Market Trends of Electrocardiograph (ECG) Industry
This section covers the major market trends shaping the Electrocardiograph (ECG) Market according to our research experts:
Holter ECG Systems will Continue to Demonstrate Strong Growth in the Market During the Forecast Period
On the diagnostic and monitoring front, a new generation of portable and compact Holter ECGs is driving its greater adoption, especially in the home healthcare segment. The Holter ECG system is a type of portable electrocardiogram (ECG). It records the electrical activity of the heart continuously over 24 hours or longer. The advantages of the Holter ECG and its accessibility of it make the segment dominant. For instance, the report titled 'A low-cost Holter monitor design equipped with external memory and Bluetooth connection' published in May 2020, stated that the newly developed ECG Holter is portable in dimension and low cost to be fabricated for mass production to help people with heart disease. The design was also equipped with a Bluetooth transmitter to transmit the data to the computer. These new advancements and easy accessibility make the Holter ECG system more dominant in the forecast period.
Additionally, the collaborations between the companies that manufacture the Holter ECG devices will augment the growth of this segment. For instance, in September 2021, Astellas Pharma, Nitto Denko Corporation, and M. Heart Co., Ltd concluded a memorandum of understanding concerning an ECG testing service. Based on this memorandum of understanding, Astellas, Nitto, and M. Heart will continue to look into Nitto developing and manufacturing the 'EG Holter' a novel disposable Holter ECG device.
With the rapid pace of technological advancements in Holter ECG and companies' collaboration, the future of the Holter ECG segment looks promising, which ultimately help in the growth of the electrocardiograph (ECG) market in the forecast period.
North America to Dominate the Growth of the Electrocardiograph (ECG) Market During the Forecast Period
North America holds the leading position in the electrocardiograph (ECG) market. The rising focus on patient care and needs, supported by the well-developed infrastructure, technologically advanced healthcare system, and the increasing burden of cardiovascular diseases in the United States are expected to drive the growth of the electrocardiograph (ECG) market in the United States. According to the report titled "The number of older people will hit the US economy 'like a' brick '- US trade secretary", published in April 2021, about 16.5% of the United States population, or 54 million, were over the age of 65 by 2020. As the number of old age population increases, the incidence of cardiovascular diseases is high and there is a continuous need for the proper detection and diagnosis of cardiac diseases, hence is expected to show growth of ECG over the forecast period. Additionally, as per the 2022 American College of Cardiology Foundation, the prevalence of valvular heart diseases (VHD) is rising in the United States, with more than 5 million Americans diagnosed each year, while up to 1.5 million people suffer from aortic stenosis (AS) in the United States. Thus, an increase in the prevalence of cardiac diseases will augment the growth of the ECG market in North America.
Additionally, a few of the key market players in the country are developing novel products and technologies to compete with the existing products, while others are acquiring and partnering with other companies trending in the market. For instance, in June 2022, the United States Food and Drug Administration registered Qpatch, an ECG wearable unit developed by experts from Medicalgorithmics. As per the company, Qpatch is a wearable device for measuring individual ECG signals to obtain an accurate cardiac arrhythmia diagnosis. Also, in December 2021, Implicity received FDA clearance for a novel medical algorithm that analyses ECG data from Implantable Loop Recorders (ILRs).
Therefore, due to the above-mentioned factors, the electrocardiograph (ECG) market is expected to grow in the United States over the forecast period of the study.
