Diagnostic Electrocardiograph Market to Grow at a CAGR of 7.10% until 2026

Growing geriatric population is expected to drive the growth of global diagnostic electrocardiograph market.

According to TechSci Research report, “Global Diagnostic Electrocardiograph Market By Product Type (Resting ECG Devices, Stress ECG Devices, Holter Monitors, Others), By Channel (12-channel, 6- channel, 5- channel, 3- channel, Single- channel), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Cardiac Care Centers, Others), By Region, Forecast & Opportunities, 2026”, global diagnostic electrocardiograph market was valued at around USD7.16 billion in 2020 and is anticipated to grow at an impressive rate of 7.10% in the forecast period 2022-2026. This can be attributed to the improving healthcare infrastructure in all regions across the globe. Additionally, changing lifestyle patterns have also led to an increase in prevalence of various cardiovascular diseases which in turn is expected to positively influence the global diagnostic electrocardiograph market growth through 2026. Also, ECG is cost effective procedure as compared to other procedures used to monitor or diagnose the cardiac problems. This in turn is driving the market growth. Besides, initiatives taken by different governments across the globe such as reimbursement policies, increasing investments in healthcare sector to minimize the cost of treatment, among others are expected to foster the market growth during the forecast period. However, dearth of skilled professionals to carry out the ECG procedure can hamper the market growth over the next few years. Furthermore, the market is quite fragmented with a lot of well-established branded players and emerging small players in every region and country. This has created a barrier in terms of pricing of the ECG devices across the globe. This in turn is expected to create a challenge for various companies especially the established brands in the market. Moreover, unpredictability of economic circumstances and market saturation can restrict the market growth in the coming years.

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The global diagnostic electrocardiograph market is segmented into product type, channel, end user, company, and region. Based on channel, the market is fragmented into 12-channel, 6- channel, 5- channel, 3- channel and Single- channel. The 12- channel electrocardiographs segment dominated the market with a share of 40.56% in 2020 since these electrocardiographs are capable of capturing the heart rhythm from different points. Additionally, they provide a complete picture of heart in a graphical form. Based on end user, the market is segmented into hospital & clinics, ambulatory surgical centers, cardiac care centers and others. The hospital & clinics segment is expected to dominate the market during the forecast period on account of the growing burden of cardiovascular diseases, which, in turn, is increasing the need for quality cardiology care and increasing number of patient visits to physician offices for the diagnosis of cardiovascular diseases. Furthermore, growing number of hospitals across the globe is further expected to drive the segmental growth.

North America dominated the global diagnostic electrocardiograph market in 2020 with a market share of 34.07% and is expected to hold its position through 2026 as the region has well-developed healthcare infrastructure and the investments in the healthcare and medical sectors are also high. Additionally, growing burden of cardiovascular diseases in the region further supports the market growth. Also, heart disease is the leading cause of death in men, women, and people of most racial and ethnic groups in the United States. It is estimated that about 655,000 Americans die from heart disease each year that is 1 in every 4 deaths.

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Some of the leading players operating in the global diagnostic electrocardiograph market include Hill-Rom Holdings, Inc., Nihon Kohden Corporation, GE Healthcare, Medtronic Plc., Schiller AG, Allengers Medical Systems, Ltd., Fukuda Denshi USA, Inc., Ambu A/S, Cardioline S.p.A., Koninklijke Philips N.V., OSI Systems, Inc. (Spacelabs Healthcare), SUZUKEN CO., LTD, Cardionet, Inc. Mindray Medical International Limited., BPL Medical Technologies, among others. In order to expand their market share, the companies tend to adopt various strategies like new product launches, mergers & collaborations and acquisitions.

“The growing awareness and consciousness among the population pertaining to their health especially with regard to unhealthy eating habits and sedentary lifestyle is expected to drive the growth of global diagnostic electrocardiograph market through 2026. Additionally, advancement in technology and increasing investments by major players operating in the market is expected to further support the market growth in the forecast period. The developing nations are anticipated to witness high growth opportunities as compared to the developed nations owing to the market saturation in these nations.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Diagnostic Electrocardiograph Market By Product Type (Resting ECG Devices, Stress ECG Devices, Holter Monitors, Others), By Channel (12-channel, 6- channel, 5- channel, 3- channel, Single- channel), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Cardiac Care Centers, Others), By Region, Forecast & Opportunities, 2026”, has evaluated the future growth potential of global diagnostic electrocardiograph market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global diagnostic electrocardiograph market.

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