ECG Machine Market Overview
An overview of conceptual frameworks, analytical approaches of the ECG Machine market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. ECG Machine market is expected to grow with a significant rate in the near future.
The global ECG Machine market in 2020 is estimated for more than US$ 5,487.2 Mn and expected to reach at a value of US$ 8,128.6 Mn by 2028 with a significant CAGR of 5.1%.
ECG Machine Market Definition
ECG stands for electrocardiogram, which can be understood as a simple and painless medical procedure that assess electrical signals in the patient’s heart. At every beat of the heart, an electrical signal transmits through the heart, which shows if the heart is beating at a usual rate and vitality. Electrocardiogram also carries the potential to show the position and size of the heart's chambers.
Also, if an ECG test shows any abnormality, it is an indication of a heart disorder or damage. Thus, the ECG machine witnessed huge demand in the healthcare industry across the world, which is projected to propel the growth of the global ECG machine market in the near future.
An ECG test serve its utility in determining different kinds cardiovascular diseases such as irregular heartbeats, blocked arteries, heart damages, heart failure and many more, as well as an ECG test sometimes can be included in a regular checkup for middle-aged and older population across the world, as they are more prone to the heart disease in comparison to younger people.
ECG Machine Market Dynamics
At present, the global ECG machine market is observing a balanced growth in the global market along with few particular technological advancements and enhancements in the device as the key manufacturers of the market are engaged in a highly cut-throat competition.
One of the major factors that is constantly boosting the growth of the global ECG machine market is the continuously growing count of patients with cardiovascular diseases across the globe. As per the estimates of the world health organization, heart disease is one of the leading causes of fatalities worldwide. According to the estimates, cardiovascular ailments cause casualties of around 17.9 million people every year, which is 31% of all global deaths.
In addition, the adoption of sluggish and lethargic lifestyle by the population, in the present-day world, due to the desk-bound jobs, unhealthy diets and little or no physical activity is also contributing to the growing count of chronic diseases among the population worldwide, thereby elevating the demand of electrocardiogram in the healthcare industry. Therefore, the global ECG machine market is projected to witness significant growth in the forthcoming years.
The huge revolution in the healthcare industry over the past few decades has also resulted in several advancements and innovations in the medical devices and treatments provided to the patients which in turn has further paved the way for the growth of the global ECG machine market during the forecast period.
Apart from that, the major manufacturers of the global market are also aiming their attention towards innovating their devices in order to offer improved medical care to the patients across the world, which has resulted in portable and hand-held devices with more efficiency, which is also acting as a positive factor in order to fuel the growth of the global ECG machine market in the upcoming years.
However, the huge installation and maintenance cost of ECG machines may restrict the growth of the global ECG machine market in the near future. Moreover, the lack of skilled professionals with inadequate technical knowledge, particularly in the emerging regions, is also likely to hamper the growth of the global ECG machine market in the upcoming years.
Nevertheless, the rising need of the population for the enhanced medical care in the present times is estimated to augment the growth of the global ECG machine market in the coming years.
ECG Machine Market Segmentation
The global ECG machine market is initially segmented on the basis of product and services into product and software and service. The product is further segmented into resting ECG devices, stress ECG devices, Holter monitors, implantable loop recorders, event monitors, MCT devices, and smart ECG monitors.
Then, the ECG machine market is segmented on the basis of lead type into 12-lead, 5-lead, 3-lead, 6-lead, single-lead, and other lead types.
Furthermore, the global ECG machine market is divided on the basis of end users into hospitals, clinics, cardiac centers, ambulatory surgical centers, and other end users.
At last, the global ECG machine market is segmented into North America, Latin America, Middle East, Asia-Pacific, Africa and Europe.
ECG Machine Market Key Players
Some of the key participating players of the global ECG machine market are Koninklijke Philips, GE Healthcare, Nihon Kohden, Asahi Kasei, and Hill-Rom Holdings.
MMC Overview on ECG Machine Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give better opportunity for the customers to put their effort.
A research report on the ECG Machine market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that supports market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘ECG Machine Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Concerns for use of ECG Machine
Advantages of ECG Machine
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.