Europe Electrocardiograph (ECG) Market

Market Overview

The Europe electrocardiograph (ECG) market size is expected to reach a valuation of USD 2210 million by 2030, growing at a CAGR of 5.25% during the forecast period (2022–2030).

A surface potential linked with the electrical activity of the heart is recorded by an electrocardiograph (ECG). Surface potentials are carried to the instrument via metal connections known as electrodes, which are attached to various regions of the body. Electrodes are linked to the four limbs as well as the heart.

 An electrocardiogram (ECG) is a test that examines the electrical activity of the heart to evaluate its overall health. An ECG equipment analyses and records the electrical activity that flows through the heart. An ECG may be recommended if a patient is experiencing arrhythmia, chest discomfort, or palpitations, and an abnormal ECG result can suggest a range of cardiac disorders. The timing of the upper and lower chambers may be seen on an ECG of a typical heartbeat.

The Europe Electrocardiograph (ECG) Market share is divided into product, technology, lead type, end-user, and region segments.

Market Dynamics

Drivers

Because of technology improvements in ECG equipment such as portability, mobility, new electrodes & sensors, and smartphone integration, the European market for diagnostic ECG is expected to grow. Furthermore, increased instances of cardiovascular diseases and an ageing population are driving market growth. Cardiovascular illnesses are the biggest cause of mortality globally, according to the World Health Organization (WHO). In addition, the advent of innovative ECG devices, such as portable ECG devices and ECG devices that are linked to artificial intelligence systems, is expected to promote market growth. Some of the factors driving the market ahead are developments in the creation of ECG equipment and the launch of remote monitoring devices.

The expansion of the Europe Diagnostic ECG market is also fuelled by growing individual disposable income paired with increased healthcare spending. Changing lifestyles, such as food choices and a sedentary lifestyle, have resulted in an increase in cardiovascular diseases among both young and old individuals. The widespread use of ECG monitoring systems by healthcare professionals, as well as the ease with which these devices can be used, an increase in the number of local government awareness programmes, favourable reimbursement policies, and the development of innovative and affordable devices, are expected to propel the diagnostic Europe electrocardiograph (ECG) market forward over the forecast period. Furthermore, due to rising urbanisation and industrialization, respiratory ailments are becoming more widespread, fuelling market need for ECG equipment.

Restraints

Uncertain financial conditions and client demand in any area might stifle market development. A lack of public knowledge regarding the use of electrographs to detect cardiovascular problems, as well as a paucity of experienced workers to run electrograph machines, are projected to stymie the European diagnostic electrocardiograph market. The market's expansion is also hampered by inconsistent reimbursement processes. Furthermore, throughout the projection period, market saturation fears and economic conditions will limit its market expansion. The European Commission recently postponed the MD application deadline for a year because to the COVID-19 epidemic. This is delaying the market for ECG telemetry devices in Europe by limiting new product introductions and current clinical studies for medical equipment.

Regional Analysis

During the projected period, the market for ECG equipment and management systems in Europe is expected to rise due to rising CVD incidence, an ageing population, and favourable regulatory circumstances. In addition, the ECG market in Germany is growing as healthcare costs rise and the frequency of cardiovascular disorders rises. In the United Kingdom, cardiovascular diseases (CVD) represent a considerable healthcare burden.

According to NHS England, cardiovascular disease is the top cause of death globally in 2018. In the United Kingdom, CVD affects around seven million individuals and is a leading cause of disability and mortality. The National CVD Prevention Program was established with the goal of developing focused interventions to improve care by optimising diagnosis and treatment to reduce risk.

Russia has one of the highest rates of CVD mortality in the world, accounting for 59% of all fatalities. Furthermore, due to the senior population's increased vulnerability to CVDs, the growing geriatric population is predicted to boost market growth. GE Healthcare is a leader in medical technology and services across the world. Among the services it offers are patient monitoring systems, performance enhancement, biopharmaceutical production technology, medicine research, and medical diagnostics. CVD affects around seven million individuals in the UK. It has gone to the top of the list of fatal and disabling diseases. Furthermore, physicians who opt to train in specialities not covered by the UK's payment scheme are in short supply. Furthermore, the National Health Service's delayed reimbursement procedure for novel medical technology delays their uptake significantly.

Recent Developments

Philips Healthcare launched IntelliSpace Cardiovascular 3.1 in March 2018, as part of their cardiovascular product range.