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Focus on Introducing Innovative and Wireless Cardiac Imaging Devices to Meet the Increasing Demands of the Eager Consumers in the Diagnostic ECG Market
The medical devices market shows that the growing demand for ECG equipment and the advancement in technology provides opportunities for new products. There are successful products existing in the market, but a scope of improvement is left which can be fulfilled by applying new ideas and technologies.
A significant growth in the healthcare costs is a major challenge faced by developed countries. Additionally, the growth in the aging population and the increasing incidences of chronic disorders will further increase the burden on the healthcare system. This scenario demands a paradigm shift in the healthcare system. The advancement in the diagnostic ECG devices has offered a wide range of new technologies that help in investigating the cardiac imaging. Health monitoring has therefore become a large market for electronic equipment.
The market will witness a high growth in the forecast period with the advent of resting system, stress system, and holter devices.
The global diagnostic ECG market offers steady growth opportunities due to the worldwide rise in the incidences of lifestyle diseases and increased costs of healthcare services at the private physicianís level. The large population base in the emerging economies with growing income levels also provides a significant growth opportunity. However, restraints such as high reimbursement costs and competitive pricing of ECG equipment in developed economies such as U.S. and Europe is likely to curb the market growth of global diagnostic ECG market. As a result, the market players in this segment are increasingly introducing innovative and wireless diagnostic ECG devices to meet the increasing demand of eager consumers in this segment.
The resting ECG device segment will witness high growth rates in the forecast period. Attributing to the advancement in technology, the resting ECG test is a primary and widely-used diagnostic tool to measure the heartís electrical activity. Resting ECG device accounted for the largest market share in 2013 and contributed highest units to the total sales in 2013.
With respect to the total number of leads, the 3-6 lead segment recorded the largest market share in 2013 which is also expected to grow at a healthy pace in the forecast period. The 2-6 lead segment was followed by the 12 lead segment.
In 2013, North America was the largest market in the diagnostic ECG market due to the aging population and rising unhealthy lifestyles. Asia-Pacific (APAC), on the other hand, is the most lucrative region for the market growth in this segment. It is poised to grow at a high CAGR over the forecast period, owing to a large population base.
Diagnostic Electrocardiograph (ECG) Market by Product (Resting, Stress, Holter Monitor), End-user (Hospitals, Home/Ambulatory, Research Center, Physician Office, Nursing Homes) & by Lead Type (Single, 3-6, 12) - Global Forecast to 2020
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