South Korea ECG Market Anticipated to Reach USD 7.69 Million Worth by 2025: Industry Analysis by AMR
According to Allied Market Research South Korea ECG Market was valued at $2.99 million in 2017, and is projected to reach $7.69 million by 2025, growing at a CAGR of 12.3% from 2018 to 2025.
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The key factors that drive the market growth include increase in number of CVD patients across South Korea and rise in demand for monitoring systems and portable cardiac rhythm management. In addition, surge in the geriatric population and favorable government regulations regarding the ECG devices supplement the market growth in South Korea. However, high costs associated with sophisticated ECG devices and increase in threat of market saturation are the factors anticipated to restrict the market growth. Conversely, increase in development of wireless communication and cloud computing is expected to provide lucrative opportunities for the growth of the market.
The South Korea ECG market is segmented into product, lead, and end user. Based on product, the market is divided into resting ECG, stress ECG, and Holter monitors. The Holter monitors are further bifurcated into wired and wireless Holter monitors. Based on lead, the market is classified into single lead, 3-6 lead, and 12-lead. Based on end user, it is categorized into hospitals & clinics, home settings & ambulatory surgical centers (ASCs), and others.
The hospitals segment led the market with more than two-thirds of the market share in 2017. Electrocardiographs devices majorly find application in most of the hospitals, as they are a useful modality. Sophisticated monitoring systems equipped with high-definition display systems have revolutionized the medical sector, especially wearable ECG systems, by enhancing monitoring efficiency and portability.
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Major Market Players Provided In The Report Are As Follows:
• Medtronic Plc.
• Koninklijke Philips N.V.
• Bionet Co. Ltd.
• Hill Rom Holdings Inc.
• Mediana Co. Ltd.
• Mindray Medical International Limited
• Nihon Kohden Corporation
• OSI Systems Inc.
• Schiller AG
Key Findings of South Korea ECG Market:
• Based on product, the resting ECG segment accounted for approximately half of the market share in 2017.
• Based on end user, the home settings & ambulatory surgical center segment is anticipated to grow at a CAGR of 14.3% from 2018 to 2025.
• Based on lead, the 3-6 lead ECGs segment is estimated to grow at the highest CAGR of 12.9% during the forecast period.
• Based on lead, the hospitals and clinics segment contributed to two-thirds of the market share in 2017.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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