Heart diseases were the cause of 17.3 million deaths in 2015, according to the American Heart Association. The growing burden of heart ailments across the globe is being touted as a major factor fueling the demand for ECG devices. An increase in the number of individuals ailing from heart diseases and the rise in awareness regarding cardiovascular diseases have led to the substantial growth of the global ECG devices market. The market is expected to develop at a steady 4.1% CAGR for the forecast period of 2016 to 2024.
Stressful Lives Generating Demand in Global ECG Devices Market
The working class today has been leading an extremely hectic life. This has resulted in the increased consumption of alcohol and nicotine as an outlet for stress. Moreover, due to rising disposable incomes, people now have the capacity to demand premium products such as cigars. This has also led to an increase in the incidence of cardiovascular diseases at a much earlier age. Growing awareness among people about cardiovascular diseases has resulted in the rise in precautionary checkups and this is a major factor propelling the global ECG devices market.
ECG Holter Monitoring Systems Growing at Fastest Pace
The global ECG devices market is segmented by product type into ECG holter monitoring systems, cardiopulmonary stress testing systems, ECG resting systems, and ECG stress testing systems. Among these, the ECG resting systems segment accounted for the highest share in terms of revenue, valuing US$1.91 bn in 2015. The segment is expected to continue its positive trend for the rest of the forecast period. The ECG holter monitoring systems segment is expected to expand at the highest CAGR by 2024 owing to the compact size of the equipment and their ability to be used in real-time conditions in order to enable doctors to make accurate diagnosis.
North America Emerges as Leading Regional Segment of Global ECG Device Market
North America and Asia Pacific make for 34.9% and 27.2% of the global market respectively. Together they dominate over half the global ECG devices market. North America is currently grappling with an alarmingly high rate of obesity and cardiovascular diseases owing to the increased consumption of fast food and alcohol.
Asia Pacific is an emerging market with a high population density and increased healthcare spending. This has resulted in a growing demand for ECG devices in the region. Insurance companies are also playing a major role by providing favorable reimbursements to patients, thereby boosting the global ECG device market. MEA is expected to grow significantly during the forecast period owing to a surge in government funding and a substantial rise in healthcare spending.
Major companies in the global ECG device market include Schiller AG, Fukuda Denshi Co. Ltd., GE Healthcare,Koninklijke Philips N.V, Nihon Kohden Corporation, Spacelabs Healthcare, Inc., Mortara Instrument, Inc., and Welch Allyn (Hill-rom company, Inc.).
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