Increasing Prevalence of Cardiovascular Diseases and Development and Launch of New Products to Augment Growth of 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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