ECG Cables and Lead Wires Market Insights Report On Industry Growth With Top Key Players
ECG Cables and Lead Wires Market Highlights
According to MRFR analysis, the global ECG cables and lead wires market insights report projects the industy size to be worth USD 3.17 billion by 2030, registering a CAGR of 6.8% during the forecast period (2022 – 2030).
The ECG cables and lead wires market is projected to have lucrative growth opportunities during the forecast period. This is due to technological advancements such as interoperability and digital formats in ECG systems. Furthermore, other advancements include aids to properly place lead wire, artificial intelligence (AI), and ways to extract additional information from ECGs to increase diagnostic value. As per the research, ECG system demand is increasing owing to the factors including ECG systems moving to fully digital formats, technology to aid ECG lead placement assistance, and wavelet ECG in development, which may offer new data for cardiac diagnostics. In addition, artificial intelligence integration into ECG and ECG market-leading vendors moving toward vendor-neutral interfaces is further attributed to opening up market opportunities.
The leading vendors forming strategic alliances, including HeartBeam, Inc. (US), AliveCor (US), QT Medical (US), GE Healthcare (US), and OSI Systems (US), further fuel market growth.
ECG cables and lead wires Market Regional Analysis
The North America region is attributed to dominate the market during the forecast period. This is due to several factors, including the increasing prevalence of CVDs and strategic alliances among regional market players. CVD diseases include stroke, atrial fibrillation, and arrhythmia. The high incidence of atrial fibrillation (AFib) is increasing the demand for six lead wire ECG systems. The high incidence of coronary artery disease (CAD) is increasing the demand for 6-lead wire ECG systems. According to the Centers for Disease Control and Prevention, in 2020, adults under the age of 65 accounted for two out of every ten CAD deaths in the US.
The Europe ECG cables, and lead wires market is projected to show significant growth during the forecast period. This is due to the increasing prevalence of arrhythmia and other CVDs and the rising number of cardiac surgical procedures.
The Asia-Pacific market is expected to have the fastest growth owing to the geriatric population, physical inactivity, and sedentary lifestyle. As per the research, a large number of workforces in Asia-Pacific are adopting a sedentary lifestyle, which further leads to obesity and diabetes. As a result, the rising preference for a sedentary lifestyle, which increases the risk of chronic diseases, raises the likelihood of having CVDs even more.
Furthermore, in the Rest of the World, the market is projected to show sluggish growth owing to a dearth of ECG technicians and a lack of awareness about the use of ECG cables and leadwires for different CVDs. However, the increasing prevalence of CVDs such as ischemic heart disease and rheumatic heart disease in Latin America and Africa is further fueling market growth.
ECG cables and lead wires Market Segmentation
The global ECG cables and lead wires market has been segmented into type, material, usability, and end user.
Based on type, the market has been segmented into 12-lead ECG lead wires, 6-lead ECG lead wires, 5-lead ECG lead wires, 3-lead ECG lead wires, single-lead ECG, and others. 12-lead ECG lead wire is projected to have the highest market share during the forecast period owing to a wide range of applications in abnormalities such as arrhythmia and acute myocardial infarction. Moreover, the 12-lead ECG lead wire is preferred more in situations where other ECG lead wires are unable to provide accurate rhythm results.
Based on material, the market has been segmented into thermoplastic elastomer, thermoplastic polyurethane, and others. The thermoplastic elastomer is projected to hold the highest share in 2021 due to having advantages such as durability and flexibility and being highly preferred in the manufacturing of disposable ECG cables and lead wires.
On the basis of usability, the market has been bifurcated into reusable and disposable. Reusables are expected to have the largest market share in 2021, due to high demand in the developing regions and the fact that they can be sterilized after every use, reducing recurring costs.
Based on end users, the market has been segmented into hospitals & clinics, ambulatory surgical centers, and others. Hospitals & clinics are projected to have lucrative growth opportunities owing to the increasing number of cardiac surgical procedures in the hospitals and for acute abnormalities in the clinics.
ECG cables and lead wires Market Key Players
Some of the key players mentioned in the ECG Cables and Lead Wires market outlook report are HeartBeam, Inc. (US), AliveCor (US), QT Medical (US), GE Healthcare (US), OSI Systems (US) Becton, Dickinson, and Company (US), Cardinal Healthcare (US), Boston Scientific Corporation (US), CONMED Corporation (US), Siemens Healthineers AG (Germany).
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