ECG Telemetry Devices Market: Increase in Cardiovascular Disease Incidence
According to our new research study on “ECG Telemetry Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product and End User,” the market is expected to reach US$ 3,783.48 million by 2028 from US$ 2,087.66 million in 2020; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The report highlights trends prevailing in the ECG telemetry devices market and factors driving its growth. The growth of the market is mainly attributed to the factors such as the increase in cardiovascular disease incidence and surge in geriatric population. However, the high cost and disadvantages of ECG telemetry devices restrain the market growth.
ECG device monitors and records electrical activity of the heart. ECG picks up electrical impulses generated by the polarization and depolarization of cardiac tissue and translate them into a wave form. This helps physician or cardiologist to diagnose cardiac abnormalities and measure the size and position of chambers.
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ECG Telemetry Devices Market Competitive Landscape
Cardiac Science Corporation, CompuMed Inc., GE Healthcare Inc., Medtronic Inc., Mindray Medical International Ltd., Nihon Kohden Corporation, Philips Healthcare, ScottCare Corporation, Dragger, and Welch Allyn Inc. are among the leading companies operating in the ECG telemetry devices market.
Increase in Cardiovascular Disease Incidence
The world has been witnessing notable developments in mobile health (mHealth) from the last decade, which is offering physicians and patients new approaches to manage many diseases, including atrial arrhythmias, ventricular arrhythmias, ventricular, atrial fibrillation. The growing prevalence of arrhythmia and other cardiovascular diseases (CVDs) is triggering the need for improved diagnostic methods. ECG telemetry systems are the most effective instruments used for detecting arrhythmias. These devices allow simpler and quicker heart monitoring, which has added to their popularity. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide, with ~30 million people experiencing a stroke each year. According to the American Heart Association, almost half of all adults in the US have a kind of CVD. More than 130 million people, i.e., 45.1%, of the US population are projected to have a type of CVD by 2035.
Furthermore, the European Society of Cardiology reported that Atrial fibrillation is the most common arrhythmia, and it accounts for 0.28–2.6% of healthcare spending in European countries. It also mentioned that patients suffering from atrial fibrillation at a five-times greater risk of getting a stroke, and 20–30% of total stroke cases in Europe are caused due to atrial fibrillation. As per the study conducted by the European Society of Cardiology in 2016, in the EU, ~7.6 million people with age 65 years and above had atrial fibrillation. As per the European Society of Cardiology estimates, the number is expected to increase by 89% to reach ~14.4 million by 2060. The prevalence of atrial fibrillation is estimated to reach 9.5% by 2060 from 7.8% in 2016. Further, as per the report “Beyond the Burden: The Impact of Atrial Fibrillation in Asia Pacific” by Biosense Webster, published in 2019, more than 16 million people in Asia Pacific suffer from atrial fibrillation , and the number is expected to reach ~72 million by 2050. The report also suggests that the condition has affected the middle-aged and elderly population more.
A few of the primary risk factors for CVDs are family history, ethnicity, and age; other risk factors include tobacco consumption, hypertension, obesity, high cholesterol, physical inactivity, diabetes, unhealthy diets, and alcohol consumption. Further, lifestyle changes are leading to the rise in the incidence of diseases such as diabetes, hypertension, dyslipidemia, and obesity, contributing to a surge in CVD cases across the world. Most types of CVDs can be prevented through pre-monitoring and pre-diagnosis. Likewise, abnormalities in the functioning of the heart, arrhythmias, can be averted with early diagnosis. Owing to this, the demand for ECG telemetry devices is increasing as these devices help save patients at high risk of cardiac arrest.
ECG Telemetry Devices Market Segmentation Review
Based on product, the ECG telemetry devices market is segmented into resting ECG devices, stress ECG devices, and others. The resting ECG devices segment held the largest share of the market in 2020. The same segment is anticipated to register the highest CAGR in the market during the forecast period. The resting electrocardiogram is a test that helps in measuring the electrical activity of the heart. The test takes about 5 minutes to perform, and no extra preparation is required for it. Furthermore, due to its offered advantages, many players are adopting organic and inorganic strategies to sustain their position in the market. For instance, in August 2017, the US-based HeartSciences announced that its MyoVista high sensitivity electrocardiograph testing device received CE Mark and launched in Europe. The company stated that MyoVista hsECG uses the 12-lead, at-rest testing protocol as conventional ECG devices. The device syndicates informatics with traditional 12-lead resting ECG tracings and ECG interpretive analysis.
Based on end user, the ECG telemetry devices market is bifurcated into home healthcare and hospitals. The hospitals segment held a larger share of the market in 2020, and the same segment is anticipated to register a higher CAGR in the market during the forecast period.
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
- South and Central America (SCAM)
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