The size of the North American Diagnostic Electrocardiograph Market was worth USD 2106.63 million in 2022 and estimated to reach USD 2792.65 million by 2027, growing at a CAGR of 5.8% between 2022 to 2027.
The market is growing due to an increase in the incidence of cardiovascular disease, a rise in the geriatric population, and the introduction of advanced and affordable remote monitoring devices. Over the forecast period, the diagnostic ECG market is expected to develop due to continued advancements in ECG device technology, favorable government regulations, rising healthcare spending, an increased number of local government awareness programs, and the introduction of remote monitoring devices. Furthermore, increasing disposable income of people, combined with rising healthcare expenditure, is fuelling the growth of the Diagnostic ECG market. In addition, respiratory disorders are becoming more common due to increased urbanization and industrialization, fuelling the market demand for ECG equipment.
To enhance their position in the ECG devices market, significant businesses focus on providing technological solutions for ECG devices. In addition, market growth is expected to be boosted by the adoption of AI in various healthcare applications, funding from various private and public organizations to boost research activities in the pharmaceutical and biotechnology sector, and vaccine production during the current pandemic situation. Furthermore, most larger hospitals choose computerization for preserving ECG records and are progressively investing in data management systems to allow clinicians to access comparative analyses of patients' total data. In addition, advanced technologies, such as wireless technologies, can present prospects for expansion.
However, the diagnostic electrocardiograph market in the North American region is expected to be hampered by a lack of public awareness about the use of electrographs for the diagnosis of cardiovascular disorders and a scarcity of experienced individuals to operate electrograph devices. A shortage of accomplished specialists may pose a significant obstacle to the diagnostic electrocardiograph market's growth in the near future. Inconsistent reimbursement practices are also hampering the market's expansion. Furthermore, market saturation uncertainties and economic conditions are limiting its market expansion during the forecast period.
This research report on the North America Diagnostic ECG Market has been segmented and sub-segmented into the following categories:
Based on the product, the resting ECG devices segment is the largest due to the growing aging population and the increasing incidence of cardiovascular diseases. Holter diagnostic ECG device is estimated to be the fastest-growing segment due to technological advancements, which have brought down the prices of these devices.
By Lead Type:
By End Users:
The diagnostic ECG market in North America was the largest in the world. The rising prevalence of CVD, the availability of excellent healthcare infrastructure, high disposable income, strong demand for medical devices, and improvements all contribute to this region's large share. North America's large market share can also be attributed to an increase in the incidence and prevalence of cardiovascular and lifestyle-related diseases, a well-established healthcare infrastructure, technological advancements, a surge in research and development, and increased funding from the government and large industries. According to the American Heart Association (AHA), cardiovascular diseases are the leading cause of death in the United States, with over half of all individuals suffering from some form of cardiovascular disease, fueling demand for diagnostic ECGs. Due to the demand created by this country and the availability of cheap labor and land at an acceptable cost to set up manufacturing plants, major firms are focusing on this country for expansion and product launches. Every year, many people in the United States suffer from stroke and arrhythmia.
KEY MARKET PLAYERS:
Companies playing a leading role in the North American Diagnostic ECG Market profiled in this report are BPL Ltd, Cardiac Science Corp, Fukuda Denshi Co., Ltd, GE Healthcare, Medtronic, Inc., Philips Healthcare, Spacelabs Healthcare, Inc., Mortara Instrument, Inc., Midmark Corp, Mindray Medical International Ltd, Nihon Kohden Corp, Scottcare Corp, Schiller Ag, Welch Allyn Inc., and Cardionet.
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