ECG Cable and ECG Lead wires Market Segment Analysis By Usability
The ECG Cable and ECG Lead wires Market based on usability can be further segmented into Reusable, Disposable. The use of disposable lead wires reduces the possibility of cross-contamination among hospitalized patients. Clinicians can change the electrode without having to exchange the whole lead wire set when using direct connection electrodes. The disposable lead wires module stays with the patient during transport, ensuring a smooth transition. When patients move between departments, there’s no got to separate and reconnect lead wires. Furthermore, this segment is estimated to register the fastest CAGR of 6.24% for the period 2021-2026 as the worldwide disposable lead wires module market is majorly driven by an increase in the number of government initiatives to enhance the coordination of patient security measures in doctor’s facility settings. Besides, the expanding senior population is predicted to broaden the consumer base by generating an increase in the incidence of cardiovascular illnesses, which would boost demand for patient monitoring equipment, including disposable lead wire, throughout the forecast period 2021-2026. Henceforth, one of the major drivers of market growth is the rise in healthcare-associated infections.
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ECG Cable and ECG Lead wires Market Segment Analysis By Patient Care Setting
The ECG Cable and ECG Lead wires Market based on patient care setting can be further segmented into Hospitals/Clinics, Long-Term Care Facilities, Ambulatory, Home Care and Others. The hospitals/clinics segment registers for the highest ECG Cable and ECG Lead wires market share in 2020. This is mainly owing to facts as these are attributable to the wide usage of ECG Cable and ECG Lead wires in hospitals. Furthermore, owing to the immense associated benefits through using biodegradable Lead Wires and the increased frequency of hospital-acquired infections, the industry is forecast to trend significantly over the forecast period 2021-2026.
On the contrary, ambulatory segment is forecasted to register the fastest CAGR of 7.7% over 2021-2026. Despite rising demand for remote patient monitoring services and increased awareness among end-users, ambulatory is intended to create profitably throughout the projection period 2021-2026. Clinics have the advantage of providing physicians with immediate access to results, which speeds up the diagnosis process; as a result, demand for lead wires in clinical settings is strong owing to the need to maintain a sanitary and non-contaminated environment.
ECG Cable and ECG Lead wires Market Segment Analysis By Geography
North America dominated the ECG Cable and ECG Lead wires Market with major share of 45.2% in 2020. This is mainly a result of rising heart disease death rates and rising healthcare costs in countries such as the United States, Furthermore, the presence of significant players in the North American area helps to drive market expansion. According to the American Heart Association (AHA), cardiovascular illnesses are the main cause of death in the United States, with nearly half of all individuals suffering from some form of cardiovascular disease, increasing the demand for diagnostic ECGs.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 6.5% during the forecast period 2021-2026 owing to the fact that Asian countries such as India, Sri Lanka, Japan, etc. are showing a shift in the dietary habits by the consumers. This is result of increased government funding as well as an increase in the senior population. In addition, the projected period is expected to grow as disposable income rises and the prevalence of cardiovascular diseases and hospital-acquired infections rises (HAIs).
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ECG Cable and ECG Lead wires Market Drivers
Cardiovascular Illnesses Are Becoming More Prominent, Is Projected To Augment Development
The market for Diagnostic ECG is growing which to the rising prevalence of cardiovascular and chronic disorders. Some of the factors driving the market’s growth are increasing technical advancement in healthcare and increased government funding for monitoring equipment. Additionally, increased healthcare spending is fueling the market’s expansion. According to the World Health Organization (WHO), cardiovascular illnesses are the leading cause of death worldwide, accounting for around 17.9 million deaths per year. Furthermore, expanding generic populations are anticipated to boost the demand.
ECG Cable and ECG Lead wires Market Challenges
High Product Costs, Might Result In A Challenge To The Market
One of the key concerns that is predicted to stifle the ECG Cable and ECG Lead wires market’s growth is the high cost of disposable cables and lead wires, as well as the rise in unexplored emerging regions, are among the primary factors acting as restraints in the ECG cable and ECG lead wires market over the forecast period 2021-2026. For instance, the Food and Drug Administration (FDA) in October 2017, developed the smallest on-body footprint for any wearable monitor that enables wireless multi-channels of ECG through water resistant electrodes for continuous remote patient monitoring during the forecast period 2021-2026, such goods is to have a substantial impact on ECG cable and lead wire demand.
ECG Cable and ECG Lead wires Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the ECG Cable and ECG Lead wires market. In 2020, ECG Cable and ECG Lead wires market share is fragmented by the top ten players present in the market. The ECG Cable and ECG Lead wires market top 10 companies are:
Koninklijke Philips N.V
Becton Dickinson and Company
Boston Scientific Corporation
3 M Company
In November 2019, Siemens Healthineers AG has acquired a majority stake in ECG Management Consultants, a leading U.S. healthcare advisory company.
In May 2019, AliveCor announced FDA clearance for KardiaMobile 6L, which is the first six-lead personal ECG device worldwide. This would give the patients and physicians a detailed view of the patients hearts thus, it would help in treatment of arrhythmias, which is one of the major causes of cardiovascular disease.
In March 2019, the IT Instituto de Telecomunicações and Polytechnic Institute of Setúbal in Portugal have now modified an off-the-shelf electronic stethoscope to also perform ECG and PCG recording and auto analysis.
In 2020, North America dominated the ECG Cable and ECG Lead wires Market.
The market for ECG Cable and ECG Lead wires is growing as the prevalence of cardiovascular disorders rises, followed by technical advancement.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the ECG Cable and ECG Lead wires Market report.
However, one of the key challenges limiting the growth of the ECG Cable and ECG Lead wires Market as ECG Cable and ECG Lead wires are becoming more common, and disposable cables and lead wire are comparatively expensive.
A. Disposable Lead Wires Market
B. ECG Equipment Market
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