ECG Cable And ECG Lead Wires Market - Forecast(2023 - 2028)
ECG Cable And ECG Lead Wires
ECG Cable And ECG Lead Wires Market size is estimated to reach $8.2 billion by 2027, growing at a CAGR of 5.7% during the forecast period 2022-2027. ECG cables and lead wires in simple terms can be delineated as a bridge between an ECG machine and electrodes that are attached to the skin of the patient with an aim to detect electrical activity of the heart. The electrical activity of the heart is represented in the form of an EKG or ECG which helps doctors to develop an understanding regarding the heart’s health. Lead wires and cables are an indispensable part of electrocardiography during patient monitoring. Diagnosing heart condition during Myocardial infarction (heart attack) is the core application of electrocardiogram as it shows rhythm and rate of the heartbeat. Besides, the test may be taken into account to look for structural abnormalities in the heart and derisory oxygen or blood supply that might put a person at risk of a heart attack. ECG lead wires and cables are of several types such as 3-lead ECG lead wires, 12-lead ECG lead wires, 5-lead ECG lead wires, and others. The overall demand for the said market is enlarging sweepingly as the prevalence of cardiovascular complications is all set to reach epidemic levels. Excess alcohol consumption, antibiotics, folic acid shortage tobacco consumption are the primary cause behind heart attacks as most of these habits leads to hypokalemia (low level of potassium in the blood) which ultimately set cardiovascular problems in motion. In addition to that, excess alcohol consumption, proliferating obesity, rising smoking trends, and sedentary lifestyle are factors set to drive the growth of the ECG Cable and ECG Lead wires Market for the period 2022-2027 because they are some of the chief reasons behind poor heart health.
The report: “ECG Cable and ECG Lead wires Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the ECG Cable and ECG Lead wires Market.
3-Lead, 5-lead, 6-Lead, 12-Lead, and Others.
By Material: TPU (Thermoplastic Polyurethane) and TPE (thermoplastic Elastomer).
By Usableness: Recyclable/Reusable and Throwaway.
By End User: Home care settings, Hospitals, ASCs, and Others.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).
- Geographically, the North America ECG Cable and ECG Lead wires Market accounted for the highest revenue share in 2021. The growth is owing to augmenting cardiovascular diseases and full-fledged healthcare infrastructure that extends quality services to patients. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
- Intensifying cardiovascular illnesses and spiraling research and development spending are said to be preeminent drivers driving the growth of the ECG Cable and ECG Lead wires Market. The expensive nature of lead wires and the insufficiency of proficient professionals are said to reduce the market growth.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the ECG Cable and ECG Lead wires Market report.
ECG Cable and ECG Lead wires Market, By Geography (%) in 2021
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ECG Cable and ECG Lead wires Market Segment Analysis-By Usableness
The ECG Cable and ECG Lead wires Market based on the usableness type can be further segmented into recyclable/reusable and throwaway/disposable. The disposable segment held the largest share in 2021. The growth is owing to safe nature. One of the biggest problems with reusable lead wires is that they are prone to bacterial contaminations which may set severe health hitches in motion. During surgical procedures, ECG lead wires are placed very near to wounds which ultimately infects them. Therefore, reusing such cables on another patient may put him at the risk of severe health conditions. Disposable wires may cost more as compared to their alternative but they play a crucial role in saving patients' life by keeping them away from bacterial contamination and nothing is more important than a patient’s life as there is a popular phrase which goes like “Being alive is the most significant phenomena, not just Earth but in the whole cosmos.” Similarly, throwable/disposable is estimated to be the fastest-growing segment with a CAGR of 6.4% over the forecast period 2022-2027.
ECG Cable and ECG Lead wires Market Segment Analysis-By End-User
The ECG Cable and ECG Lead wires Market based on end-user can be further segmented into home care settings, hospitals, ASCs, and others. The hospitals' segment held the largest share in 2021. The growth is owing to the presence of a satisfactory number of resources (tools and techniques) and top-of-the-line medical professionals. In addition to that, widescale presence, better salary packages, and emerging private hospitals are the factor likely to brace the demand further. Nevertheless, hospitals along with ASCs are estimated to be the fastest-growing segments with a CAGR of 6.6% over the forecast period 2022-2027. This growth is owing to proliferating rising demand for quick and cost-effective treatments. As the cost of healthcare is expanding day after day, the concept of outpatient surgeries. On another hand, the refining infrastructure of such surgical facilities helps in meeting the requirements required to execute certain surgical procedures.
