in 2019, with a 34.7 percent share, followed by Asia Pacific.
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Restraints
The global electrocardiogram (ECG) devices market is projected to be hampered by a lengthy medical device approval process. The Food and Drug Administration (FDA) in the U.S. has set guidelines for in-vitro testing of electrocardiogram (ECG) equipment that include atmospheric testing, software development, life wiring, and electromagnetic interference. Furthermore, owing to the difficulty and number of medical device marketing applications, the time it takes to process and approve a 510 (K) has grown from 90 to 140 days.
When compared to traditional ECGs, some portable Electrocardiogram (ECG) Devices provide scant details, which is projected to hamper growth of the global electrocardiogram (ECG) devices market.
Opportunities
The development of algorithms to reduce motion artefacts from ambulatory ECGs is projected to provide profitable growth prospects for market participants. Researchers from China’s University of Electronic Science and Technology developed an adaptive cancellation technique based on multi-inertial sensors to suppress motion aberrations in ambulatory ECGs in February 2020.
Furthermore, improving the efficacy of portable ECGs is projected to help the market develop. Researchers from the Electronics and Telecommunications Research Institute in South Korea reported in October 2019 that they used two types of first-order speculative filtration and a peak filter for an efficient real-time and QRS detection technique to analyze ECG signals observed from wearable Electrocardiogram (ECG) D devices.
The Resting Electrocardiogram (ECG) Devices sector of the global electrocardiogram (ECG) devices market was worth US$ 2,226.2 million in 2019 and is estimated to grow at a CAGR of 4.2 percent to US$ 3,089.4 million by 2027.
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Market Trends
The clearance and release of portable electrocardiogram (ECG) devices is a priority for the market’s major manufacturers. AliveCor’s KardiaMobile 6L, a six-lead portable ECG device, obtained FDA certification in May 2019.
Leading market participants are also concentrating on performing research to determine the efficacy of their unique goods. Johnson & Johnson initiated a new online medical study in February 2020 to see how effective Apple’s iPhone and ECG-enabled wristwatch are in lowering stroke risk and identifying instances of atrial fibrillation.
Regulations
Electrocardiogram (ECG) Devices are regulated in the U.S by the FDA Center for Devices and Radiology Health (CRDH).
- Electrocardiogram (ECG) Devices are cleared through Section 510 (k) of the Food, Drug and Cosmetic Act, and clearance is only given on the basis of safety of the device and to conduct post-market surveillance
- The device should be similar to other existing devices in the market to get approval
Competitive Landscape
Key companies contributing in the global electrocardiogram (ECG) devices market are Mindray Medical International Ltd., CardioNet Inc., General Electric Company, Koninklijke Philips N.V., Cardiac Insight Inc., Welch Allyn Inc., Nihon Cohden Corporation, Compumed Inc., Schiller AG, and Spacelabs Healthcare.
Key Developments
To extend their product range, major businesses are focusing on collaboration methods. AliveCor teamed with Huami Corporation, a maker of biometric, data-driven wearables, in October 2019 to merge the companies’ technology to create a new generation of medical capabilities for wearable devices.
Collaboration methods are also being adopted by major companies in the industry to extend their product portfolio. GE Healthcare and Preventive Solutions Inc. partnered in May 2018 to provide clients with an expansion of the clinical heart unit and to enhance GE Healthcare ECG services in the home environment.
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