DUBLIN--(BUSINESS WIRE )--The "ECG Cable and ECG Lead Wires - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global ECG Cable and ECG Lead Wires Market to Reach $2 Billion by 2026
Amid the COVID-19 crisis, the global market for ECG Cable and ECG Lead Wires estimated at US$1.6 Billion in the year 2022, is projected to reach a revised size of US$2 Billion by 2026, growing at a CAGR of 5.4% over the analysis period.
Hospital and ambulatory care, long-term care centers, clinics, and hospitals are the main users of ECG lead wires and ECG cables. With the prevalence of CVDs across the world, there is growing need for prevention, monitoring and treatment. This is expected to stimulate growth in the use of ECG devices, thus spurring demand for ECG lead wires and cables. In addition, rising concerns regarding healthcare and technological developments are also fueling market growth.
The market is also driven by the rising demand for equipment for cardiac monitoring of cardiovascular conditions prevalent among the geriatric and the modern urban demographic. The emergence of ECG monitoring systems having wireless technology is expected to have a transformative effect on the market. Other factors that support growth include favorable regulatory policies and implementation of the regulations stipulated by governments for monitoring devices; emergence of innovative products; and investments in untapped markets.
Thermoplastic Elastomer, one of the segments analyzed in the report, is projected to grow at a 6% CAGR to reach US$974.2 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thermoplastic Polyurethane segment is readjusted to a revised 5.2% CAGR for the next 7-year period.
This segment currently accounts for a 33.6% share of the global ECG Cable and ECG Lead Wires market. With respect to material type, Thermoplastic Elastomer (TPE) represents the most widely used material for disposable lead wires due to features, such as compatibility, stability, higher insulation, and cost efficiency. The lead wires made with TPU are resistant to fungus, heat, and acids. These benefits are expected to drive the demand for TPU-based lead wires.
The U.S. Market is Estimated at $651.9 Million in 2022, While China is Forecast to Reach $220.3 Million by 2026
The ECG Cable and ECG Lead Wires market in the U.S. is estimated at US$651.9 Million in the year 2022. The country currently accounts for a 40.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$220.3 Million in the year 2026 trailing a CAGR of 7.6% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$101.6 Million by the end of the analysis period.
North America is the largest regional market and growth is set to be driven by expanding geriatric popular and rising prevalence of cardiovascular diseases. The increasing geriatric population, improving disposable incomes, and rising cases of cardiovascular diseases are boosting growth in the Asia-Pacific region.
By Usability, Reusable Segment to Reach $1.1 Billion by 2026
The reusable segment leads the market due to its ease-of-use and the cost factor associated with the reusability of cables and lead wires.
In the global Reusable (Usability) segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$689.1 Million will reach a projected size of US$941.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$104.3 Million by the year 2026, while Latin America will expand at a 5.9% CAGR through the analysis period.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T. Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T. Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900