ECG Cable and ECG Lead wires Market Segment Analysis-By Geography
The ECG Cable and ECG Lead wires Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 40% of the overall market in 2021. The growth in this segment is owing to the factors such as escalating cardiovascular surgeries as complications like obesity are prevailing in countries like the US. Obesity plays a primary role in stimulating illnesses such as HBT and heart attack. On another hand, mature healthcare infrastructure, enough presence of medical professionals, growing trend of Tele intensive care services, and high health awareness among residents are the primary factors driving the growth of ECG cables and ECG lead wires in the aforementioned segment. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to ascending old-age population. Old age brings hundreds of illnesses along with it and eventually increases hospital visits. Also, rising affluence is a factor helping in better healthcare infrastructure and research breakthroughs as governments are capable more than ever to ensure the innumerable flow of hard cash. Likewise, rapid modernizations have made daily routines so comfortable and machine-based that the concept of manual work has completely vanished from peoples’ lives.
ECG Cable and ECG Lead wires Market Drivers
Ascending cardiovascular complications is anticipated to boost market demand.
Unlike old times, cardiovascular complications are not restricted to a particular section of age in contemporary society. Let alone adults, there are several teenage causalities that have been reported in the last decade. According to cardiovascular, obesity, diabetes, HBT, and stress and anxiety bound with the pursuit of successful lives are the primary reason behind the budding surge of heart attacks. A report by the Centers for Disease Control and Prevention claimed that each year over 805,000 Americans develop heart illnesses and more than 655,000 lose their lives because of them. Moreover, according to WHO, each year nearly 17.9 million people all over the world die because of cardiovascular diseases. This overwhelming increase in fatalities is anticipated to drive the aforementioned market.
Growing research spending, refining healthcare infrastructure, and rising disposable incomes are expected to boost market demand.
As governments worldwide are allocating an astonishing amount of riches to improve the existing healthcare infrastructure, the ECG cables and ECG lead wires market witnessing a massive surge in terms of growth. Better healthcare infrastructure means patients can have quality services round-the-clock. Also, researchers have proliferated research activities to improve the quality and effectiveness of existing procedures which is serving as a big driver in the growth of the aforementioned market. For instance, annual medical research spending of US-based research agency National Institute of Health (NIH) has reached $41.7 billion. The number is likely to augment as US total healthcare spending is anticipated to reach $6 trillion by the year 2028. On another hand, enlarging disposable incomes and health attentiveness among people have their fair share in the growth of the said market.
ECG Cable and ECG Lead wires Market Challenges
The expensive nature of lead wires and the insufficiency of medical professionals are Anticipated to hamper the market growth.
As already mentioned in segment analysis that reusable cables and lead wires can set health complications of numerous kinds in motion; therefore, medical professionals prefer relying on disposable lead wires. However, disposable lead wires can sharply increase the overall expenditure as they are comparatively costly; therefore, can hamper the steady growth of the aforementioned market. On another hand, the dearth of enough medical professionals especially in underdeveloped regions of the globe like Africa and some parts of Asia are too anticipated to control the growth of ECG cables and ECG lead wires market. According to Beckers Hospital, nearly 1 in 5 health care workers have quit their jobs during the Pandemic.
ECG Cable and ECG Lead wires Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. ECG Cable and ECG Lead wires top 10 companies include-
- 3M Company
- Siemens AG
- Boston Scientific Corporation
- Toshiba Corporation
- Koninklijke Philips N.V.
- Cardinal Health
- Medtronic PLC.
- Curbell Medical Products
- OSI Systems
- On February 15, 2022, Massachusetts, United States-based recognized medical device manufacturing company “Boston Scientific” announced the successful acquisition of Canada-based Baylis Medical (a company known for its oncology and cardiology medical devices). A payment of %175 billion was made by Boston Scientific to conclude the acquisition process. The transaction has strengthened the structural heart offerings of Boston Scientific.
- On August 10, 2021, Dublin, Ireland-based medical device company “Medtronic” announced that it has successfully reached an agreement with California, United States-based medical technology firm “Intersect ENT.” According to the agreement, Medtronic will acquire Intersect with a payment of $1.1 billion ($28.2 per share).
- On October 11, 2019, Minnesota, Unites States-based
conglomerate “3M” announced that the company has successfully acquired Texas,
Unites States-based well-known medical device company Acelity along with its
KCI subsidiaries worldwide. The total value of the transaction stands around a
massive $6.7 billion. Also, the transaction has strengthened the wound care
portfolio of 3M.
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