Market Challenges And Opportunities
Global Mobile ECG Devices Market- Drivers
- Increasing prevalence of cardiovascular diseases: The increasing prevalence of cardiovascular diseases around the world is a major factor driving the growth of the global mobile ECG devices market. Cardiovascular diseases, especially heart diseases, have become widespread health issues in both developing and developed countries. For instance, according to data published by World Health Federation in April 2023, more than half a billion people around the world continue to be affected by cardiovascular diseases, which accounted for 20.5 million deaths in 2021 – close to a third of all deaths globally and an overall increase on the estimated 121 million cardiovascular disease deaths in 2021. As the incidence of heart diseases continue to rise significantly, there is growing need for effective cardiovascular monitoring and diagnosis solutions. Mobile ECG devices offer the advantages of portability and easy access to ECG readings anytime and anywhere. These allow fast and convenient recording of ECG signals outside of hospitals and clinics. This boosts efficiency of diagnosis and monitoring of many heart conditions such as arrhythmias and ischemic heart disease. Mobile ECG devices empower patients to track their heart health independently and share vital cardiac data with doctors remotely. This can help in quicker detection of abnormalities and facilitate timely clinical interventions
- Technological advancements in ECG devices: Technological advancements have significantly improved the functionality and usability of mobile ECG devices in recent years. New devices are being developed with advanced features like Bluetooth connectivity, longer battery life, and enhanced accuracy of readings. This allows devices to seamlessly sync electrocardiogram results with smartphones and transmit the data to healthcare providers for remote monitoring and diagnosis. Physicians can track a patient’s heart activity in real-time and over an extended period, improving continuity of care. Such advances have augmented the role of mobile ECG devices beyond just occasional spot checks to continuous cardiovascular monitoring. This paradigm shift will be a major growth factor, as remote cardiac monitoring sees wider adoption globally. For instance, in November 2023, researchers from Australia and India had created a compact, lightweight, gel-free hexagonal-shaped ECG patch that is ideally suited for point-of-care diagnostics. A new, more comfortable wearable electrocardiogram (ECG) device could be on its way.
- Rising demand for wireless and portable ECG devices: Rising demand for wireless and portable ECG devices is a major factor driving the growth of the global mobile ECG devices market. With increasing health awareness and focus on preventive healthcare, people are now more inclined towards regular health monitoring. Portable ECG devices allow continuous heart monitoring outside of hospitals and clinics, empowering individuals to track their heart health on a real-time basis. This ongoing digitization of healthcare and growing focus on remote patient monitoring is working in favor of mobile ECG devices.
Global Mobile ECG Devices Market- Opportunities
- Untapped emerging markets: Emerging markets in developing regions represent a major growth opportunity for mobile ECG device manufacturers in the global market. With rising income levels and improving access to healthcare in countries like India, Indonesia and various African nations, more patients in these untapped markets will be able to afford important diagnostic tools like mobile ECG devices.
- Rising healthcare expenditure: The significant factor influencing the growth rate of the global mobile ECG devices market is the growing healthcare expenditure, which helps in improving its infrastructure. For instance, according to the International Health Care System of the U.S., in June 2020, U.S. government organizations aim to improve the healthcare infrastructure by increasing funding, setting legislation, and national strategies, and cofounding and setting basic requirements and regulations for the Medicaid program. Similarly, in November 2022, according to reports provided by the Canadian Institute for Health Information, the total health expenditure in Canada was US$ 331 billion in 2022, or US$ 8,563 per Canadian, while health expenditure represented 12.2% of Canada’s gross domestic product (GDP) in 2022, following a high of 13.8% in 2020.
- Increasing awareness about benefits of mobile ECG devices: Creating more awareness about the usefulness of mobile ECG devices has strong potential to drive the market growth. As healthcare consumers and providers become increasingly educated on how easy-to-use, clinically accurate mobile ECG tools, this can expand access to cardiovascular monitoring and care, demand is likely to surge. These devices allow for simple, convenient ECG recordings to detect abnormalities or discover changes that could signal developing cardiac issues. With mobile ECG results that can be electronically transmitted to doctors for remote evaluation and consultation, individuals have an efficient new option for maintaining heart health and addressing concerns without the need to physically visit medical facilities.
Global Mobile ECG Devices Market - Restraints
- High price of technologically advanced mobile ECG devices: The high price of technologically advanced mobile electrocardiogram (ECG) devices is significantly restraining the growth of the global mobile ECG devices market. Mobile ECG devices are integrated with cutting edge technologies that allow for long term continuous heart monitoring and advanced heart condition detection capabilities. However, integrating these sophisticated technologies comes at a significant cost which makes these devices unaffordable for many individuals and healthcare organizations. For instance, Eko DUO ECG + Digital Stethoscope cost around US$ 399 which is quite costly. This ECG monitor works by placing the device against the chest and looking at the readings in the Eko app.
- Limited accuracy of mobile ECG devices: The accuracy of mobile ECG devices has been a major challenge restricting the widespread adoption and overall growth of the global mobile ECG devices market. Most mobile ECG devices currently available in the market only provide a single lead ECG recording which limits the accuracy of detecting all types of cardiac arrhythmias and aMnormalities. A single lead ECG may miss important diagnostic information compared to a standard 12-lead ECG conducted in hospitals or diagnostic centers. This reduced accuracy has resulted in under diagnosis of certain cardiac conditions in some cases when using mobile ECG devices.
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