Global Electrocardiogram (ECG/EKG) Band Market, By Monitoring (Remote Data Monitoring, Event Monitoring, Continuous Cardiovascular Monitoring Systems), Diagnostic (Rest ECG Systems, Stress ECG Systems, Hotler ECG Systems), Distribution Channel (E-Commerce, Offline Sales), End Use (Hospitals, Clinics, Home-Based Users, Ambulatory Services, Others) – Industry Trends and Forecast to 2029.
Electrocardiogram (ECG/EKG) Band Market Analysis and Size
The electrocardiogram (ECG/EKG) band market is expected to grow during the forecast period. The increase in the prevalence of cardiovascular diseases (CVDs) is anticipated to boost market expansion. For instance, the Heart Disease and Stroke Statistics 2018 report from the American Heart Association estimate that around 92.1 million persons in the U.S. are dealing with CVD or the effects of a stroke.
Data Bridge Market Research analyses that the electrocardiogram (ECG/EKG) band market which was USD 5.37 billion in 2021, would rocket up to USD 8.56 billion by 2029, and is expected to undergo a CAGR of 6.00% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Electrocardiogram (ECG/EKG) Band Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Monitoring (Remote Data Monitoring, Event Monitoring, Continuous Cardiovascular Monitoring Systems), Diagnostic (Rest ECG Systems, Stress ECG Systems, Hotler ECG Systems), Distribution Channel (E-Commerce, Offline Sales), End Use (Hospitals, Clinics, Home-Based Users, Ambulatory Services, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Thermo Fisher Scientific Inc. (U.S.), Abbott (U.S.), Aerotel Medical Systems Ltd. (Israel), AliveCor Inc. (U.S.), BD (U.S.), BPL Medical Technologies (India), Cardiocity Ltd (India), CardioComm Solutions Inc. (Canada), General electric (U.S.), iRhythm Technologies Inc. (U.S.), Johnson & Johnson Private limited (U.S.), MD Biomedical Inc. (China), MediBioSense Ltd. (U.K.), Medtronic (Ireland), Koninklijke Philips N.V. (Netherlands)
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Market Opportunities
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Market Definition
An electrocardiogram is a method used to identify cardiac issues at an early stage by monitoring heart activity. Conventional ECG equipment take a lot of time and are difficult to use, but with technological advancements and wireless device developments, such as ECG bands, their use has become much more convenient, time-efficient, and non-invasive.
Electrocardiogram (ECG/EKG) Band Market Dynamics
Drivers
- Rise in cardiovascular diseases
The main drivers of market expansion are the growing elderly population and the rise in cardio vascular problems caused by an unhealthy lifestyle rising prevalence. Additionally, growing consumer awareness of the dangers of cardiac vascular disorders and technological developments in ECG equipment are propelling the market's expansion.
- Rise in ageing population
The market is anticipated to expand as a result of the rising prevalence of cardiovascular illnesses and the ageing population. Stressful working conditions, sedentary lifestyles, rising tobacco, alcohol, and substance abuse rates, as well as the growing geriatric population, are the main causes of the rise in the incidence and prevalence of cardiovascular diseases across different age groups. These factors are predicted to positively impact the growth of the market during the forecast period.
Opportunities
- Technological Innovations
The market is being driven by an increase in R&D activity for enhanced electrocardiograph device technology. Electrocardiograph design innovation and the creation of new products both help the market expand. For instance, the personal ECG device KardiaMobile 6L was introduced in India in 2020 by the American company AliveCor. Additionally, the launch of portable ECG systems and remote monitoring devices with a single lead is anticipated to propel market expansion.
Restraints/Challenges
On the other hand, the high cost associated with electrocardiogram bands will obstruct the market's growth rate. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the market.
This electrocardiogram (ECG/EKG) band market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electrocardiogram (ECG/EKG) band market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Electrocardiogram (ECG/EKG) Band Market
Covid-19 has affected the electrocardiogram (ECG/EKG) band market, resulting in a considerable decline in sales of these devices due to fewer visits to healthcare facilities including hospitals and clinics. Workforce and staffing difficulties, as well as the prioritisation of procedures, are affected by the coronavirus's spread as well. Because of these considerations, primary care appointments at hospitals have been cancelled, reflecting patients' worries about infection and impacting the electrocardiogram (ECG/EKG) band market.
Recent Development
- In February 2022, the smallest, most practical personal ECG device in the US was introduced by AliveCor with the KardiaMobile Card. It is the only personal ECG that is small enough to put in a wallet and provides real-time information on heart health wherever you go.
- In January 2022, the first full-service, at-home 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials was launched by Philips.
Global Electrocardiogram (ECG/EKG) Band Market Scope
The electrocardiogram (ECG/EKG) band market is segmented on the basis of monitoring, diagnostic, distribution channel and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Monitoring
- Remote Data Monitoring
- Event Monitoring
- Continuous Cardiovascular Monitoring Systems
Diagnostic
- Rest ECG Systems
- Stress ECG Systems
- Hotler ECG Systems
Distribution Channel
- E-Commerce
- Offline Sales
End Use
- Hospitals
- Clinics
- Home-Based Users
- Ambulatory Services
- Others
Electrocardiogram (ECG/EKG) Band Market Regional Analysis/Insights
The electrocardiogram (ECG/EKG) band market is analysed and market size insights and trends are provided by country, monitoring, diagnostic, distribution channel and end-use as referenced above.
The countries covered in the electrocardiogram (ECG/EKG) band market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the electrocardiogram (ECG/EKG) band market due to the increasing incidence rate of cardiac diseases, high healthcare infrastructure, and technologically advanced products, which are the regional market.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to factors of increasing prevalence of heart diseases and government initiatives towards healthcare infrastructure and medical tourism.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The electrocardiogram (ECG/EKG) band market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for electrocardiogram (ECG/EKG) band market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the electrocardiogram (ECG/EKG) band market. The data is available for historic period 2010-2020.
Competitive Landscape and Electrocardiogram (ECG/EKG) Band Market Share Analysis
The electrocardiogram (ECG/EKG) band market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electrocardiogram (ECG/EKG) band market.
Some of the major players operating in the electrocardiogram (ECG/EKG) band market are:
- Thermo Fisher Scientific Inc. (U.S.)
- Abbott (U.S.)
- Aerotel Medical Systems Ltd. (Israel)
- AliveCor Inc. (U.S.)
- BD (U.S.)
- BPL Medical Technologies (India)
- Cardiocity Ltd (India)
- CardioComm Solutions Inc. (Canada)
- General electric (U.S.)
- iRhythm Technologies Inc. (U.S.)
- Johnson & Johnson Private limited (U.S.)
- MD Biomedical Inc. (China)
- MediBioSense Ltd. (U.K.)
- Medtronic (Ireland)
- Koninklijke Philips N.V. (Netherlands)
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