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ECG Cables And Lead wires Market Size, Trends And Forecast 2033
ECG Cables And Lead wires Market Size
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According to The Business Research Company's, The ecg cables and lead wires market size has grown strongly in recent years. It will grow from $2.16 billion in 2023 to $2.34 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased cardiovascular disease prevalence, aging population, standardization and regulation compliance, growth in awareness and adoption of preventive healthcare, increased investments in healthcare.
The ecg cables and lead wires market size is expected to see strong growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rise in remote patient monitoring, expanding geriatric population, demand for non-invasive diagnostics, focus on home healthcare solutions, healthcare infrastructure development in developing regions. Major trends in the forecast period include advancements in healthcare technology, integration of artificial intelligence, enhanced durability and longevity, flexible and disposable solutions, wireless charging solutions.
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Market Drivers and Trends:
The rising prevalence of cardiovascular diseases is expected to propel the growth of the ECG cables and lead wires market going forward. Cardiovascular diseases are ailments that impact the heart and blood vessels. ECG cables and lead wires are used in the electrocardiography (ECG) procedure, which helps cardiovascular patients record the heart's electric activity with the assistance of electrodes placed on the skin. For instance, in May 2023, according to an article by the Centers for Disease Control and Prevention, a US-based national public health agency, one person dies every 33 seconds in the United States from cardiovascular disease. Further, about 695,000 people in the United States died from heart disease in 2021. Therefore, the rising prevalence of cardiovascular diseases drives the ECG cables and lead wires market.
Product innovations are a key trend gaining popularity in the ECG cables and lead wires market. Major companies operating in the ECG cables and lead wires market are developing new technologies to sustain their position in the market. For instance, in January 2022, Philips, a Netherlands-based health technology company, launched an at-home, 12-lead electrocardiogram (ECG) solution for decentralized clinical trials. The solution utilizes PCA 500 ECG patch data recording technology, ensuring accurate ECG placement and secure data transmission without the need for recurring site visits or onsite technicians. This innovative offering helps enhance the quality of trial outcomes and the overall patient experience.
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Major Key Players of the Market:
Cardinal Health Inc., Abbott Laboratories, 3M Company, Medtronic Plc, Toshiba Corporation, Siemens Healthineers, Koninklijke Philips N.V., Becton Dickinson and Company, General Electric Healthcare Company, Fukuda Denshi Co. Ltd., Boston Scientific Corporation, Mindray Medical International Limited, Hill-Rom Holding Inc, Nihon Kohden Corporation, CONMED Corporation, Welch Allyn Inc., SCHILLER AG, Spacelabs Healthcare, Mortara Instrument Inc., Curbell Medical Products Inc., Rhythmlink International LLC, SORIMEX sp. z o.o. sp. k., Ivy Biomedical Systems Inc., Unimed Medical Supplies Inc., Technical Cable Applications, Innomed Medical Inc., Atrium Medical Technologies, Norav Medical Ltd, Cables and Sensors LLC, Shenzhen Sino-K Medical Technology Co. Ltd.
ECG Cables And Lead wires Market 2024 Key Insights:
• The ecg cables and lead wires market size is expected to see strong growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Ecg Cables And Lead Wires Market Surges In Response To Escalating Cardiovascular Disease Rates
• Innovative Products In Ecg Cables And Lead Wires Market
• North America was the largest region in the ECG cables and lead wires market in 2023
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