Global Electrocardiogram (ECG) Devices Market- Insights
Electrocardiograph machines are used to measure the electrical activity of a patient’s heart. The electrical activity of the heart is recorded with the help of 12-lead ECGs and 10 electrodes, placed on patient’s limbs and surface of the chest. Furthermore, ECG used to monitor patient’s emergency situation to obtain quick results of heart’s size, position of heart chambers, the rate of the heart, rhythm, and any damage to heart muscles and effect of cardiac drugs. The 12-lead electrocardiogram (ECG) is the most common and widely used in the assessment of cardiovascular disease including cardiac rhythm, detection of myocardial ischemia and infarction, conduction system abnormalities, preexcitation, long QT syndromes, atrial abnormalities, ventricular hypertrophy, pericarditis, and other conditions.
Approval and launch of novel electrocardiogram (ECG) devices and high prevalence of cardiovascular diseases expected to drive global electrocardiogram (ECG) devices market growth
Launch and approval of novel electrocardiogram (ECG) devices in market is expected to drive global electrocardiogram (ECG) devices market growth over the forecast period. For instance, in January 2019, Alphabet Inc.'s health division, Verily received approval from the U.S. Food and Drug Administration (FDA) for Verily’s Study Watch, a wearable medical device that conducts electrocardiograms (ECGs), which measures electrical activity of the heart and can be used to diagnose a number of heart conditions.
Furthermore, high prevalence of cardiovascular disease is expected to be a major factor increasing the demand for electrocardiogram (ECG) devices over the forecast period and supporting global electrocardiogram (ECG) devices market growth. For instance, according to the data published by American Heart Association, in 2018, cardiovascular diseases, listed as the underlying cause of death, accounted for around 836,546 deaths in the U.S. Around, 2,300 deaths are registered in the U.S. from cardiovascular diseases each day, with an average of 1 death every 38 seconds. Around 92.1 million adults in the U.S. are living with some form of cardiovascular diseases or the after-effects of stroke.
According to the same source, coronary heart disease was the leading cause of death (43.8%) in the U.S., followed by stroke (16.8%), heart failure (9.0%), high blood pressure (9.4%), diseases of the arteries (3.1%), and other cardiovascular diseases (17.9%).
The global electrocardiogram (ECG) devices market size was valued at US$ 4.2 Bn in 2018, and is expected to witness a CAGR of 5.8% during the forecast period (2018–2026).
Figure 1. Global Electrocardiogram (ECG) Devices Market Share (%), By End User, 2018-2016
Source: Coherent Market Insights Analysis (2018)
Asia Pacific is expected to hold dominant position in the market, owing to high prevalence of typhoid fever in the region
North America electrocardiogram (ECG) devices market is expected to hold dominant position in global electrocardiogram (ECG) devices market, owing to high awareness regarding health and frequent investments by key players in market to launch novel electrocardiogram (ECG) devices in the region. For instance, in 2017, the U.S.-based Cardiac Insight Inc. received the U.S. Food and Drug Administration approval for its novel wearable ECG sensor namely Cardeo Solo. The company has raised around US$ 4.5 million to develop and commercialize its novel wearable.
Furthermore, Asia Pacific electrocardiogram (ECG) devices market is expected to be a potential market for key players, owing to increasing ageing population and rising prevalence of cardiovascular disease in key regions of Asia Pacific including China and India. For instance, according to the data published by the World Health Organization (WHO), in China cardiovascular disease is estimated to increase by 50% between 2010 and 2030 based on population aging and growth.
Figure 2. Global Electrocardiogram (ECG) Devices Market Share (%) Analysis, By Region, 2026
Source: Coherent Market Insights Analysis (2018)
The Food & Drug Administration (FDA) in the U.S., European Medicines Agency (EMA) in Europe, Therapeutic Goods Administration (TGA) in Australia, and other similar authorities in the respective regions oversee the regulations associated with medical devices.
The U.S. Food & Drug Administration (FDA) oversees all the activities associated with food and medical products in the North America region. Under medical devices, all types of medical devices for all types of conditions are considered.
Medical devices are classified into three categories such as Class 1, Class 2, and Class 3 medical devices. This classification is risk-based, where risk posed by the device to the patient represents category of the medical device. For instance, class 1 includes devices with lowest risk, whereas class 3 includes devices with greatest risk. Electrocardiogram (ECG) devices come under class II of medical devices.
Key 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.
The electrocardiogram devices also known as ECG or EKG devices are devices used in the measurement of electrical activity of the heart Electrocardiographs detect the electrical signals associated with cardiac activity and produce an ECG, a graphic record of the voltage versus time. The electrocardiogram devices are widely used to diagnose and assist heart disease and arrhythmias.
Approval and launch to novel electrocardiogram (ECG) devices in key regions is expected to be a major factor driving global electrocardiogram (ECG) devices market growth over the forecast period.
For instance, in 2014, Aerotel Medical Systems received the CE Mark approval for its new electrocardiogram (ECG) devices HeartView P12/8i and HeartView 12L. The HeartView P12/8i, an ECG event recorder-transmitter for personal use, is an ECG device with high-resolution 12-lead ECG recording technology, specifically designed for patient use.
High prevalence of cardiovascular disease in key regions is expected to increase the demand for ECG devices and significantly support global electrocardiogram (ECG) devices market growth over the forecast period.
For instance, according to European Heart Network’s European Cardiovascular Disease Statistics 2017, in 2015, new cases registered with cardiovascular disease in Europe was around 11.3 million with nearly 6.1 million new cases of cardiovascular diseases in the European Union. The number is further expected to increase with increase in the rate of obese population.
Moreover, according to the World Health Organization (WHO), around 17 million people die annually from cardiovascular diseases, globally. According to American Heart Associations (AHA) Heart Disease and Stroke Statistics, 2016, around 15.5 million persons of age 20 years or more in the U.S. are suffering from coronary heart disease (CHD)
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 31 market data tables and 30 figures on “Electrocardiogram (ECG) Devices Market - Global forecast to 2026.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.