Global ECG Monitoring Systems Market, By Equipment Type (ECG Monitoring Equipment, Holter Monitoring Systems, ECG Stress Testing Systems, Event Monitoring Systems), By End User (Hospitals, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,378.3 Million in 2023 and is expected to exhibit a CAGR of 8.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Major players in the market are focused on inorganic strategies such as aquisition is expected to drive the market in forecast period. For instance, in November 2021, Royal Philips, a health technology company improving people's health and well-being through meaningful innovation, signed an agreement to acquire Cardiologs, a France-based medical technology company focused on cardiac diagnostics using artificial intelligence (AI) and cloud technology. The acquisition strengthens Philips cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis, and reporting services.
Global ECG Monitoring Systems Global ECG Monitoring Systems– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms, and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global ECG monitoring systems market. For instance, according to the Centers for Disease Control and Prevention, June 2022 update about 20.1 million adults age 20 and older had coronary heart disease (CAD) in 2020 in the U.S. It also stated that coronary heart disease is the most common type of heart disease in the U.S. COVID-19 high incidence of cardiovascular disease is increase the demand for cardiac monitoring in the pandemic.
Global ECG Monitoring Systems Market: Key Developments
In October 2022, Turtle Shell Technologies Pvt Ltd, a contactless remote patient monitoring (RPM) company in India, launched an ambulatory electrocardiogram (ECG) patch to monitor patients with cardiovascular disease (CVD).
In December 2022, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, announced that it made a 510(k) submission to the U.S. Food and Drug Administration (FDA) for a new form factor of its Biotres Cardiac Monitoring Device, a three lead device for ECG and arrhythmia monitoring that is intended for lower risk patients.
On April 17, 2023, GE HealthCare, a healthcare technology and diagnostics company, showcased its growing portfolio of digital platforms and solutions at the Health Information and Management Systems Society, Inc. (HIMSS) Global Health Conference and Exhibition in Chicago.
In April 2022, Wipro GE Healthcare, a healthcare technology and diagnostics company, announced the launch of its new manufacturing facility in Bengaluru, India, under the Government’s Production Linked Incentive (PLI) Scheme. Set up with an investment of Rs 100 crore, the new plant Wipro GE Medical Device Manufacturing factory (MDM) is one of the 15 medical device manufacturers approved under the scheme.
In February 2021, Remo Care Solutions, a remote cardiac monitoring system powered by artificial intelligence that monitor and analyse patients vitals on a real time basis, launched Remo.Cardia which is a remote cardiac monitoring system that uses artificial intelligence to monitor and analyze patients' vitals in real-time. Remo Care Solutions created the software in U.S. created the hardware.
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Global ECG Monitoring Systems Market”- Forecast to 2030, Global ECG Monitoring Systems Market, By Equipment Type (ECG Monitoring Equipment, Holter Monitoring Systems, ECG Stress Testing Systems, Event Monitoring Systems), By End User (Hospitals, Ambulatory Surgical Centers, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/ecg-monitoring-systems-market-4027
Key Takeaways of the Global ECG Monitoring Systems Market:
- The global ECG monitoring systems market is expected to exhibit a CAGR of 1% during the forecast period. Market players are involved in deploying strategic initiatives, which include product launches and expansion of distribution networks, among others. For instance, On January 26, 2023, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, announced it has signed its second distribution agreement with the top five U.S. medical device distributor for the marketing and distribution of its two cardiac monitoring solutions (CMS) designed for cardiologists’ patient use, Bioflux and Biotres.
- Among equipment type, the ECG monitoring equipment is anticipated to hold a significant share in the ECG monitoring systems market during the forecast period. This is due to its wide range of advantages, such as the compact size of the device, higher accuracy, longer life, and less requirement of power, educate to learn correct inhalation technique. For instance, in June 2021, Lupin Limited, an multinational pharmaceutical company based in India, announced the launch of its Digital cardiac Educator platform to help patients to learn correct cardiac techniques for better management of cardiovascular disease.
- Among region, North America is expected to be the dominant region in the global ECG monitoring systems market, owing to the increase asthamatic patients.For instance, the data provided by Statistics Canada in September 2021 for health characteristics and annual estimates for asthma an increase in 2020 from the previous years. The number of people affected by asthma increased to 2,802,700 in 2020. This burden of asthma in the country is expected to increase demand for early diagnosis of the disease. This is expected to drive the studied market growth in Canada, fueling the overall market growth in the region.
- Major players operating in the ECG monitoring systems market are GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits (India) Limited, Welch Allyn, Fukuda Denshi Co., Ltd., OSI Systems, Lidco Group plc, Biotricity Inc., Lupin Ltd., Bittium Corporation, St. Jude Medical Inc., VivaQuant, and Johnson & Johnson.
