ECG Market in South Korea is Generating Revenue of $7.7 million by 2025 | General Electric Company, Medtronic Plc

Rise in patients suffering from CVD across South Korea, increase in adoption of monitoring & portable cardiac rhythm management, and rapid development of wireless communication and cloud computing is expected to propel the growth of the South Korea ECG market

The South Korea ECG market was pegged at $3.0 million in 2017 and is projected to garner $7.7 million by 2025, registering a CAGR of 12.3% from 2018 to 2025.

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COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Increase in number of patients suffering from CVD across South Korea and rise in demand for monitoring systems & portable cardiac rhythm management have boosted the growth of the South Korea ECG market. However, high costs associated with advanced ECG devices and rise in threat of market saturation hamper the market growth. On the contrary, rapid development of wireless communication and cloud computing is expected to create lucrative opportunities for the market players in the near future.

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Resting ECG segment to retain lion's share

The resting ECG segment held the largest share in 2017, contributing to more than half of the total market, owing to its ease of availability and affordability and surge in geriatric population suffering from cardiovascular diseases. However, the Holter monitors segment is projected to register the fastest CAGR of 15.9% during the forecast period, owing to its benefits such as portability and ability to monitor the heart rate for more than 24 hours in a single charge. The report also includes in-depth analysis of Stress ECG.

3-6 lead segment to create lucrative opportunities

The 3-6 lead segment is estimated to manifest the fastest CAGR of 12.9% during the study period. Moreover, this segment held the largest share in 2017, contributing more than two-fifths of the total market and expected to dominate the market by 2025. It is a lucrative segment, owing to its better monitoring capabilities and surge in awareness regarding cardiac disease. The report also analyzes segments such as single lead and 12 lead.

Hospitals & clinics segment held the largest share

The hospitals & clinics segment held the largest share in 2017, contributing nearly three-fourths of the market share, owing to availability of highly advanced ECG equipment for monitoring the patients suffering from cardiovascular diseases. However, the home settings & ambulatory surgical centers (ASCs) segment is expected to register the CAGR of 14.3% during the forecast period, owing to increased popularity of ASCs as it provides a cost-effective, high-quality alternative for hospital-based treatments. The report also analyzes other end users.

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The Major Key Players Are:

Schiller AG, Nihon Kohden Corporation, Hill-Rom Holdings, Inc. Corporation, General Electric Company, Medtronic Plc, Koninklijke Philips N.V., Mediana Co., Ltd., Bionet Co., Ltd, OSI Systems, Beijing Choice Electronic Technology Co., Ltd. (ChoiceMMed), Mindray Medical International Limited

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