< Key Hightlight >

MARKET OUTLOOK

Triton, in its report on the global ECG equipment market, estimates the industry to grow with a CAGR of 5.64% in the forecast years from 2021 to 2028.

The implementation of supportive laws & regulations to accommodate better research & development in the area of ECG equipment, along with the rising demand for ECG data management solutions, and the high prevalence of cardiovascular diseases among the population, is driving the growth of the market.

On the other hand, the intense competition among the vendors operating in this market is restraining this growth. Further, low reimbursement rates for cardiovascular diseases and a large number of product recalls are further hampering the development of the ECG equipment market. However, the usage of monitoring devices owing to the rising geriatric population and the advancements in imaging modalities are creating lucrative growth opportunities in the market.

REGIONAL OUTLOOK

The global market for ECG equipment covers the regions of North America, Europe, Latin America, the Middle East and Africa, and the Asia-Pacific.

The market in the Asia-Pacific is expected to depict the fast growth rate in the world in the forecasting years. Technological developments, such as remote monitoring, increased healthcare spending, and support from regulatory authorities are anticipated to foster the growth of the market in this region. Also, the region is home to some of the fastest-developing economies in the world, which also majorly favors the growth of the APAC ECG equipment market.

COMPETITIVE OUTLOOK

GE Healthcare, Mindray Medical International Limited, BioTelemetry Inc, Philips Healthcare, Fukuda Denshi Co Ltd, Schiller AG, Zoll Medical Corporation (acquired by Asahi Kasei), Bionet Co Ltd, Siemens Healthineers AG, Hill Rom Holdings Inc, Spacelabs Healthcare (subsidiary of OSI Systems Inc), CompuMed Inc, Medibiosense Ltd, McKesson Corporation, and Nihon Kohden Corporation are some of the established names operating in the ECG equipment market.

Mindray Medical International Limited develops, manufactures, and markets medical devices, such as in-vitro diagnostics products, patient monitoring & life support systems, and medical imaging systems. The company classifies its business under four product lines: In-Vitro Diagnostics; Patient Monitoring and Life Support; Medical Imaging Systems; and Veterinary. 

It sells its products through different distribution channels in different geographies. Founded in 1991, Mindray operates in Europe, Latin America, North America, and Asia. The company has a significant distribution and sales network. It also boasts of strong research and development capabilities, investing approximately 10% of its annual revenue in R&D.