The global single lead ECG equipment market size is estimated to reach USD 487.59 million by 2025, progressing at a 4.72% CAGR during the forecast period, according to a new report by Grand View Research, Inc.
Emergence of smartphone and mobile-based cardiac monitoring devices has been revolutionized the market in the past few years. Medical device manufacturers continue to invest in development of these products in order to overcome pitfalls associated with conventional means of cardiac assessment. This is, consequently, fostering the growth of the market.
An Indian company Agatsa Software Pvt. Ltd. introduced credit-card-sized ECG monitors, “Sanket”, which measures ECG in 15 seconds and displays results that can be sent to anyone across the globe via email, social media platforms, or SMS. Such advancements in ECG monitoring devices are anticipated to shape the future of the market over the forecast period.
On the other hand, government bodies are undertaking initiatives for improvement in treatment of cardiac disorders in order to satisfy escalating need for inexpensive and portable devices for regular cardiac monitoring as a preventive step. This, in turn, is expected to positively influence the growth of the market.
Further Key findings from the study suggest:
- Widening base of patients suffering from cardiovascular diseases is expected to augment the single lead portable ECG equipment market
- The demand for portable ECGs serving home/ambulatory services for risk identification for occurrence of cardiac diseases is projected to grow at a faster pace in the near future
- The growth of the home/ambulatory segment is supported by continuous improvement in software/algorithms for regular cardiac monitoring
- Availability of products that can carry out continuous and real time wireless ambulatory patient monitoring is contributing to the growth of the market
- North America accounted for the largest market share in 2017, owing to well-established healthcare system coupled with rise in prevalence of cardiovascular diseases in the region
- Presence of several nascent and established participants in the region further drives the R&D and novel product launches in the U.S.
- Asia Pacific is likely to witness the fastest growth during the forecast period owing to rising patient awareness pertaining to portable technologies as well as increasing healthcare expenditure in developing economies
- Rise in patient as well as physician awareness and inclination towards medical technology and cloud-based software programs are expected to encourage substantial growth in the region
- The key players are engaged in launching novel products or algorithms in order to enhance market penetration.