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.
Electrocardiogram (ECG) Devices Market – Insights
Electrocardiogram (ECG) is a device that records electrical activity of the heart in waveforms with electrodes, which are placed in contact to the body (chest) and the signals are amplified on the ECG monitor. The interpretation of these waveforms help in identifying symptoms of arrhythmia and acute coronary syndromes.
The global Electrocardiogram (ECG) Devices market is estimated to account for US$ 5,589.3 Mn in terms of value by the end of 2027.
Global Electrocardiogram (ECG) Devices Market: Drivers
Increasing prevalence of cardiovascular diseases (CVDs) is expected to boost growth of the global Electrocardiogram (ECG) Devices market over the forecast period. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018, around 92.1 million adults in the U.S. are suffering from some form of CVD or the after-effects of stroke.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America region held dominant position in the global Electrocardiogram (ECG) Devices market in 2019, accounting for 34.7% share in terms of value, followed by Asia Pacific.
Figure 1. Global Electrocardiogram (ECG) Devices Market Share (%), by Region, 2019
Source: Coherent Market Insights Analysis (2020)
Global Electrocardiogram (ECG) Devices Market: Restraints
Lengthy medical device approval period is expected to hinder growth of the global Electrocardiogram (ECG) Devices market. The U.S. FDA has implemented rules for in-vitro testing of Electrocardiogram (ECG) Devices, which includes environmental testing, software testing, electrical safety, and electromagnetic compatibility of the devices. Moreover, the time needed to process and approve 510(K) increased from 90 days to 140 days due to the complexity and volume of medical devices marketing submissions.
Several handheld Electrocardiogram (ECG) Devices offer limited information as compared to conventional 12?lead ECGs, which is also expected to limit growth of the market.
Global Electrocardiogram (ECG) Devices Market: Opportunities
Development of algorithms that can remove motion artifacts in ambulatory ECGs is expected to offer lucrative growth opportunities for players in the market. For instance, in February 2020, researchers at University of Electronic Science and Technology of China developed an adaptive cancellation algorithm based on multi-inertial sensors to suppress motion artifacts in ambulatory ECGs.
Moreover, increasing the efficacy of portable ECGs is also expected to aid in growth of the market. For instance, in October 2019, researchers at Electronics and Telecommunications Research Institute, South Korea, reported use of two kinds of first-order derivative filters and a max filter for an efficient real-time and QRS detection method to analyze ECG signals measured from wearable Electrocardiogram (ECG) Devices in real-time.
Resting Electrocardiogram (ECG) Devices segment in the global Electrocardiogram (ECG) Devices market was valued at US$ 2,226.2 Mn in 2019 and is expected to reach US$ 3,089.4 Mn by 2027 at a CAGR of 4.2% during the forecast period.
Market Trends/Key Takeaways
Major players in the market are focused on approval and launch of portable Electrocardiogram (ECG) Devices. For instance, in May 2019, AliveCor received U.S. FDA clearance for its KardiaMobile 6L, a six-lead portable ECG device.
Major players in the market are also focused on conducting studies to test the efficacy of their novel products. For instance, in February 2020, Johnson & Johnson launched a new, virtual clinical study to determine the efficacy of Apple’s iPhone and ECG-enabled smartwatch in reducing the risk of stroke and detecting cases of atrial fibrillation.
Electrocardiogram (ECG) Devices regulated in the U.S by 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 device and to conduct post-market surveillance
- The device should be similar to another existing devices in the market to get approval
Global Electrocardiogram (ECG) Devices Market: Competitive Landscape
Major 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
Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in October 2019, AliveCor partnered with Huami Corporation, a manufacturer of biometric, data-driven wearables, to integrate the technologies of each company to develop a new generation of medical functionality to wearable devices.
Major players in the market are also focused on adopting collaboration strategies to expand their product portfolio. For instance, in May 2018, GE Healthcare collaborated with Preventice Solutions Inc. to offer customers with an extension of the hospital heart station and to expand GE Healthcare ECG services in home settings.