Market growth influenced due to following factors-
- Rising incidence of lifestyle & cardiovascular diseases.
- Increasing geriatric population.
Global market size-
According to the new market research report ECG Market is expected to reach $10.3 billion by 2024, at a CAGR of 6.4% during the forecast period.
The ECG market is dominated by players such as GE Healthcare (US), Philips Healthcare (Netherlands), Nihon Kohden (Japan), Hill-Rom Holdings (US), and Ambu (Denmark).
Top Market Segments-
By lead type, the diagnostic diagnostic electrocardiograph market is divided into 12-lead, 5-lead, 3-lead, 6-lead, single-lead, and other lead types (15- and 18-lead). The 3-lead segment is expected to grow at the highest CAGR during the forecast period. This positive growth is primarily due to the fact that these leads are used conjointly with various other cardiac diagnostic tests and during medical procedures.
By end user, the market is classified into hospitals, clinics, and cardiac centers; ambulatory surgical centers; and other end users. In 2018, the hospitals, clinics, and cardiac centers segment accounted for the largest share of the market. The large share of this segment can primarily be attributed to the growing burden of cardiovascular diseases, which, in turn, is increasing the need for quality cardiology care.
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Geographic Overview –
On the basis of region, the diagnostic ECG market is segmented into North America, Europe, Asia Pacific, and RoW. The Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as growth in the geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are fueling the demand for diagnostic ECG products and services in this region.