August 09, 2022 08:20 ET | Source: Straits Research Straits Research
New York, United States, Aug. 09, 2022 (GLOBE NEWSWIRE) -- North America is dominating the global electrocardiograph (ECG) market. In this regard, the United States has the largest market share. An increasing number of partnerships can be witnessed among electrocardiograph equipment manufacturers and ECG management service providers in the United States. Market players have been entering partnerships to increase product offerings, expand businesses, and enable better exchange of information through cardiovascular information systems and electronic health records. For instance, in September 2020, the Food and Drug Administration (FDA) cleared the Electrocardiogram Monitor app for use in the United States on Galaxy Watch3 and Galaxy Watch Active2. The new ECG Monitor app allows users to monitor their heart rhythm for irregularities, scanning for atrial fibrillation signs (a heart condition that causes an irregular and often abnormally fast heart rate).
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Rise in Prevalence of Cardiovascular Diseases to Upsurge the Electrocardiograph Market
The global increase in the prevalence of heart illnesses is the key driver of the ECG market. According to the WHO, cardiovascular disease is one of the main causes of death worldwide. Cardiovascular diseases (CVDs) are expected to kill 17.9 million people per year, accounting for 31% worldwide deaths.
According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, with 17.9 million deaths annually. Furthermore, heart attacks and strokes account for four out of every five cardiovascular deaths, with one-third of these deaths occurring before 70. This is projected to boost demand for electrocardiograms, perhaps slowing the market's growth rate.
According to the European Heart Network, cardiovascular diseases cause 3.9 million fatalities in Europe each year, with over 1.8 million deaths in the European Union. These diseases are responsible for 45 percent of all deaths in Europe and 37% of all deaths in the European Union. Due to the lack of physical activity and leading sedentary lifestyles, the incidences of cardiovascular diseases are increasing at a robust pace, which is expected to drive the ECG market rapidly.
Atrial fibrillation (AFib) is the most prevalent chronic arrhythmia in patients above 65 years. As per the CDC report, it is estimated that 12.1 million people in the United States will have AFib by 2030. With the growth in the aging population, this number is expected to increase. ECG devices are mainly used for atrial fibrillation, which implies that the increasing prevalence of AF boosts the market growth. Thus, the rising incidences of CVD and atrial fibrillation are augmenting the growth of the market.
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With the accessibility challenges to quality healthcare and COVID-19-related infection fears, the portable and technology-enabled ECG devices will help deliver affordable and convenient heart care. For instance, in response to COVD-19, AliveCor, in 2020, declared its product development in the Indian market for KardiaMobile 6L, its ECG device. This was approved by the US FDA. This will help heart patients minimize the risk of infection via visiting hospitals.
However, with the growing public health crisis of COVID-19, remote monitoring allows patients to maintain rapport with their healthcare professionals when required. Remotely, healthcare providers can access information about a patient's vital signs while at home, reducing the need for hospital visits and minimizing the risk of exposure to coronavirus. In April 2020, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, announced that its Bioflux units are designed for QT interval analysis, a section of the ECG, to identify serious risks like QT prolongation.
Furthermore, as virus infection and pneumonia enhance the risk of rhythm disturbance and acute coronary syndrome, routine electrocardiography (ECG) is a suggested diagnostic test for all COVID-19 afflicted individuals. Furthermore, ECGs can be used to assess the cardiac toxicity of antibiotics given to COVID-19 patients.
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