Increasing Prevalence of Cardiovascular Diseases and Development and Launch of New Products to Augment Growth of ECG Monitoring Systems Market

 

ECG Monitoring Systems Market

Electrocardiogram or ECG is a graphical chart of the electrical activity of your heart measured via electrodes placed just above the skin surface. It is the most important test for interpretation of the cardiac rhythm, detection of myocardial ischemia and infarction, conduction system abnormalities, preexcitation, long QT syndromes, atrial abnormalities, ventricular hypertrophy, pericarditis, and other conditions.

Market Dynamics

Increasing prevalence of cardiovascular diseases is expected to propel growth of the global ECG monitoring systems market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2020 Update, by 2035, 45.1% of the U.S population is projected to have some form of cardiovascular disease. Total costs of cardiovascular disease are expected to reach $1.1 trillion in 2035, with direct medical costs projected to reach $748.7 billion and indirect costs estimated to reach US$ 368 billion. Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to United Nations Population Fund, geriatric population in Asia Pacific is expected to triple between 2010 and 2050 to reach 1.3 billion people by 2050.

However, inaccuracy of wearable ECG devices and limited information offered by handheld ECG devices compared to conventional lead ECGs, is expected to limit growth of the global ECG monitoring systems market.

The global ECG monitoring systems market is witnessing several M&A activities. For instance, in November 2020, CB Scientific. Inc., a provider of products and services for the ambulatory noninvasive cardiac monitoring space, announced a definitive purchase agreement to acquire Datrix, LLC, an ambulatory device manufacturer based in Escondido, California, in order to expand ambulatory remote cardiac ECG monitoring product technology offering of the company.

Competitive Analysis

Major players operating in the global ECG monitoring systems market include, GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd., OSI Systems, Lidco Group plc, Biotricity Inc., Bittium Corporation, Samsung, St. Jude Medical Inc., VivaQuant, and Johnson & Johnson.

Major players operating in the global ECG monitoring systems market are focused on development and launch of new products to expand their product portfolio. For instance, in January 2021, Samsung launched the Galaxy Watch 3 and Watch Active 2 with ECG hardware. The company also expanded the ECG and Blood Pressure tracking to 31 more countries.

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