Electrocardiogram (ECG) Devices Market Generated Opportunities, Future Scope 2021-2028 | Cardiac Insight Inc., Koninklijke Philips N.V., General Electric Company, CardioNet Inc.

Global Electrocardiogram (ECG) Devices Market

Overview

ECG resting systems, ECG Holter health monitoring, ECG tension testing systems, and cardiac testing systems are all common ECG systems. While the person is in the resting posture, a resting ECG equipment detects arrhythmias. In hospitals and cardiology centers, these equipment are often utilized. The Holter ECG monitoring equipment is a transportable gadget that is used to detect cardiac activity in real time. It can be used to identify cardiac arrhythmias on a regular basis.

By the end of 2027, the global electrocardiogram (ECG) devices market is expected to be worth US$ 5,589.3 million.

Driver

Over the forecast period, the global electrocardiogram (ECG) devices market is projected to rise due to the low cost of ECG services. An EKG can cost anything from $76 to $240.

Opportunities

The application of non-conventional energy sources in electrocardiogram (ECG) devices is estimated to provide profitable development prospects for market participants. Researchers from Pukyong National University in South Korea revealed in May 2019 that they have designed a solar-powered ECG gadget with a voltage output of 2.4 V and a power output of 0.25 W.

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Restraints

The global electrocardiogram (ECG) devices market is projected to be hampered by the inaccuracy of wearable electrocardiogram (ECG) devices. Heart diseases are frequently misdiagnosed with electrocardiogram (ECG) devices. As per a Harvard Medical School study released in April 2019, 30% of wearable gadgets produce erroneous data.

Key Takeaways

The ECG Resting System sector of the global electrocardiogram (ECG) devices market was worth US$ 2,226.2 million in 2019 and is estimated to grow at a CAGR of 4.2 percent to US$ 3,089.4 million by 2027. Rising application of expansion tactics by prominent market players to increase their product range and increase regional presence is expected to fuel the segment's growth over the forecast period.

In 2014, the hospital sector dominated the global electrocardiogram (ECG) devices market, contributing for 54.6 percent of market value over the forecast period. During the forecast period, rising prevalence of cardiovascular diseases (CVDs) is likely to enhance sector growth.

Market Trends

Minor ST depression in the ECG has been linked to an increased risk of cardiovascular disease and death. Lower ST values in ECG lateral leads are connected to all-cause mortality, as per a study published in the Journal of Electro-cardiology in December 2019.
ECG and Artificial Intelligence (AI) can be used to diagnose hypoglycemia automatically. Researchers from the University of Warwick in the U.K. revealed utilizing a customized medicine strategy and AI to identify nocturnal hypoglycemia using a few pulse rates of raw ECG signal acquired with non-invasive, wearable sensors in January 2020.

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Regulations

Regulations for wireless devices:

In the U.S., wireless medical devices are regulated by Food and Drug Administration (FDA), Federal Communications Commission (FCC), and Centers for Medicare and Medicaid Services (CMS)

Competitive Landscape

Key companies contributing in the global electrocardiogram (ECG) devices market are Mindray Medical International Ltd., CardioNet Inc., General Electric Company, Koninklijke Philips N.V., Cardiac Insight Inc., Welch Allyn Inc., Nihon Cohden Corporation, Compumed Inc., Schiller AG, and Spacelabs Healthcare.

Key Developments

VivaLNK, a based healthcare service provider, announced the introduction of its IoT-enabled clinical wearable Sensor Platform in March 2019. The platform allows internet of health things (IoHT) solution partners to effortlessly gather streams of patient data such as temperature and ECG rhythms.

LifeSignals Group Inc. gained FDA approval for their wireless LP1100 Life Signal Patch, a wearable ECG patch, in July 2018.

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