The lack of trained practitioners, instability in market penetration and economic conditions and inconsistent reimbursement policies, however are expected to restrain the growth of the global diagnostic electrocardiograph (ECG) market.
According to MRFR analysis, Global Diagnostic Electrocardiograph (ECG) Market is expected to register a CAGR of 6.72% during the forecast period of 2019 to 2025 and reach USD 10,487.24 Million by 2025.
Furthermore, the rising incidence rate of lifestyle diseases, technological advancements in wireless monitoring & wearable devices, and the increasing R&D expenditure by market players to develop novel ECG devices are also expected to fuel the market growth during the forecast period.
Geographically, the global diagnostic ECG market is studied under five different regions namely, North America, Asia Pacific, Latin America, Europe, and MEA.
Due to the increasing need for minimally invasive procedures, North America has represented the largest share of the diagnostic ECG market in the past few years. The significant proportion of this geographic segment can be attributed to the growing prevalence of CVD, the emergence of advanced healthcare services, high disposable income, high demand for medical devices, and advances in technology.
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It is anticipated that Asia Pacific will report the highest growth over the review period. Factors such as a growing geriatric population, a growing incidence of chronic diseases and rising government spending on health care are expected to drive the te market over the review period.
In addition, rising expendable income, advancing healthcare infrastructure as a result of growing technological integration and less stringent regulations also drive demand for ECG diagnostic devices in the Asia Pacific region.
The global diagnostic ECG market has been segmented based on the product type, lead type, and end user.
The global diagnostic electrocardiograph (ECG) market, depending on the product type, has been segmented into ECG resting devices, ECG stress devices, implantable loop recorders, handheld cardiac telemetry devices, event monitors, Holter monitors, and smart ECG monitors.
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The market was segmented by lead form into 12-lead ECG devices, 5-lead ECG devices, 3-lead ECG devices, 6-lead ECG devices, and one-lead ECG devices. Due to their growing usage in a variety of cardiac diagnostic tests, the 3-lead ECG devices segment is touted to rise at the fastest CAGR during the forecast period.
Some of the major players in the Global Diagnostic Electrocardiograph (ECG) Market are Koninklijke Philips N.V. (Netherlands), Hillrom Services, Inc. (US), Spacelabs Healthcare (US), Nihon Kohden Corporation (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Schiller (Switzerland), General Electric Company (US), ACS Diagnostics (US), Fukuda Denshi (Japan), BPL Medical Technologies (India), BTL (US), Edan Instruments, Inc. (China), Cardioline SpA (Italy), Norav Medical (US), Innomed Medical Inc. (Hungary), and VectraCor, Inc. (US).
The global market for diagnostic electrocardiographs (ECG) is highly competitive and the major players have used various approaches such as new product releases, extensions, alliances , joint ventures, collaborations, acquisitions and others to expand their footprints in this market.
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