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Global ECG Devices Market to Reach USD 6.7 Billion by 2026

By HospiMedica International staff writers
Posted on 26 Mar 2019
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Image: The global ECG devices market is projected to reach almost USD 7 billion by 2026 (Photo courtesy of Schiller).
Image: The global ECG devices market is projected to reach almost USD 7 billion by 2026 (Photo courtesy of Schiller).
The global ECG devices market was valued at USD 3.95 billion in 2017 and is projected to grow at a CAGR of 6.2% from 2018 to 2026 to reach USD 6.79 billion by 2026. The market growth will be driven by the high prevalence of cardiovascular diseases across the world and the launch of technologically advanced ECG devices.

These are the latest findings of Transparency Market Research, (Albany, NY, USA), a global market intelligence company providing business information reports and services.

According to the World Health Organization (WHO), about 17.9 million people died of cardiovascular diseases in 2016, which represents 31% of all deaths worldwide. The surge in cardiovascular diseases in the developing countries can be attributed to rising incidences of hypertension, smoking, and overweight due to changing lifestyles and higher incidence of diabetes and pre-diabetes. An increase in the prevalence of cardiovascular diseases is driving the need for cardiovascular monitoring devices. Hence, a large patient pool with cardiovascular diseases is projected to fuel the growth of the global ECG devices market during the forecast period.

Based on technology, the resting ECG systems segment is expected to hold the largest share of the global ECG devices market during the forecast period. The segmental growth will be driven by better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Record (EHRs) that simplify ECG workflow and reduce the complexity associated with custom integration, and the high usage of resting ECG systems across hospitals, clinics, and ambulatory surgical centers. The development and launch of technologically advanced electrocardiogram devices, such as recent ECG systems designed to improve workflow and simplify operation, is expected to further fuel the segmental growth during the forecast period.

Based on end-user, the hospitals segment is expected to account for the largest share of the global ECG devices market during the forecast period. This can be attributed to the increased usage of ECG devices across hospitals in cardiac settings, as an electrocardiogram is the most common diagnostic tool in the cardiac department and the most frequently performed test in hospitals. The ambulatory surgical centers segment is projected to record the highest CAGR during the forecast period due to the increasing preference for ambulatory surgical centers, as they are high quality, cost-effective sites for cardiac patients care and cardiovascular procedures. The specialized clinics segment is expected to hold the second-largest share of the global ECG devices market during the forecast period, led by an increase in the number of specialized clinics for indications such as hypertension, heart failure, hypertrophic cardiomyopathy, atrial fibrillation, hyperlipidemia, and valvular heart disease.

Geographically, North America and Europe are expected to dominate the global ECG devices market during the forecast period, led by the availability of cost-effective and non-invasive small devices, favorable medical reimbursement policies, and rapid increase in the geriatric population in these regions. Asia Pacific is projected to account for a significant share of the global ECG devices market and register a notable CAGR of 7.1% during the forecast period, driven by the rising prevalence of cardiovascular diseases in developing countries such as China and India that is propelling the need for cardiovascular diagnostic and monitoring devices, including electrocardiogram devices, in the region.

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