ECG Market Expected in South Korea to Reach $7.7 Million, by 2025 at 12.3% CAGR, Says AMR
Rise in patients suffering from CVD across South Korea, increase in adoption of monitoring & portable cardiac rhythm management, and rapid development of wireless communication and cloud computing is expected to propel the growth of the South Korea ECG market
PORTLAND, Oregon, Feb. 5, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "South Korea ECG Market by Product (Resting ECG, Stress ECG, and Holter Monitors), Lead (Single Lead ECG, 3-6 Lead ECG, and 12 Lead ECG) and End User (Hospitals & Clinics, Home Settings & Ambulatory Surgical Centers, and Others): Opportunity Analysis and Industry Forecast, 2017–2025". The report provides detailed analysis of the top winning strategies, market share & estimations, driving factors & opportunities, key market segments, and competitive landscape. According to the report, the South Korea ECG market was pegged at $3.0 million in 2017 and is projected to garner $7.7 million by 2025, registering a CAGR of 12.3% from 2018 to 2025.
Increase in number of patients suffering from CVD across South Korea and rise in demand for monitoring systems & portable cardiac rhythm management have boosted the growth of the South Korea ECG market. However, high costs associated with advanced ECG devices and rise in threat of market saturation hamper the market growth. On the contrary, rapid development of wireless communication and cloud computing is expected to create lucrative opportunities for the market players in the near future.
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Resting ECG segment to retain lion's share
The resting ECG segment held the largest share in 2017, contributing to more than half of the total market, owing to its ease of availability and affordability and surge in geriatric population suffering from cardiovascular diseases. However, the Holter monitors segment is projected to register the fastest CAGR of 15.9% during the forecast period, owing to its benefits such as portability and ability to monitor the heart rate for more than 24 hours in a single charge. The report also includes in-depth analysis of Stress ECG.
3-6 lead segment to create lucrative opportunities
The 3-6 lead segment is estimated to manifest the fastest CAGR of 12.9% during the study period. Moreover, this segment held the largest share in 2017, contributing more than two-fifths of the total market and expected to dominate the market by 2025. It is a lucrative segment, owing to its better monitoring capabilities and surge in awareness regarding cardiac disease. The report also analyzes segments such as single lead and 12 lead.
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Hospitals & clinics segment held the largest share
The hospitals & clinics segment held the largest share in 2017, contributing nearly three-fourths of the market share, owing to availability of highly advanced ECG equipment for monitoring the patients suffering from cardiovascular diseases. However, the home settings & ambulatory surgical centers (ASCs) segment is expected to register the CAGR of 14.3% during the forecast period, owing to increased popularity of ASCs as it provides a cost-effective, high-quality alternative for hospital-based treatments. The report also analyzes other end users.
Major market players
The major market players analyzed in the report include GE Healthcare (General Electric Company), Hill Rom Holdings, Inc., Mediana Co., Ltd., Mindray Medical International Limited, OSI Systems Inc., CardioComm Solutions, Inc., Qardio, Inc., Beijing Choice Electronic Technology Co., Ltd. (ChoiceMMed), Bionet Co., Ltd., Koninklijke Philips N.V., Medtronic Plc., Nihon Kohden Corporation, Schiller AG, AlivCor, Inc., and Omron Healthcare Europe B.V.
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