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New York City, NY, 23 January, 2020/ 24 Market Reports: The global diagnostic electrocardiograph market is estimated to grow from USD 7.7 billion in 2019 and reach that of USD 10.1 billion by 2024 witnessing the growth at a CAGR of 6.2% during the forecast period of 2019 to 2024. Increasing incidences of cardiovascular diseases and lifestyle associated diseases such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases are the factors that are driving the growth of the market during the forecast period.
3-lead ECG segment to register the growth at the highest CAGR during the forecast period
12-lead, 5-lead, 3-lead, 6-lead, single-lead and other lead types are the segmentation for the diagnostic electrocardiograph market based on the lead type. During the forecast period, it is estimated for the 3-lead ECG segment to register the growth at the highest CAGR in the global market. Their usability with various other cardiac diagnostic tests, telemetry monitoring, and in medical procedures such as emergencies, cardiac diagnostic tests, and heart disease management is the factor that is driving the growth of the market during the forecast period.
ILRs segment to grow at the highest CAGR in the diagnostic ECG market during the forecast period
Resting ECG devices, stress ECG devices, implantable loop recorders (ILRs), event monitors, MCT devices, and smart wearable ECG monitors are the segmentation for the market based on product. It is projected for the ILRs segment to grow at the highest CAGR during the forecast period. Quick and enhanced diagnosis as compared to other short & longer-term monitoring modalities and the huge potential for reducing healthcare costs are the factors that are driving the growth of the market during the forecast period.
Hospitals, clinics & cardiac care centres segment to account for the highest share in the global market
Hospitals, clinics & cardiac care centres, ambulatory surgical centres and others are the segmentation for the diagnostic ECG market based on the end-user. The hospitals, clinics, & cardiac care centres segment accounted for the highest share in the market in the year 2019 and the trend is estimated to continue throughout the forecast period. The growing burden of cardiovascular diseases, which, in turn, is increasing the need for quality cardiology care and increasing the number of patient visits to physician offices for the diagnosis of CVD, and the availability of reimbursements for Holter & event monitors across developed markets are the factors that are driving the growth of the segment during the forecast period.
Asia Pacific region to register the highest growth rate in the market during the forecast period
In the year 2019, North America accounted for the largest share in the diagnostic ECG market and the trend is estimated to continue throughout the forecast period. The increasing prevalence of CVD, the presence of advanced healthcare infrastructure, high disposable income, high demand for medical devices and technological advancements are the factors that are driving the growth of the market in the region during the forecast period. During the forecast period, the Asia Pacific region is projected to witness the highest growth rate in the market. Factors such as a growing geriatric population, the growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are the factors that are driving the growth of the diagnostic ECG market in the Asia Pacific region.
The following are the major objectives of the study:
- To define, describe, and forecast the global diagnostic electrocardiograph market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global diagnostic electrocardiograph market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global diagnostic electrocardiograph market and their future potential during next decade?
- How competitive landscape is evolving in global diagnostic electrocardiograph market?
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