Europe Diagnostic Electrocardiograph (ECG) Market, By Product Type (Resting ECG Systems, Stress ECG Systems, Holter Monitors, Event Monitors, Mobile Cardiac Telemetry (MCT) Systems, Others), Lead Type (3-Lead ECG, 6-Lead ECG, 12-Lead ECG, 15-Lead ECG, 18-Lead ECG, 24-Lead ECG, Others), End User (Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostic Centres, Homecare Settings, Others), Distribution Channel (Direct Sales, Distributor and Reseller, Online Retailers, Others) – Industry Trends and Forecast to 2030.
Europe Diagnostic Electrocardiograph (ECG) Market Analysis and Size
A diagnostic electrocardiograph is a medical device that is basically used for the non-invasive assessment of the electrical activity of the heartbeat over a span of time. The heartbeat generates an electrical impulse which is captured with the help of the electrodes resting on the body of a patient. The electrodes sense the tiny electrical modifications on the skin that happen from the depolarizing of the heart muscle during every heartbeat.
Data Bridge Market Research analyses that the diagnostic electrocardiograph (ECG) market was valued at USD 1245.24 million in 2022 and is expected to reach the value of USD 2188.12 million by the year 2030, at a CAGR of 5.9% during the forecast period. This indicates the market value. “Resting ECG Systems” dominates the product segment of the diagnostic electrocardiograph (ECG) market owing to the growing demand for point-of-care testing. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Europe Diagnostic Electrocardiograph (ECG) 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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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Resting ECG Systems, Stress ECG Systems, Holter Monitors, Event Monitors, Mobile Cardiac Telemetry (MCT) Systems, Others), Lead Type (3-Lead ECG, 6-Lead ECG, 12-Lead ECG, 15-Lead ECG, 18-Lead ECG, 24-Lead ECG, Others), End User (Hospitals, Clinics, Ambulatory Surgical Centres, Diagnostic Centres, Homecare Settings, Others), Distribution Channel (Direct Sales, Distributor and Reseller, Online Retailers, Others)
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Countries Covered
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United Kingdom, Germany, France, Italy, Spain, Netherlands, Switzerland, Belgium, Sweden, Denmark, Norway, Finland, Austria, Ireland, and Rest of Europe
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Market Players Covered
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Philips Healthcare (Netherlands), GE Healthcare (United States), Siemens Healthineers (Germany), Hillrom Holdings, Inc. (United States), Schiller AG (Switzerland), Fukuda Denshi Co., Ltd. (Japan), Mindray Medical International Limited (China), Nihon Kohden Corporation (Japan), Mortara Instrument, Inc. (United States), BPL Medical Technologies (India), Medtronic plc (United States) among others.
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Market Opportunities
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Market Definition
From the name itself, it is clear that that diagnostic electrocardiograph (ECG) is used to focus on the technology, products, and services dedicated to diagnosing and monitoring cardiac health, playing a vital role in enhancing patient care, early detection of heart conditions, and guiding treatment decisions for better cardiovascular outcomes.
Europe Diagnostic Electrocardiograph (ECG) Market Dynamics
Drivers
- Increasing Prevalence of Cardiovascular Diseases
The rising prevalence of cardiovascular diseases, including heart rhythm disorders, coronary artery diseases, and heart failure. As the incidence of these conditions continues to increase, the demand for accurate diagnostic tools like ECG devices rises to aid in their early detection, management, and monitoring. This in turn, has carved the way for the growth of the market.
- Growing Aging Population
The aging population is more prone to cardiac conditions, and as the global population continues to age, the demand for cardiac diagnostics, including ECG, rises accordingly. The elderly population requires regular cardiac monitoring and screening for age-related cardiovascular diseases. This demographic trend is expected to boost market growth.
