Electrocardiogram (ECG) resting system, ECG Holter monitoring system, ECG stress testing system, and cardiopulmonary stress testing system are some of the widely used ECG systems. Resting ECG device detects arrhythmias while the patient is in resting position. These devices are widely used in hospitals and cardiology clinics. Holter ECG monitoring device is portable and is used for continuous monitoring of heart activities. It can be used to detect occasional cardiac arrhythmias.
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
Low cost of ECG services is expected to propel growth of the global Electrocardiogram (ECG) Devices market over the forecast period. For instance, the cost of an electrocardiogram ranges from US$ 76 to US$ 240.
Global Electrocardiogram (ECG) Devices Market: Opportunities
Use of non-conventional energy sources in Electrocardiogram (ECG) Devices is expected to offer lucrative growth opportunities for players in the market. For instance, in May 2019, researchers from Pukyong National University, South Korea, reported designing an ECG device that is powered by solar energy with an output voltage of 2.4 V and a power out of 0.25 W.
Global Electrocardiogram (ECG) Devices Market: Restraints
Inaccuracy of wearable Electrocardiogram (ECG) Devices is expected to hinder growth of the global Electrocardiogram (ECG) Devices market. Electrocardiogram (ECG) Devices often offer false diagnostics of heart conditions. For instance, according to a research published in April 2019 by the Harvard Medical School, 30% of wearable devices yield inaccurate results.
The ECG Resting System 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. Increasing adoption of expansion strategies from major players operating in the market to enhance their product portfolio and expand geographical footprint is anticipated to drive the growth of the segment during the forecast period.
The hospital segment held dominant position in the global Electrocardiogram (ECG) Devices market in 2014, accounting for 54.6% share in terms of value during the forecast period. Increasing prevalence of cardiovascular diseases (CVDs) is expected to boost growth of the segment during the forecast period.
Minor ST depression in the ECG is associated with cardiovascular disease and increased mortality. For instance, according to a study published in the Journal of Electrocardiology in December 2019, lower ST levels in ECG lateral leads are linked with all-cause mortality.
Artificial Intelligence (AI) can be used for automatic detection of hypoglycaemia using ECG. For instance, in January 2020, researchers at University of Warwick, U.K., reported the use of personalized medicine approach and AI to automatically detect nocturnal hypoglycemia using a few heartbeats of raw ECG signal recorded with non-invasive, wearable devices.
Regulations for wireless devices:
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
March 2019: VivaLNK, a connected healthcare solutions provider, launched its IoT-enabled medical wearable Sensor Platform that enables internet of health things (IoHT) solution partners to easily capture streams of patient data such as temperature and ECG rhythms
July 2018: LifeSignals Group Inc. received the U.S. FDA clearance for its wireless LP1100 Life Signal Patch, a wearable ECG patch
“*” marked represents similar segmentation in other categories in the respective section.