Global ECG Event Recorder Market Highlights over 2022 – 2030
The global ECG event recorder market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing prevalence of cardiovascular diseases. ECG or electrocardiogram is a device that can monitor the heart’s electrical activity. It is generally used to study the events that require long-term monitoring, especially amongst cardiac patients. The growing incidence of heart attacks and strokes, amongst other cardiac disorders, are estimated to boost the market growth. According to the data by the World Health Organization (WHO), cardiovascular disorders are responsible for 32% of all deaths worldwide. An estimated 17.9 million deaths are caused by CVDs.
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Moreover, increasing adoption of technology in the healthcare sector, combined with the growing use of technical equipment are anticipated to boost the market growth. Furthermore, the increasing government investment in the healthcare sector to provide advanced healthcare facilities to the patients is further expected to propel the market growth. According to the data by the World Bank, USD 1,111.082 were spent per capita for healthcare globally, in 2018.
The market is divided by monitor type into loop memory monitor, and symptom event monitor out of which, the symptom event monitor segment is anticipated to hold the notable share in the global ECG event recorder market over the forecast period. This can be attributed to the efficacy of symptom event monitor in predicting and avoiding any life threatening situation, such as, heart attack. Symptom event monitor specifically monitors the change in heart activity to predict symptoms of any unnatural event, which is helpful in early treatment of the patient.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global ECG Event Recorder Market Regional Synopsis
On the basis of geographical analysis, the global ECG event recorder market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of the increasing prevalence of heart-related disorders in the region, backed by high-stress lifestyle of the majority of the population. According to the data by the Center for Disease Control and Prevention (CDC), almost 659,000 people die due to heart disease every year in the United States.
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The global ECG event recorder market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global ECG event recorder market includes the following segments:
By Type
- Manual
- Desktop
- Others
By Monitor Type
- Loop Memory Monitor
- Symptom Event Monitor
By End-User
- Hospitals
- Surgical Centers
- Specialty Clinics
- Others
Growth Drivers
- Increasing Prevalence of Cardiovascular Diseases
- Growing Adoption of Advanced Technical Equipment in Healthcare Sector
Challenges
- High Cost of ECG Recorder
- Lack of Health Awareness amongst People in Underdeveloped Countries
Top Featured Companies Dominating the Market
- Eli Lilly and Company
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Akili Interactive Labs, Inc.
- Koninklijke Philips N.V.
- WellDoc, Inc.
- Noom, Inc.
- Pear Therapeutics, Inc.
- Teladoc Health, Inc.
- Click Therapeutics, Inc.
- Ayogo Health Inc.
- Mindstrong Health