Opportunities
The government initiatives, schemes, or funding that support and promote the innovation and development of the diagnostic market provide growth opportunities for the market players in the forecast period of 2023 to 2030. Additionally, the rising cardiovascular disease penetration rate, increasing adoption of digital health solutions, rise in personalized and precise diagnostics globally, and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints
Limited Reimbursement Policies
In some regions, reimbursement policies for ECG testing may be limited or inadequate. This can create financial burdens for patients and healthcare facilities, affecting the affordability and utilization of ECG services. Insufficient reimbursement rates or strict reimbursement criteria may discourage healthcare providers from offering comprehensive ECG testing, or investing in advanced ECG devices are expected to obstruct market growth.
Challenges
High Cost Associated with R&D
On the other hand, high costs associated with research and development proficiencies, limited infrastructural facilities, and high costs associated with chemical analyzers in backward economies are expected to obstruct market growth. Also, the lack of favorable reimbursement scenarios and technology penetration in the developing economies, heavy custom duty imposed on medical devices, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2023-2030.
This diagnostic electrocardiograph (ECG) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the 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 diagnostic electrocardiograph (ECG) market contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In October 2020, Medtronic launched its LINQ II insertable cardiac monitor (ICM) in the United States. The LINQ II ICM is a small, wireless device implanted just beneath the skin to continuously monitor and record ECG data, helping in the diagnosis and management of cardiac arrhythmias
- In September 2020, Philips introduced the Philips Healthcare Accelerator program, which aimed to foster innovation in the healthcare industry, including cardiac diagnostics. The program provides startups with mentorship, networking opportunities, and access to resources to support the development of innovative solutions, including ECG technologies.
Europe Diagnostic Electrocardiograph (ECG) Market Scope
The diagnostic electrocardiograph (ECG) market is segmented on the basis of product type, lead type, end-users, and distribution channel. The growth amongst these segments will help you analyse 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.
Product Type
- Resting ECG Systems
- Stress ECG Systems
- Holter Monitors
- Event Monitors
- Mobile Cardiac Telemetry (MCT) Systems
- Others
Lead Type
- 3-Lead ECG
- 6-Lead ECG
- 12-Lead ECG
- 15-Lead ECG
- 18-Lead ECG
- 24-Lead ECG
- Others
End User
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
- Homecare Settings
- Others
Distribution Channel
- Direct Sales
- Distributor and Reseller
- Online Retailers
- Others
Europe Diagnostic Electrocardiograph (ECG) Market Regional Analysis/Insights
The diagnostic electrocardiograph (ECG) market is analysed, and market size insights and trends are provided by country, product type, lead type, end-users, and distribution channel, as referenced above.
The countries covered in the diagnostic electrocardiograph (ECG) market report are the United Kingdom, Germany, France, Italy, Spain, Netherlands, Switzerland, Belgium, Sweden, Denmark, Norway, Finland, Austria, Ireland, and Rest of Europe.
United Kingdom dominates the diagnostic electrocardiograph (ECG) market because of the strong base of healthcare facilities, the strong presence of major players in the market, increased cases of cardiovascular disease among, and the rising geriatric population in this region.
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, the 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 diagnostic electrocardiograph (ECG) market also provides you with a detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the diagnostic electrocardiograph (ECG) market, the impact of technology using lifeline curves and changes in healthcare regulatory scenarios and their impact on the diagnostic electrocardiograph (ECG) market. The data is available for the historical period 2010-2021.
Competitive Landscape and Diagnostic Electrocardiograph (ECG) Market Share Analysis
The diagnostic electrocardiograph (ECG) market competitive landscape provides details by competitors. 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 the diagnostic electrocardiograph (ECG) market.
Some of the major players operating in the diagnostic electrocardiograph (ECG) market are:
- Philips Healthcare (Netherlands)
- GE Healthcare (United States)
- Siemens Healthineers (Germany)
- Hillrom Holdings, Inc. (United States)
- Schiller AG (Switzerland)
- Fukuda Denshi Co., Ltd. (Japan)
- Mindray Medical International Limited (China)
- Nihon Kohden Corporation (Japan)
- Mortara Instrument, Inc. (United States)
- BPL Medical Technologies (India)
- Medtronic plc (United States)
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