An electrocardiograph (ECG) machine records the electrical activity of your heart. The ECG machine detects the electrical signals that make the heart pump blood around body. Conventional devices and emerging devices are two types of electrocardiographs based on product type. Conventional devices can be categorized into resting ECG machines and stress ECG machines. Electrocardiographs are currently dominated by conventional devices. ECG monitoring systems have been created and widely used in the healthcare business for past decades, and as smart supporting technologies have emerged, they have evolved substantially. ECG monitoring devices are now often employed in hospitals, home care settings, outpatient ambulatory settings, and remote settings. Under conventional devices segment, resting ECG machines and stress ECG machines are included, whereas, under the emerging devices segment, implantable loop recorders, mobile cardiac telemetry, Holter monitors, and cardiac event monitors are included in the report.
Electrocardiographs Market report highlights that the market was valued at $4,394.1 million in 2020 and is expected to reach $9,826.8 million by the end of 2031. The market is expected to grow at a CAGR of 7.8% during the forecast period 2021-2031.
Electrocardiographs Market Dynamics
In the global electrocardiographs market, advancements have already occurred and are currently conquering the industry. There is significant potential for these developing and new technologies to promote the total growth of the market with the advent of advanced technologies that can be easily used in ambulatory and home care settings.
Some of the ongoing diseases are cardiovascular diseases, ischemic heart disease, strokes, hypertensive heart disease, congenital heart disease, rheumatic heart disease, cardiomyopathy, myocarditis, and aortic aneurysms. Many ailments are largely avoidable, treatable, and manageable with early detection and treatment. In addition, chronic illnesses are the leading cause of disability and death in the world. The prevalence of cardiovascular and related diseases propels market growth. The point-of-care (POC) market is growing exponentially, as POC devices assist in promptly ruling out suspected cardiac, vascular, and other disorders. Also, rising end-user preference for non-invasive diagnostic technologies over invasive technologies drives the market.
Accuracy, precision, timeliness, and authenticity are the four foundations of good laboratory services. In order to improve the analytical difficulties of sample processing, clinical biochemists typically overlook the need for timeliness. Clinicians, on the other hand, usually use timeliness as a benchmark for laboratory performance, which is expressed as the turnaround time (TAT). Short TATs help clinicians diagnose and treat patients as quickly as feasible, as well as discharge patients from emergency departments or hospital in-patient services.
One of the most common concerns with diagnosis is false and incomplete diagnoses. False-negative readings are the most typical issue with ECG. Other symptoms of any underlying heart didorder, such as chest pain, must be considered, and extra testing may be required. Delayed TAT and incomplete/false diagnosis results can have a negative impact on the market.
Modern cardiac imaging, which may include many modalities, is essential to correctly characterize the anatomy and physiology of pediatric and congenital heart disease. Newer imaging modalities, such as cardiac magnetic resonance imaging (CMR) and cardiac computed tomography angiography (CCTA), are increasingly being employed. When it comes to deciding on intervention or surgery for congenital or acquired heart disease, echocardiography and electrocardiography (ECG) are still the gold standards for non-invasive diagnosis. Due to the fast proliferation of medical imaging workstations, companies are working on improving technology and enabling public access to the software.
Company growth at workstations for medical imaging will be driven by rising demand for digital platforms, as well as new medical facilities and advancements in the healthcare business. The global electrocardiographs market is predicted to increase as a result of these improvements in multimodal diagnostic imaging for cardiovascular disorders.
Key Highlights :
- According to global electrocardiographs market report, conventional devices segmentis dominating the market in 2020 when compared to emerging devices segment under the segmentation – by product type. Emerging devices are forecasted to uphold this position in the market and dominate by the end of the forecast period 2021-2031.
- In conventional devices segmentation, resting ECG machines are the market leader. During the forecast period 2021-2031, resting ECG is projected to lead the market. Stress ECG is projected to rise at a faster pace than resting ECG machines, with a CAGR of 6.1%.
- In emerging devices segmentation, resting implantable loop recorders is the market leader. By the end of the forecast period 2021-2031, mobile cardiac telemetry is projected to lead the market. Mobile cardiac telemetry is projected to rise at a faster pace than implantable loop recorders, with a CAGR of 11.7%.
- When the overall market contribution is considered, conventional devices segment accounts for 57.6% of the total market.
- The market holds the highest numbers in the North America region, followed by Asia-Pacific. The U.S. leads the table by contributing 33.2% of the total market in 2020. It is expected that by the end of the forecast period 2021-2031, the Asia-Pacific region will lead the market in the region-based segmentation.
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How This Report Can Add Value
Who should buy this report?
- Electrocardiographs manufacturers (emerging and established)
- Established technology companies
- Cardiac instruments and Cath lab manufacturers
- Healthcare facilities
Insightful Questions Covered to Enable Companies take Strategic Decisions
- What was the impact of the COVID-19 pandemic on the global electrocardiographs market?
- What are the key technological trends that influence the global electrocardiographs market? What is their future potential?
- Who are the emerging or regional players in the global electrocardiographs market?
- What are the legal regulations for electrocardiograph devices across various economies?
- How has the patent filing trend influenced the growth of the global electrocardiographs market?
- Who are the key players in the global electrocardiographs market?
- What are the key synergistic activities employed by the companies operating or entering the global electrocardiographs market?
- What are the key drivers and restraints for the global electrocardiographs market?
- What are the growth opportunities in the global electrocardiographs market?
- Which product type is anticipated to grow with the highest CAGR during the forecast period 2021-2031?
- Which geographical region is anticipated to dominate the global electrocardiographs market during the forecast period 2021-2031?
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