Ecg Analysis System Market Helps in Providing Scope and Definitions, Key Findings, Growth Drivers, And Various Dynamics

The global ECG analysis system market size was valued at USD 6.1 billion in 2021 and is projected to reach around USD 10.0 billion in 2030 exhibiting a CAGR of 6.5% in the forecasted period. The growing incidence of cardiac arrhythmia and rising demand for ambulatory monitoring devices are anticipated to drive the market. The increasing elderly population, technological advancements, and advancements in ECG analysis systems.

The increase in the elderly population is anticipated to be a significant factor propelling the market for ECG analysis systems. As per the National Institute on Aging (NIA)-a part of the National Institutes of Health-8.5% of the people globally (617 million) is aged 65 or older. In Europe, the population aged 60 years or above was around 25.7% in 2017, which is expected to grow to 32.2% by 2050. The risk of diabetes and cardiovascular diseases upsurges with age that results in a higher prevalence of these diseases in adults aged 60 and above. As per the study published by American Heart Association in 2016, about 85.6 million adults in the U.S. suffer from one or more cardiac diseases, about 43.7 million adults are projected to be more than 60 years of age.

The shift from paper ECG review to electronic ECG analysis system over the past decade has helped improve efficacy. Furthermore, development in the ECG analysis system such as the improvement of the open platform has upgraded integration with Cardiovascular Information Systems (CVIS), smartphones, and cloud-based systems. For instance, in April 2016, GE Healthcare launched latest version of Muse ECG management system-MUSE v9-that permits clinicians better access to all ECG waveforms and related data from multiple devices, vendors, and test types.

The current COVID-19 pandemic has extensively affected the normal functioning of hospitals and the manufacturing industry and, hence, the global ECG analysis system market. Numerous hospitals intended for elective surgeries have been transformed into emergency centers for patients diseased by COVID-19. There has been a decrease in accessibility of medical supplies and supply chains have been considerably disrupted. However, the increasing need for intensive care units is anticipated to create new opportunities for growth of the ECG analysis system market over the forecasted period.

Type Insights

Single-Channel ECG analysis system is a system where the solo monitoring channel permits to display and record in real-time, the electrical activity of the ventricle. It also offers information about heart rate, rhythm, and intervals between the QRS complex.

A Three-channel ECG system consists of three electrodes that are placed in certain locations on the patient's body. The location of two electrodes is fixed while one electrode can be moved to change its location. Three Channel is ECG Analysis System with three electrodes giving a more accurate result.

End User Insights

Hospitals represented the highest market share, with around 45% in 2021, owing to the rising number of individuals looking for cardiovascular disease diagnosis and treatment in hospitals. As per the CDC, 4.6% of the US adults have been diagnosed with coronary heart disease. Around 6.9% of Americans visited physician offices due to their cardiac diseases. Approximately 7.2% of Americans have visited emergency departments to detect and treat these illnesses. Moreover, higher expenditure on purchasing ECG gadgets for better cardiac treatment increases the segment's growth.

Region Insights

North America dominated the ECG analysis systems market and accounted for a revenue share of 45% in 2021. This is due to the growing elderly population and lifestyle diseases. As per the data published by the CDC in June 2020, heart disease registers for about 647,000 deaths in the U.S. each year. On average, one person dies due to CVD every 37 seconds in the U.S. Furthermore, approval and launch of advanced, next-generation ECG analysis system in the U.S. and Canada and high adoption of wearable devices are likely to boost the growth of the market in the region.

In the Asia Pacific, technological developments, such as wireless and real-time monitoring, rise in healthcare spending, and assistance from regulatory bodies are expected to boost market growth. As per the American Heart Association, amongst Asians, 6.1% have heart diseases, 21.0% have hypertension, 1.9% have had a stroke, and 3.7% have Coronary Heart Disease (CHD). Thus, the presence of a large patient pool, availability of high-quality services, and increasing medical tourism are likely to drive the market for ECG analysis system in the Asia Pacific throughout the forecasted period.

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Key Companies Insights

Key players are aiming on their technological partnerships, collaborations, and merger & acquisitions policies to gain a competitive edge and expand their product portfolio & business footmark. The ongoing COVID-19 pandemic hindered the healthcare systems worldwide and driven market players to update products for unexploited fields.

Some of the key players operating in the global ECG analysis system market include:

· General Electric Company

· Change Healthcare

· Lynn Medical

· BIOPAC Systems, Inc.

· Contec Medical Systems Co., Ltd.

· Norav Medical Ltd.

· Solaris Medical Technology, Inc.

· Nihon Kohden Corporation

· BioTelemetry, Inc.

· CompuMed, Inc.

· Schiller AG

· Hill Rom

· Koninklijke Philips N.V.

· Spacelabs Healthcare

· McKesson Corporation

· Drägerwerk AG & Co. KGaA

· Mindray Bio-Medical Electronics Co., Ltd.

· CardioComm Solutions, Inc.

· Device Technologies

· Meditech Equipment Co., Ltd.

· ZOLL Medical Corporation

· Medical ECONET GmbH

· Other players

Some of the Recent Developments:

· In 2020, CompuMed entered into a partnership with AliveCor and GE Healthcare to develop its product offerings in mobile electrocardiogram (ECG) and ultrasound solutions. The products consist of CompuMed powered GE MAC 800, AliveCor Heart Monitor, and a pocket-sized visualization tool.

· In April 2016, GE Healthcare launched the latest version of Muse ECG management system-MUSE v9-that enables clinicians better access to all ECG waveforms and interrelated data from multiple devices, vendors, and test types.

Segments

By Type

· Single-Channel

· Three Channel

· Six Channel

· Twelve Channel

By End User

· Hospitals

· Clinics and Cardiac Centers

· Ambulatory Surgical Centers

· Other End Users

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Key Points:
Define, describe and forecast Ecg Analysis System product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.

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