According to WHO, 17.38 million people worldwide succumbed to cardiovascular diseases in 2008 and the figure is expected to reach 23.6 million in 2030. With such alarming figures, consumers have become increasingly wary of the situation and so have doctors. An ECG test is a primary recommendation for patients being diagnosed with heart ailments. Many hospitals and clinics have equipped themselves with ECG devices so as to be able to perform ECG tests on the patients.
Many such institutions have even taken the next step to acquiring the latest technologies available in ECG devices such as holter monitoring systems and compact/portable ECG monitoring devices. Driven by these factors, the global ECG device marker is expected to climb at a CAGR of 4.1% for the forecast period of 2016 up to 2024. Major reason for heart diseases to be a common occurrence is due to stress filled lives leading to alcohol and nicotine consumption which eventually lead to heart diseases.
Rising Incidence of Chronic Diseases Leading to Increased Consumer Awareness
Increasing pollution levels across the globe have resulted in a plethora of problems, including heart ailments. An increasing number of people are suffering from chronic illnesses that take a toll on their hearts and as a result, the need for ECG devices has soared. This has also increased the level of awareness among people, who have, in turn, begun caring more about their overall health and wellbeing.
An increasing number of people are nowadays opting for voluntary checkups such as ECG tests, leading to a rise in the demand for ECG devices in the market. With the cost of healthcare rising substantially over a short span, consumers are readily opting for home-based ECG devices as well to reduce the out-of-pocket spending.
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Insurance Companies Playing Major Role in ECG Device Market Growth
Though insurance companies have strict policies of reimbursement in cases of heart ailments, a majority of the companies do offer quick reimbursement and cashless facilities in hospitals and clinics, which proves to be extremely useful to the patients. Cardiac treatments are expensive and not many can afford it with ease. But with insurance companies and their expansive health coverage it has become possible for most people to opt for cardiac treatments readily. This has led to a significant increase in demand in the global ECG device market.
New Technology Providing Noteworthy Boost to Market
Flexible and compact wireless patches have been introduced in the ECG device market. These devices aid doctors to remotely monitor the patients’ vitals such as blood pressure, blood oxygen levels, body sweat, and heart rate. This allows doctors to quickly diagnose irregularities and provide quick treatment which will be cost effective and less time consuming for the patients as well.
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Key market players in the region include Mortara Instrument, Inc., Koninklijke Philips N.V, Schiller AG, Nihon Kohden Corporation, Welch Allyn (Hill-rom company, Inc.), Fukuda Denshi Co. Ltd., GE Healthcare, and Spacelabs Healthcare, Inc.