According to the estimations put forth by Inkwood Research, the Global ECG Equipment Market is predicted to register a CAGR of 5.57% in terms of revenue during the forecasting years of 2021-2028.
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The electrocardiogram (ECG) records
electrical signals of the heart. It is a painless and traditional test to
determine heart problems. It is often done in a doctor’s clinic or hospital room.
However, ECG machines are standard equipment in ambulances and operating rooms.
Also, some personal devices like smartwatches have ECG monitoring.
Supportive
Regulatory Atmosphere fuels Market Growth
Cardiovascular diseases are increasingly
contributing to the rising death rates globally. As a result, governments are
providing a favorable regulatory environment for the providers of ECG
equipment. For instance, as per the CMS ‘Office of the Actuary’ 2020
projections, in the US, healthcare expenditure is set to project a 5.4% average
annual rate from 2019-2028. The CMS has also estimated that healthcare spending
will reach $6.19 trillion by 2028.
Furthermore, a substantial part of the US
population has some kind of heart disease. This is attributed to lifestyle
changes, high cholesterol intake, and excessive alcohol consumption. In
addition, the European countries have increased their expenditure percentage
with regard to healthcare. Also, many governments are supplementing the
training of physicians, staff, and doctors. This will aid them in gaining
expertise using advanced devices for ECG monitoring and medical solutions.
Moreover, various regulations and laws have been formulated to facilitate
enhanced products, research, and development.
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Fastest
Growing System: Portable ECG
A portable ECG monitor is convenient,
simple to use, low-cost, and hand-held. Its use is as simple as that of
measuring blood pressure. With this, cardiac monitoring can be done at home,
with measurements being recorded within minutes. Also, using these systems, one
can capture cardiac events and save them for analysis later by the doctor.
Moreover, the growing demand for telemedicine and home healthcare is boosting
the segment’s demand.
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Major
Region: North America
The elderly population graph of the region
is evaluated to project upward trends. Also, this demographic is more
vulnerable to CVDs like arrhythmias. In addition, the number of hospitals and
innovations by market players are on the rise, which offers market growth
opportunities. The other growth drivers include technological advancements in
ECG devices and the increasing cardiovascular diseases.
The competition is set to be high among
market players, with remote cardiac activities becoming more prominent. Also,
the companies are projected to explore opportunities across more cities and
hospitals at domestic levels. Nihon Kohden Corporation, Hill Rom Holdings Inc, Siemens
Healthineers AG, Philips Healthcare, GE Healthcare, etc., are among the major
firms in the market.
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About Inkwood Research
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& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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