The global electrocardiogram (ECG) devices market is segmented by type and region. Based on type, the market is segmented into resting ECG, stress ECG, and holter ECG. Resting ECG devices held the largest share of the market in 2020, owing to the wide range of applications, including diagnosis of heart disease, monitoring of heart function during surgery, and evaluation of medication effectiveness.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ECG devices market in 2020, due to the high prevalence of cardiovascular diseases, increasing healthcare expenditure, and the presence of a well-established healthcare infrastructure. Asia Pacific is expected to witness the highest growth rate during the forecast period, driven by the increasing geriatric population and rising healthcare expenditure in countries such as India and China.
The market is highly competitive, with major players such as Philips Healthcare, GE Healthcare, Nihon Kohden Corporation, and Mindray Medical International Limited. These players are focused on expanding their product portfolios, enhancing their distribution networks, and entering into strategic partnerships and collaborations to increase their market share.
According to a report by Allied Market Research, the global ECG devices market is expected to reach $10.3 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027. The market growth is driven by the increasing prevalence of cardiovascular diseases, rising geriatric population, and technological advancements in ECG devices.
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