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MARKET OUTLOOK

The market for ECG equipment in the Asia-Pacific is likely to progress with a CAGR of 6.75% in the forecast years from 2021 to 2028. China, Japan, India, ASEAN countries, South Korea, Australia & New Zealand, and Rest of APAC together constitute the market in this region.

An increase in the prevalence of obesity can be seen among South Korean adults. In 2015, nearly a third of the adults aged above 19 years, were either overweight or obese. Obesity is associated with an increased risk of diabetes and cardiovascular disease (CVD). Thus, the rise in the number of patients affected by CVD has helped increase the adoption of monitoring and portable cardiac rhythm management across South Korea. 

Moreover, the rapid advancement in wireless communication and cloud computing is fueling the growth of the overall market. Further, a rise in the elderly population is boosting the demand for resting ECG devices, as people in this age group are more likely to suffer from cardiovascular diseases.

Further, India witnessed an alarming rise in the cases of diabetes, heart disease, and strokes, over the past couple of years. CVD has emerged as the leading cause of death across the nation. This is boosting the ECG equipment market growth. Also, there has been a rise in initiatives that focus on awareness and education about cardiovascular diseases. And with the advancements in wireless technology, Tele-ECG has now been introduced. Factors such as these are contributing to the market development in India.

COMPETITIVE OUTLOOK

The noteworthy players in the ECG equipment market are Schiller AG, McKesson Corporation, Nihon Kohden Corporation, Medibiosense Ltd, Fukuda Denshi Co Ltd, CompuMed Inc, GE Healthcare, and Spacelabs Healthcare (subsidiary of OSI Systems Inc).