Market Challenges And Opportunities

ECG Management System Market Drivers:

Technological advancements by key players plays a major role in the expansion of ECG management system market. Previously, these ECG diagnostic systems had the basic cardiac diagnostic technology, which were used to provide and store basic information related to hospitals were premise remained the same. However, testing systems and management facilities are continuously evolving to meet the unmet demands. ECG management system market provides wide opportunity for manufacturers to come up with cost effective ECG management system. For instance, in 2014, GE Healthcare introduced an upgrade Muse with i2 ECG technology, which allows bi-directional flow of data with non- GE based ECG systems. Furthermore, in 2014, McKesson cleared FDA approval for mobile medical software app called McKesson Cardiology ECG Mobile. This system aims to reduce non-productive time by providing access to ECG data for review and report. ECG management system’s stored data also helps in reducing chest pain management. For instance, in 2011, LUMEDX Corporation released HealthView Chest management solution, which produce ECG and compile patient’s historical information before hospitalization.

The ECG management system market players are adopting strategies to expand their product portfolio, thereby expanding their market share. For instance, in 2015, Cerner Corp. partnered with Mortara Instrument to introduce CareAware Waveform Management. CareAware Waveform Management offers physiologic waveforms, data, and alarms on device that aid in accessing patient record. All these technological advancements are expected to augment the ECG management system market over the forecast period. Furthermore, partnership between manufacturers and users such as hospitals and clinics for product promotion and installation will also expand the ECG management system market. For instance, in 2017, ScImagae, Inc. announced its partnership with WVU Medicine West Virginia University Health system to utilize ScImage’s PICOM365 Enterprise PACS throughout 8 WVU Medicine Hospitals.

Moreover, the expansion of global ECG management market is attributed to increasing number of ECG test of patients suffering from cardiovascular disease. According to the World Health Organization (WHO), 17.7 million people died of cardiovascular disease in 2015, which represent around 31% of deaths occurred globally. Increasing number of cardiovascular disease patients with larger number of ECG data demands for better data management system, which is expected to drive the ECG management system market. Moreover, increasing number of heart related disorders among geriatric population and increasing number of healthcare facilities will also boost the ECG management system market. Furthermore, the governmental programs increases the awareness for annual health examination and ECG is performed as a part of annual health exam by the patients with no known cardiac conditions, which will increase the demand for ECG management system.