ECG Market Development and Business Trends
Market growth influenced due to following factors-
- Rising incidence of lifestyle & cardiovascular disease.
- Increasing geriatric population are expected to propel the growth of the diagnostic electrocardiograph market.
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 ECG 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 -
In 2019, North America accounted for the largest share of the diagnostic ECG market. The large share of this regional segment can be attributed to the increasing prevalence of CVD, the presence of advanced healthcare infrastructure, high disposable income, high demand for medical devices, and technological advancements. The Asia Pacific is expected to register the highest growth from 2019 to 2024.