Diagnostic Electrocardiography Devices Market - Industry Outlook, Growth Prospects and Key Opportunities till 2021

Diagnostic Electrocardiography (ECG) Devices essentially work on the principle to sense the cardiac electrical signals through electrodes, which are recorded and transmitted into graphical images. Consequently, ECG interpretation is used for diagnosing cardiac diseases such as arrhythmia, myocardial infarction and other such conditions resulting from damage to the heart muscles, conductive tissue, which transmits cardiac electrical signals. The market has been segmented based on device type, ECG data management systems, Resting ECG systems, Stress ECG Testing System, Ambulatory ECG devices, Holter ECG Monitors, ECG Recorder, Transmitter and PageWriter Cardiographs and Mobile Cardiac Outpatient Telemetry (MCOT) devices.

The drivers for growth will be an increasing prevalence and higher predisposition for cardiac diseases due to global rise in obesity, along with sedentary and other lifestyle factors. According to American Heart Association (AHA) estimates, arrhythmia affects nearly 4 million U.S. with close to half million deaths due to arrhythmia citizens on an annual basis. Therefore, as a diagnostic tool ECG despite being established in the market for a long period will continue to grow with next generation ECG technology. Recently advances include loop recorders that can be implanted in patient’s body for recording cardiac rhythms for an extended duration.

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The American Recovery and Reinvestment Act, 2009 provides financial incentives for adoption of EMRs by 2015. This widespread adoption of electronic medical databases globally will act as an incentive for diagnostic ECG data management solutions because electrocardiograms are an important component of patients’ medical records. ECG data management solutions and telemetry provide beat-by-beat recording for post-operative management of coronary artery by-pass graft (CABG). However, they are incapable of monitoring patients during their mobility as they are fixed post-installation. To overcome these limitations, potable ECG event monitors penetrated the market for sub-acute cardiac rhythm monitoring for short durations. Similarly, Mobile Cardiac Outpatient Telemetry (MCOT) based on cellular capabilities is another technological advancement. CardioNet has established itself as a market leader through MCOT ECG solutions, which has witnessed an explosive growth in the market. Further, MCOT devices are now coupled with enhanced features e.g. expanded memory and light sensors. Thus, MCOS device technology is under constant innovation and has been the latest evolution in the diagnostic ECG device market. For instance, CardioSecur, is the first ECG device based on an iPhone. This segment is expected to grow rapidly because of higher precision and detection, enhanced patient compliance and post-operative care. Geographically, the demand for these devices will be shaped by sharp differences in market penetration based on the tradeoff between cost and technological aspects.

There is a growing demand for ECG data management solutions in developed countries in North America and Europe for streamlining patient data management. Many vendors are therefore bundling technology by eliminating the need for stand-alone ECG devices in developed countries. Following on the demand for affordable ECG devices, GE Healthcare introduced portable MAC 800 ECG in the emerging markets. Certain other market players are using the strategy of combining two or more technology under a single diagnostic ECG device. The market for diagnostic ECG devices is undergoing rapid transformation in its landscape, as new market players are gaining entry through innovative products.

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Some of the key players operating in the diagnostic electrocardiography devices market include Aerotel Medical Systems (1988) Ltd., CardioComm Solutions, Inc. F. Hoffmann-La Roche Ltd., GE Healthcare, Laboratory Corporation of America Holdings (Labcorp), Personal MedSystems GmbH, Philips Healthcare, Mortara Instrument, Inc., Schiller AG and Siemens Corporation among others.

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