The global diagnostic electrocardiograph (ECG) market will reach $5.435 million by 2020, according to a new report by MarketsandMarkets. Estimates point to a compound annual growth rate of 5.7 percent throughout the forecast period (from 2013 to 2020).
The report looks at the diagnostic ECG market from three segments (product, lead type and end user), offering insights on key growth drivers and trends along with challenges and opportunities.
In the product segment, which consists of resting, stress and Holter monitoring systems, gains are attributed mainly to technological innovations. While resting systems dominated in 2013, Holter monitoring systems will be the fastest-growing of the bunch come 2020.
In terms of lead type, the 3-6 lead category took the lead in 2013 and will remain the front-runner by 2020. The 12-lead segment, where the increased number of leads has given physicians a holistic view of a patient’s medical condition, came in second.
Among end users, higher incidents of cardiac diseases are spurring growth in the North American diagnostic ECG market. Contributing factors include the expanding geriatric population and the prevalence of lifestyle diseases.
A boost in demand is expected from the APAC region, thanks to its wide population base and patients’ greater purchasing power. Prospects in the European market, however, are not as optimistic due in large part to uneven reimbursement policies.
Across the globe, major players in the diagnostic ECG industry include Cardionet, Compumed Inc., GE Healthcare, Mindray Medical, Mortara Instrument Inc., Nihon Kohden Corporation, Philips Healthcare, Schiller AG, Spacelabs Healthcare and Welch Allyn.