According to the report published by Allied Market Research, the global electrocardiograph (ECG) market generated $8.3 billion in 2020, and is estimated to reach $18.4 billion by 2030, witnessing a CAGR of 8.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
What is the estimated industry size of Electrocardiograph (ECG)?
The global electrocardiograph (ECG) market was valued at $8,349.00 million in 2020, and is projected to reach $18,436.70 million by 2030, registering a CAGR of 8.3% from 2021 to 2030.
Which are the top companies to hold the market share in Electrocardiograph (ECG)?
Major companies such as Baxter International Inc., Koninklijke Philips N.V., Medtronic Plc. and Nihon Kohden Corporation
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Covid-19 Situation –
- The visits to healthcare facilities such as clinics and hospitals for consulting and treatment of conditions that require electrocardiographs reduced due to closure of many clinics with lockdown and measures taken to avoid cross-contamination during the Covid-19 pandemic.
- Many hospitals shifted their staff to take care of Covid-infected patients and postponed many non-elective surgeries. This led to reduced revenue for the electrocardiograph (ECG) market worldwide.
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An ECG device is a device that is often used as an initial diagnosis for heart conditions. This is said to be the fact that ECG interpretation is an effective method for monitoring and diagnosing arrhythmias and other medical conditions associated with abnormal heart rhythms. In addition, according to the CDC, arrhythmias affect more than 4 million patients and about half a million deaths each year in the United States. Therefore, the increase in the need for early and accurate diagnosis of heart disease is driving the growth in ECG market size. In addition, the increase in heart disease and the rising elderly population are driving the growth of the market. Additionally, the introduction of new ECG devices such as wearable ECG devices and ECG devices integrated with intelligent systems support the growth of the ECG market share.
However, lack of awareness about primary prevention of heart disease in developing economies, reimbursement plans for ECG devices increasing the market share is restraining the market growth. On the contrary, the market does not appear well and the increasing number of mergers, acquisitions, and product launches that retailers hope will provide valuable opportunities for the expansion of research ECG market.
Major Key Market Players in the Industry –
- Nihon Kohden Corporation,
- Osi Systems Fukuda Denshi Co Ltd.,
- Opto Circuits Limited,
- Philips Healthcare (Koninklijke Philips N.V.),
- Schiller Ag,
- Ge Healthcare (General Electric Company),
- Johnson And Johnson,
- Mortara Instrument, Inc.,
- Medtronic Plc,
- Mindray Medical International Limited
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Market: By Region Outlook
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, Rest of LAMEA)
Important Questions Being Answered by This Market Report Are –
Q1. What are the upcoming trends of Electrocardiograph (ECG) Market in the world?
Q2. What is the leading application of Electrocardiograph (ECG) Market?
Q3. Which is the largest regional market for Electrocardiograph (ECG)?
Q4. What is the estimated industry size of Electrocardiograph (ECG)?
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Key findings of the study –
- On the basis of product, the resting electrocardiograph (ECG) segment was the highest contributor to the ECG industry in 2020.
- Based on of end user, the hospitals and clinics segment were the highest contributor to the market in 2020.
- Depending on lead type, the 6 lead ECG segment was the highest contributor to the market in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. North America accounted for a majority of the global ECG market size in 2020, and is anticipated to remain dominant during the forecast period due to high prevalence of cardiovascular diseases, increased healthcare expenditure, and large geriatric population base.
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