U.S. ECG Equipment Market Dynamics: The Role of Regulations in Market Development
The U.S. ECG equipment market size is expected to reach USD 3.31 billion by 2030, registering a CAGR of 6.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rise in prevalence of cardiovascular diseases in the country, availability of various monitoring devices, and technological advancements are among key factors driving the U.S. electrocardiograph device market.
Increase in investment by various market players and the U.S. government for development and commercialization of various easy-to-use equipment is also likely to drive the market. For instance, in September 2017, the U.S. FDA approved an app-driven, easy-to-clean, and fully reusable ECG device manufactured by NimbleHeart. The device can be wrapped around a user’s torso and used without electrolytic gels and adhesives. Hence, it can be cleaned easily, thereby making the product ideal for multi-patient use.
In May 2018, Preventice Solutions launched BodyGuardian Mini, a reusable long-term and smallest Holter technology for cardiac monitoring. The new technology includes an ultra-small cardiac monitor that can measure ECG up to 14 days and can transfer data to a physician in an easy-to-read report. Hence, launch of such technologically advanced products to address the needs of physicians and patients is expected to boost market growth in the coming years.
Gather more insights about the market drivers, restrains and growth of the U.S. ECG Equipment Market
U.S. ECG Equipment Market Report Highlights
- The resting electrocardiograph segment accounted for the largest revenue share of 46.3% in 2022, owing to a better exchange of information through Cardiovascular Information Systems (CVIS) and electronic health records, which simplifies ECG workflow and reduces the complexity associated with integration
- The Holter monitoring system segment is expected to expand at the fastest CAGR of 7.6% from 2023 to 2030. This can be attributed to the commercialization of various products in recent years and increased demand by physicians and patients due to their portable nature
- Hospitals held the highest market share of around 39% in 2022, as the majority of patients rely on hospitals rather than other healthcare facilities due to the availability of well-equipped devices and the latest monitoring software
- Electrocardiograph equipment is frequently used in hospitals, ambulatory care centers, and other settings. The other end-uses segment is expected to register significant CAGR over the forecast period from 2023 to 2030
- Several players in the ECG equipment market in the U.S. are focusing on product approvals, regional expansions, and formation of partnerships to add new and innovative products to their portfolio and increase their market share
Key Companies & Market Share Insights
Several players in the ECG equipment market in the U.S. are focusing on product approvals, regional expansions, and formation of partnerships to add new and innovative products to their portfolio and increase their market share. For instance, in April 2023, the U.S. FDA gave 510(k) clearance to CardioSTAT recorder from Icentia, Inc., which is a flexible and showerproof device designed for cardiac monitoring. It helps in improving patient care while reducing healthcare costs.
Moreover, technological advancements and the changing trend towards preventative care are factors likely to provide further boost to the ECG equipment market in the country.
List of Key Players of U.S. ECG Equipment Market
- BioTelemetry, Inc.
- CompuMed, Inc.
- GE HealthCare
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Hill-Rom Services, Inc.
- NIHON KOHDEN CORPORATION
- Koninklijke Philips N.V.
- Schiller AG
- CardioComm Solutions, Inc.
- McKesson Corporation
Order a free sample PDF of the U.S. ECG Equipment Market Intelligence Study, published by Grand View Research.
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