Industry Insights

The global ECG equipment and management system market size was estimated at USD 4.6 billion in 2016. Increasing geriatric population base coupled with increase in cardiac problems, such as ischemic heart disease, heart arrhythmia, heart rhythm disorders and heart attack, is anticipated to drive the growth of the market.

Furthermore, technological advancements in the field, increase in healthcare investment for early detection of cardiovascular diseases, and favorable regulatory policies are likely to drive the market. For instance, April 2014, GE Healthcare introduced new version of Muse ECG management system that allows interoperability with non-GE ECG systems. This new version improved care collaboration and asset management.

According to the American Heart Association, cardiovascular disease is a leading cause of death taking a toll of 17.3 million deaths per year, and is expected to grow to more than 23.6 million by 2030 are likely to drive the market during the forecast period.

Furthermore, technological advancements, government initiatives, geographical expansion, commercialization of new products, are likely to boost market growth in the coming years. For instance, initiatives taken by NHS England to provide national reimbursement to the people across England using AliveCor device for treating conditions such as heart disease and diabetes.

Type Insights

The market is divided into five different segments, namely Holter monitors, resting ECG system, stress ECG monitors, event monitoring systems, and ECG management system; based on the type of equipment.

Resting ECG system segment dominated in 2016 due to better exchange of information through Cardiovascular Information Systems (CVIS) and Electronic Health Record (EHRs) that simplifies ECG workflow and reduces the complexity associated with custom integration.  Its domination is likely to continue in the forecast period. For instance, in August 2017, HeartSciences launched MyoVista ECG, which combines informatics with traditional 12 - lead resting ECG tracings and has ECG interpretive analysis.

Due to centralized diagnostic cardiology data, such as ECG, stress, and Holter report, for rapid access resulting in better care of coordinated ECG management system, accounts for fastest growth in forecast period. For instance, in 2017, Bittium launched a new software in Spain that analyzes cardiac events which is based on ECG measurements and long-term Holter measurements. This helps in detection of cardiac arrhythmias as well as in-depth analysis of long-term recordings.

In 2014, Medtronic launched SEEQ MCT System in the U.S., which is used to detect and diagnose irregular heartbeats in patients; this launch was facilitated by acquisition of U.S. based Corventis by Medtronic.

Regional Insights

North America dominated the global market, accounted for around 38 percent of the total market in 2016. This can be attributed to high adoption of new technology, availability of several commercialized products, and local presence of major players in this region.

Asia Pacific is expected to be the fastest growing region during the forecast period from 2017 to 2025, owing to commercialization of equipment in Japan and China, growing demand in other emerging countries, such as India, and increasing expenditure on healthcare.

In 2016, Bioclinica entered into a strategic partnership with SUZUKEN CO., LTD. to supply ECG monitoring equipment in Japan. Bioclinica also made investments in Japan and China and established local scientific and medical expertise to develop cardiac safety solutions and imaging core lab services for clinical trials.

Germany, UK and France are vital markets in Europe, and Germany dominated in 2016. Dominance of Germany is attributed to introduction of advanced products and funding from investors are anticipated to boost market growth. Rising healthcare infrastructure, presence of local and major players, and increasing healthcare expenditure are the key factors to drive the Europe market.

Competitive Insights

Entry of various players in the market is expected to increase the competition. Some of the major players include BioTelemetry, Inc.; Compumed Inc.; GE Healthcare; Mindray Medical; Hill Rom; NIHON KOHDEN CORPORATION; Philips Healthcare; Schiller AG; Spacelabs Healthcare; and Welch Allyn.

Development of innovative products along with geographical penetration are some of the key strategies adopted by market players to remain competitive. For instance, in 2017, Personal MedSystems raised USD 5.36 million for introducing innovations in the company’s technology and growth of sales of CardioSecur, a smartphone-connected ECG device. The company received additional investment from Sino-German High-Tech Fund and the NRW-Bank, and existing investors of Personal MedSystems, Seventure Partners, and High-Tech Gründerfonds. Furthermore, in 2015, AliveCor, Inc. introduced the third-generation AliveCor Heart Monitor in the UK and Ireland which records, stores, transfers, and displays single-channel ECG rhythms and helps in the detection of atrial fibrillation and normal sinus rhythm. – Grand View Research 


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