DUBLIN, Nov. 1, 2023 /PRNewswire/ — The “ECG Equipment Market by Product, by Technology, by End User, and by Region – Global Forecast to 2023-2033” report has been added to ResearchAndMarkets.com’s offering.
The global ECG equipment market is experiencing substantial growth and is projected to continue expanding at a Compound Annual Growth Rate (CAGR) of 7.46% during the forecast period from 2023 to 2033. In 2022, the market size reached USD 5.82 billion, and it is expected to reach USD 12.80 billion by 2033.
Several key factors are driving this growth:
- Rising Cardiovascular Disease (CVD) Incidence: The increasing prevalence of cardiovascular diseases such as heart attacks, arrhythmias, and heart failure is driving the demand for ECG equipment, which plays a crucial role in diagnosing and monitoring these conditions.
- Technological Advancements: Advances in ECG technology, including wireless and portable devices, improved data analytics, and telemedicine applications, are making ECGs more accessible and user-friendly, promoting market growth.
- Remote Patient Monitoring: The growing adoption of remote patient monitoring solutions is driving demand for ECG equipment, as it enables healthcare professionals and patients to access real-time heart health data easily and conveniently.
- Increased Awareness and Preventive Care: Rising awareness of cardiovascular health and preventive care measures is leading to increased demand for ECG equipment for regular heart health assessments.
- Research and Development: Ongoing research and development efforts are resulting in customized ECG solutions and innovative ECG equipment, further fueling market growth.
Despite the positive outlook, several challenges may limit market growth:
- High Cost of Equipment: The cost of ECG equipment can be a barrier to adoption, especially in resource-constrained healthcare settings.
- Technological Complexity: Some advanced ECG equipment may require specialized training to operate, limiting their use in certain healthcare facilities.
- Lack of Skilled Personnel: The effective use of ECG equipment often relies on skilled healthcare personnel who can interpret the results accurately.
Market Segmentation:
- Product: The rest ECG systems segment, which includes traditional 12-lead ECG systems, accounted for the highest revenue share in 2022. Knitted Holter ECG systems are expected to grow at the quickest CAGR due to their comfortable and unobtrusive design, encouraging long-term patient wear and continuous monitoring.
- Technology: Portable ECG systems, known for their versatility and on-the-go cardiac monitoring capabilities, held the highest revenue share in 2022. Wireless ECG systems are expected to grow at the quickest CAGR due to the increasing demand for seamless and remote cardiac monitoring solutions.
- End-User: Hospitals accounted for the highest revenue share in 2022, given their role as primary healthcare centers for comprehensive cardiac diagnostics and treatment. The market for home-based users is expected to grow at the quickest CAGR as individuals increasingly seek convenient ways to monitor their heart health from home.
Regional Markets:
- North America: The region held the top spot in terms of revenue in 2022, driven by its well-established healthcare infrastructure, high prevalence of cardiovascular diseases, and emphasis on remote patient monitoring and telemedicine.
- Asia Pacific: This region is expected to grow at the fastest CAGR during the forecast period, fueled by its large and aging population, increasing awareness of cardiovascular health, rising healthcare investments, and a growing demand for advanced healthcare technologies.
Competitor Insights:
Key players in the ECG equipment market include GE Healthcare, Philips Healthcare, Siemens Healthineers, Medtronic, Schiller AG, Welch Allyn (now part of Hillrom), Mortara Instrument (now part of Hillrom), Nihon Kohden, BPL Medical Technologies, Spacelabs Healthcare, Cardinal Health, Mindray, BioTelemetry (now part of Philips), Fukuda Denshi, and ZOLL Medical Corporation.
These organizations employ various growth strategies, including strategic alliances, partnerships, and agreements with other companies, to outperform their competitors and drive market expansion. For example, they introduce innovative ECG equipment solutions and expand their product portfolios to meet the evolving healthcare needs of patients and providers.
For more information about this report visit https://www.researchandmarkets.com/r/im1306
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