ECG Monitoring Systems are medical devices, which identify and give information about abnormal functioning of the heart. Rest ECG recorders, ECG stress testing systems, event recorders and Holter monitors are the part of ECG Monitoring systems. Cardiovascular diseases such as coronary heart diseases and strokes are estimated to be the leading cause of deaths worldwide. In order to prevent cardiovascular diseases, ECG Monitoring systems are used to detect abnormal heart functioning in patients. They also help in diagnosis and in maintaining normal functioning of the heart.
The major factors that drive the growth of this market are the rise in cardiovascular fatalities, increasing number of cardiovascular incidences, and growing healthcare expenditures. However, lack of awareness regarding personal health and the cost associated with these devices hinders the growth of this market. The demand for ECG monitoring systems would grow due to the increase in the number of people suffering from cardiovascular diseases.
Global ECG Monitoring System Market by Type
Global ECG monitoring system market is segmented into Rest ECG Monitoring Systems, Stress ECG Monitoring Systems, Holter Monitoring Systems and Event Monitoring Systems. Holter monitoring systems are expected to grow with a high growth rate in the future due to the growing number of cardiovascular cases.
Global ECG Monitoring System Market by Geography
Geographically, the ECG Monitoring System market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America is the largest market for ECG Monitoring Systems due to the prevalence of cardiovascular diseases and growing patient population. Europe is the second largest market with the growing population suffering from cardiovascular diseases.
GE Healthcare, Philips Healthcare, Nihon Kohden, Schiller AG, Opto Circuits, OSI Systems Fukuda Denshi Co Ltd., Johnson and Johnson, and Medtronic are some of the players in the market. Product launch and acquisitions are the major competitive strategies adopted by these players. In Apr 2014, GE Healthcare introduced a new MAC 2000 resting ECG system, which helps to avoid variations in ECG information and provides accurate information about patients’ medical condition.
According to Porter’s Five Forces analysis, the bargaining power of suppliers is high as they provide differentiated products in the market and the bargaining power of buyers is moderate due to low switching cost and cost sensitivity. Threat from substitutes is minimal as substitute devices are inferior in performance and quality as compared to branded devices. Competition in the market is intense with the presence of a number of competitors. Threat from new entrants is low as brand names are well-known and profitability requires economies of scale. SWOT analysis helps in determining the internal and external environmental factors for strategic business planning. An analysis of key players and their strategies helps in developing the market entry and expansion strategy.
Market is segmented based on type and geography.
KEY MARKET SEGMENTS
MARKET BY TYPE
MARKET BY GEOGRAPHY