LONDON--(BUSINESS WIRE)--The global electrocardiography devices (ECG) market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the technological advances. Technological advances have helped in developing easy to use ECG devices with reduced size, and enhanced portability. The new-generation ECG devices incorporate advanced algorithms, which provide high-fidelity data to support better clinical decisions. For instance, the ECG product from Hill-Rom Services, Connex Cardio ECG, utilizes the VERITAS algorithm. This algorithm analyzes and interprets the ECG reading, and the system prints, stores, and transmits the results to the electronic medical record (EMR). The resulting ECG can significantly simplify the physician's workflow and decision-making workflow. The latest ECG devices also incorporate various workflow improvement features, such as simplified step-by-step operation, touch-screen systems, and better connectivity with ECG management systems, EMRs, and cardiovascular information systems (CVIS). Moreover, these new technologies have also made it possible to detect infrequent arrhythmias in patients of all ages. Thus, with such technological advances, the market for electrocardiography devices is expected to witness market growth during the forecast period.
As per Technavio, the emergence of handheld, wireless, and remote monitoring ECG devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global electrocardiography devices (ECG) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Electrocardiography Devices (ECG) Market: Emergence of Handheld, Wireless, and Remote Monitoring ECG Devices
At present, technological advances in sensors allow recording of electrical impulses from the heart in the absence of conventional ECG machines. Several technologies are now wearable and can monitor and record cardiac impulses for weeks or even months. Hence, these devices are increasingly being adopted in out-of-hospital settings, such as in households and public places. For instance, HeartScan HCG-801 ECG monitor, offered by Omron Healthcare, is a portable ECG recorder with finger and chest electrodes and a high-resolution screen that displays the HR, rhythm, and ECG waveform. It is cordless, and there is no need to wear electrodes, which eliminates the difficulties encountered with cables. Therefore, with such advances and innovations in the ECG devices, the market is expected to witness a positive outlook during the forecast period.
“Apart from the technological advances and the emergence of handheld, wireless, and remote monitoring ECG devices, the increasing prevalence of CVDs, the rising awareness about CVDs, and the growth of demand from emerging countries are some major aspects expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Electrocardiography Devices (ECG) Market: Segmentation Analysis
This market research report segments the global electrocardiography devices (ECG) market by product (resting ECG devices, ambulatory ECG monitoring devices, and stress ECG test devices) and geographical regions (North America, Europe, Asia, and ROW).
The resting ECG devices segment led the market in 2018, followed by ambulatory ECG monitoring devices, and stress ECG test devices respectively. However, during the forecast period, the stress ECG test devices segment is expected to register the highest incremental growth due to an increase in awareness about advanced stress ECG test devices and the number of stress ECG procedures performed.
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