The ECG telemetry device market in Europe is expected to grow from US$ 561.1 million in 2021 to US$ 962.9 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2021 to 2028. Europe has been witnessing notable developments in mobile health (mHealth) from the last decade, which is offering physicians and patients new approaches to manage many diseases, including atrial arrhythmias, ventricular arrhythmias, ventricular, atrial fibrillation. The growing prevalence of arrhythmia and other cardiovascular diseases (CVDs) is triggering the need for improved diagnostic methods. ECG telemetry systems are the most effective instruments used for detecting arrhythmias. These devices allow simpler and quicker heart monitoring, which has added to their popularity. Furthermore, the European Society of Cardiology reported that Atrial fibrillation is the most common arrhythmia, and it accounts for 0.28–2.6% of healthcare spending in European countries. It also mentioned that patients suffering from atrial fibrillation at a five-times greater risk of getting a stroke, and 20–30% of total stroke cases in Europe are caused due to atrial fibrillation. As per the study conducted by the European Society of Cardiology in 2016, in the EU, ~7.6 million people with age 65 or more had atrial fibrillation. As per the European Society of Cardiology estimates, the number is expected to increase by 89% to reach ~14.4 million by 2060. The prevalence of atrial fibrillation is estimated to reach 9.5% by 2060 from 7.8% in 2016.
A few of the primary risk factors for CVDs include family history, ethnicity, and age; other risk factors include tobacco consumption, hypertension, obesity, high cholesterol, physical inactivity, diabetes, unhealthy diets, and alcohol consumption. Further, lifestyle changes are leading to the rise in the incidence of diseases such as diabetes, hypertension, dyslipidemia, and obesity, contributing to a surge in CVD cases across the world. Most types of CVDs can be prevented through pre-monitoring and pre-diagnosis. Likewise, abnormalities in the functioning of the heart, arrhythmias, can be averted with early diagnosis. Owing to this, the demand for ECG telemetry devices is increasing as these devices help save patients at high risk of cardiac arrest.
The Europe ECG telemetry device market is bifurcated on the bases of product and end user. Based on product, the ECG telemetry devices market is segmented into resting ECG devices, stress ECG devices, and others. The resting ECG devices segment accounted for the largest share of the market in 2020, and the market for the same segment is expected to grow fastest during the forecast period. The resting ECG device helps measure the electrical activity of a heart with no extra preparation required, and it takes about 5 minutes to perform. It is the most simple, quick, and painless test. The device can also help in detecting heart conditions such as hypertrophy of the heart, myocardial infarction, ischemia, sequelae of myocardial infarction, and cardiac arrhythmias. Additionally, resting ECG is used as secure and connected workflows to provide accurate solutions that help to reduce complexity and shorten the path to diagnosis. Therefore, the Europe ECG telemetry device market for the resting ECG devices segment is witnessing significant growth.
The WHO declared COVID-19 outbreak as a public health emergency of international concern according to the International Health Regulation. The pandemic halted new medical device policy adoption, delayed clinical trials, and disrupted processes. Two consecutive waves of the outbreak hindered the economic activities in Europe. The implementation of social distancing and lockdown policies led to the closing of cardiac centers and putting restriction on patients visiting for elective heart treatments. This factor negatively impacted the adoption of ECG telemetry devices in the region. As per Medical Device Regulation (MDR), it is required for manufacturers to conduct Post Market Clinical Follow-Up (PMCF) studies to demonstrate the continued safety and performance of their devices. The European Commission recently postponed the application date of the MDR for one-year due to COVID-19 pandemic. This is restraining the new product launches and ongoing clinical trials of medical devices, which is hindering the growth of the Europe ECG telemetry devices market. In addition, disruptions in supply chains, extended lockdowns, and cancelled travel visits of sales personnel of companies have negativity affected the market growth.
The overall Europe ECG telemetry device market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe ECG telemetry device market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe ECG telemetry device market. Cardiac Science Corporation, GE Healthcare Inc., Medtronic Inc., Mindray Medical International Ltd., Nihon Kohden Corporation, Philips Healthcare, Dragger, and Welch Allyn Inc are among the players operating in the market.