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Personal ECG Device Market - Global Industry Analysis 2015–2019 and Opportunity Assessment 2020–2030
Personal ECG device is used to measure heart activity in case of cardiovascular problems or symptoms of problems of the heart. Traditional ECG devices are very time consuming and tedious. Hence, personal mobile ECG devices are earning popularity due to convenience, ease of use, and non-invasive to monitor and diagnose heart problems. Personal ECG device is a portable system with data-carrying capabilities through bluetooth and other advanced technologies, it can also be connected to mobiles, mobile applications, tablets and others. The personal ECG device market is likely to grow during the forecast period due to the increasing incidence of cardiovascular disorders and rising adoption of the personal ECG device worldwide.
The outbreak of coronavirus is believed to have a severe impact on the global personal ECG device market. The COVID-19 pandemic has brought on many aspects, like falling business assurance, uncertainty about future, massive slowing of the supply chain, and others. Manufacturing industries are being shuttered around the world due to the global restrictions causing an unusual technology and business model transformation. Also, due to disruption in the supply chain, there has been a significant shortage in the supply of Personal ECG device across the world.
The increasing prevalence of heart diseases due to the changing environment and lifestyle pattern and rising geriatric population are the major factors driving the growth of the global personal ECG device market. World Health Organization reported that cardiovascular diseases account for 17.9 million, or 31%, of global deaths each year. It has been stated by the “The Centers for Disease Control and Prevention (CDC)” that high cholesterol, high blood pressure, and smoking are the main risk factors for heart diseases, and around 47% people in the U.S. have at least one of these three risk factors. The rising awareness about heart disorders, rise in health care expenditure, and increased adoption of advanced ECG devices and technologies due to less hospital stay are also fueling the global personal ECG device market.
However, there are some factors that can restrain the growth of the global personal ECG device market such as unfavourable reimbursement policies and technical problems related to personal ECG device & technology.
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Based on the product type, the personal monitoring ECG systems segment showed the highest percentage share in the global personal ECG device market in 2018. It is expected to hold its position during the forecast period due to the increasing prevalence of heart diseases and growth in the geriatric population. Based on the modality, the handheld segment is expected to dominate the personal ECG device market due to its benefits such as convenience and ease of use.
North America is expected to dominate the global personal ECG device market due to the rising incidence rate of cardiac diseases, high health care expenditure, technologically advancement, and improved health care infrastructure in the region. North America is expected to be followed by Europe due to the increasing medical devices companies and rising adoption of technologically advanced products in the region. The Asia Pacific is expected to have a rapid growth during the forecast period due to the increasing prevalence of cardiovascular disorders, growing awareness about heart diseases, and an increase in the geriatric population. Furthermore, an increase in per capita health care expenditure in emerging economies is likely to drive the personal ECG device market in the region.
Some of the market participants in the global Personal ECG device market identified across the value chain include: Koninklijke Philips N.V., Senzime, BPL Medical Technologies Pvt Ltd, EB Neuro S.p.A., CardioComm Solutions, Inc., General Electric Company, USCOM Ltd., AliveCor, Inc., Nihon Kohden Corporation, and others.