Portland, OR -- (SBWIRE) -- 09/21/2017 -- The global electrocardiograph market was valued at $4,516 million in 2016 and is projected to reach $6,637 million by 2023, growing at a CAGR of 5.6% from 2017 to 2023. The 3-6 lead type ECG accounted for a four-ninths share of the global market in 2016.
ECG devices are most commonly used devices as a primary diagnosis of heart-related ailments, as ECG interpretation is an efficient method to measure and diagnose the arrhythmia, as well as the adverse health conditions that are associated with an abnormal heartbeat. In addition, arrhythmias affect more than 4 million patients along with approximately half a million deaths each year in the U.S. The increase in the need to perform early and accurate diagnosis of cardiovascular diseases propels the growth of the electrocardiograph market.
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Recent advancements in the ECG devices such as portable, handheld, novel electrodes & sensors, and smartphone integration is set to propel the market growth. In addition, a rise in a number of cardiovascular diseases along with soaring old age population propels the market growth. Moreover, an emergence of novel ECG devices such as handheld ECG devices and ECG devices integrated with artificial intelligence systems supplements the growth of the market. However, lack of awareness regarding early prevention of cardiovascular diseases in the developing economies, unstable reimbursement strategies for ECG devices, and increase in market saturation hamper the market growth. Moreover, untapped emerging markets and increase in a number of mergers, acquisitions, and product launches by market players offer profitable opportunities for the expansion of ECG market.
The Holter ECG monitors have recorded the highest growth rate of 9.1% from 2017 to 2023 and is considered to be the most common type of ambulatory monitoring in electrocardiography. This is attributed to the fact that utilization of Holter ECG monitors captures asymptomatic as well as symptomatic arrhythmias, increasing its demand among patients suffering from an irregular heartbeat.
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Among lead types, 3-6 lead type in ECG systems generated the highest revenue in 2016 and has also registered highest CAGR of 6.1% among other lead types. Moreover, wireless Holter monitors have generated the highest revenue in 2016, accounting for about two-fifths share of the total Holter monitors market. This is attributed to the rise in penetration of wireless systems in the point-of-care market, and are increasingly adopted across home care setting as well as ambulatory surgical centers driving the growth of the market.
Some of the Key Findings of ECG Market:
-The 12-lead type ECG segment holds the second position of ECG lead type in 2016 and is expected to grow at a CAGR of 5.8% from 2017 to 2023.
-The wired Holter monitor dominated the Holter monitor market in 2016 and is set to maintain its dominance throughout the forecast period.
-North America dominated the global ECG market, accounting for a maximum share of an overall market in 2016 both in terms of value and volume.
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Asia-Pacific witnessed highest growth rate for ECG market and is expected to continue this trend throughout the forecast period. Asia-Pacific region serves to be an emerging market with a high population density, rise in disposable income, an increase in healthcare expenditure. In addition, increase in the incidence of cardiovascular diseases in India boosts the market growth.