According to the latest publication by Credence Research, Inc. “Global ECG Equipment Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the ECG equipment market was valued at USD 4055 Mn in 2015, and is expected to reach USD 6120 Mn by 2022, expanding at a CAGR of 6.1% from 2015 to 2022.
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Market Insights
Innovative advancement in communication technologies and low power circuit plan have empowered the development of better and more secure ECG equipment, which are convenient, work with lower force utilization, more exact, and have the ability to incorporate the latest diagnostic features. Innovative developments such as, cloud storage, wireless communications and advanced data analytics tools are creating huge opportunities in the ECG equipment market. ECG with its advanced features to incorporate ECG record to the patient’s electronic medicinal record (EMR) enables hospital’s workflow to be effectively streamlined. EMR helps in remotely securing the ECG information which can be used further for analysis. Rising incidence of cardiovascular disease has required continuous checking of heart patients, which substantially enhances the demand for cardiac monitoring equipment and associated supplies.
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The global ECG market is expected to reach $ 6120 million by 2015 at a CAGR of 6.1%. The North American segment accounts for nearly 44% percent of the global market value in 2015 followed by APAC. Also Asia-Pacific is the fastest growing region with a CAGR of 6.6% during 2015-2022. With the development of better and safer, portable, power efficient ECG devices that are more accurate, the market will be witnessing growth in resting ECG and Holter monitor systems.
The foremost purpose of ECG is to assess heart’s electrical activities. The key expectation of customers from ideal ECG equipment is to produce accurate results within its operating range in a consistent and reliable way. Generally ECG monitors use analogous mechanisms for scanning data and differ in material used and manufacturing pattern. The foremost example is high-equity ECG systems (6and 12 Channel ECGs) which are multi processors and can provide more accurate results, and due to this has gain a respectable market share in the ECG market.
Price plays a significant role a while planning strategies for capturing market share, as customers prefer high quality products at low price. Particularly for Indian market, most of the companies are manufacturing low cost equipment which reflects that the market is highly competitive in nature. In 2009, around 34,000 units of ECG equipment were sold in the Indian Market, having a total value of Rs. 103 crore. This is an increase from 33,000 units sold in 2008. For example, In 2015 Philips launched Effica ECG100, claimed to be a cost effective cardiograph and improving patient care outcomes at reduced costs.
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