The global ECG Management Systems Market is likely to be driven by the rising frequency of cardiac arrhythmia and rising demand for ambulatory monitoring equipment.
Global ECG Management Systems Market: Overview
The global ECG Management Systems Market is likely to be driven by the rising frequency of cardiac arrhythmia and rising demand for ambulatory monitoring equipment. Over the projected period, the expanding elderly population, technical advances, and innovations in ECG equipment as well as management systems are likely to drive growth of the global ECG management systems market.
Diabetes and cardiovascular disease risk rises with age, resulting in a higher prevalence of both diseases in persons aged 60 and more. As per a research released by the American Heart Association in 2016, around 85.6 million individuals in the U.S. suffer from one or more cardiovascular illnesses, including approximately 43.7 million persons over the age of 60 years.
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Over the last decade, the transition from paper ECG review to electronic ECG equipment and management systems has improved efficiency. In addition to that, advancements in ECG equipment and management systems, such as development of the open platform, have enhanced interaction with smartphones, Cardiovascular Information Systems (CVIS), and cloud-based systems. These factors are expected to drive sales opportunities in the global ECG management systems market in the years to come.
Mode of delivery, end user, and region are important factors in the market that has been considered for the classification of the global ECG management systems market.
Global ECG Management Systems Market: Notable Developments
CompuMed expanded its product portfolio in mobile electrocardiogram (ECG) and ultrasound solutions in 2020 by extending its cooperation with AliveCor and GE Healthcare.
Some of the major players in the global ECG management systems market are as mentioned below
- Meditech Equipment Co. Ltd.
- Mindray Bio-Medical Electronics Co. Ltd.
- Meditech Equipment Co. Ltd.
- Koninklijke Philips N.V.
- CardioComm Solutions, Inc.
- Drägerwerk AG & Co. KGaA
Global ECG Management Systems Market: Key Trends
Below-mentioned developments, restraints, opportunities, and drivers are anticipated to characterize the global ECG management systems market
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High Prevalence of Cardiovascular Diseases to Drive Demand in the Market
With improvements in effectiveness and the computerized storage of medical information, ECG management systems have progressed in recent decades. Databases of electrocardiograms (ECGs) are crucial in medical and pharmacological research, as well as in healthcare. The growing amount of ECG data necessitates the use of such technology to centralize diagnostic information. The use of information technology to streamline cardiology workflow will help hospitals handle a higher quantity of ECG data and patients and thus likely to drive revenue generation opportunities in the global ECG management systems market.
The rise of the ECG management system market is mostly due to technological advances by leading players. Earlier, these ECG diagnostic systems had just the most basic cardiac diagnostic technology, which was utilized to deliver and preserve basic hospital information. The concept remained the same. Testing systems and management facilities, on the other hand, are always changing to fulfill unmet demands. Manufacturers have a lot of room in the global ECG management systems market to develop low-cost ECG management systems.
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The market for ECG management systems is likely to be driven by an increase in the number of cardiovascular disease patients with higher amounts of ECG data. Furthermore, the global ECG management systems market is estimated to be boosted by an increase in the number of heart-related ailments among the senior population and an increase in the number of healthcare institutions. In addition, government initiatives raise awareness of yearly health examinations. Patients with no known heart issues have their ECG conducted as part of their yearly health exam, which will raise demand for ECG management systems.
Global ECG Management Systems Market: Geographical Analysis
North America is expected to lead the ECG equipment and management systems market, accounting for a significant portion of the global ECG management systems market's revenue. This is due to the growing elderly population and the prevalence of lifestyle illnesses. According to CDC data released in June 2020, heart disease is responsible for roughly 647,000 fatalities in the U.S. each year. In the U.S., one person dies from CVD every 37 seconds on average. In addition, the clearance and introduction of sophisticated, next-generation ECG equipment and management systems in Canada and the U.S., as well as widespread usage of wearable devices, are expected to drive market expansion in the region.
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