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Electro-Diagnostic Equipment Market - Forecast(2024 - 2030)
Electro-Diagnostic Equipment Market Overview
The backing of early medical diagnosis in the mitigation of ailments
thereby rescuing valued lives is set to drive the Electro-Diagnostic Equipment
Market. The surging health awareness and boost in healthcare spending
worldwide are set to propel the growth of the Electro-Diagnostic Equipment
Market during the forecast period 2022-2027. This represents the Electro-Diagnostic
Equipment Industry Outlook.
Report Coverage
The report: “Electro-Diagnostic Equipment
Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth
analysis of the following segments of the Electro-Diagnostic Equipment Market.
Key Takeaways
- Geographically, North America Electro-Diagnostic Equipment Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the soaring inventions of progressive technology and extensive awareness regarding device progress including electrocardiographs utilized in electrocardiography in the North American region.
- Electro-Diagnostic Equipment Market growth is being driven by the heavy reliance of the health fraternity on diagnostic equipment which may be utilized in medical diagnosis. However, the soaring cost, economic instability, and great maintenance costs are some of the major factors hampering the growth of the Electro-Diagnostic Equipment Market.
- Electro-Diagnostic Equipment Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Electro-Diagnostic Equipment Market report.
Electro-Diagnostic Equipment Market: Market Share (%) by Region, 2021
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Electro-Diagnostic Equipment Market Segment Analysis – By Product Type:
The Electro-Diagnostic
Equipment Market based on product type can be further segmented into Electromyogram (EMG), Nerve Conduction
Study (NCS), Electrocardiography (ECG), Electroencephalography (EEG),
Electroretinography (ERG), and Electrogastrography (EGG). The Electrocardiography (ECG) Segment held the largest market
share in 2021. This growth is owing to the surging application of Electrocardiography
(ECG) in the diagnosis of cardiovascular diseases. An electrocardiogram is a
painless, non-invasive technique to assist in the diagnosis of numerous heart issues.
The soaring advantages of ECG data accumulated by ECG sensors like assistance in
assessing three fundamental parameters of clinical interest including rhythm and heart rate, the axis of the heart, and the state of myocardial muscle are further propelling the
growth of the Electrocardiography (ECG) segment.
Furthermore, the Electrogastrography (EGG) segment is estimated to grow
with the fastest CAGR of 8.7% during the forecast period 2022-2027 owing to
the soaring application of electrogastrography to conclude whether the abnormal electric activity of
the stomach is bringing about nausea, vomiting, or abdominal pain.
Electro-Diagnostic Equipment Market Segment Analysis – By End Users:
The Electro-Diagnostic
Equipment Market based on end users can be further segmented into Hospitals and Research Institute. The Hospitals segment held the largest market share in 2021. This growth is owing to the effortless
accessibility of the latest progressive medical infrastructure in hospitals
frequented by an enormous patient pool. An electrocardiogram is suggested, to
assist the physician in comprehending the irregularities in the rhythms or
patterns of the heartbeat in a patient's heart. This further assists in discovering
different abnormalities or heart issues. The proliferating application of electro-diagnostic
investigations involving electrocardiography and the easy availability of
qualified and skilled physicians are further propelling the growth of this
segment.
Furthermore, the Research Institute segment is
estimated to grow with the fastest CAGR of 9.0% during the forecast period 2022-2027 owing to the soaring
research applications of electrogastrography and principal electro-diagnostic investigation
including nerve conduction studies (NCS), somatosensory evoked potential
studies (SSEPs), and electromyography (EMG).
Electro-Diagnostic Equipment Market Segment Analysis – By Geography:
The Electro-Diagnostic
Equipment Market based on geography can be further segmented into North
America, Europe, Asia-Pacific, South America and Rest of the World. North
America (Electro-Diagnostic Equipment Market) held the largest share with 35%
of the overall market in 2021. The growth of this region is owing to the soaring requirement of senior citizens and the specially abled to
explore the globe in the North American region. Electrocardiography is extensively utilized to
generate electrocardiograms. The surging longevity and the astounding cost of
caregiver services are further propelling the growth of the Electro-Diagnostic
Equipment Market in the North American region.
Furthermore, the Asia-Pacific
region is estimated to be the region with the fastest CAGR rate over the
forecast period 2022-2027. This growth is owing to factors like the surging
healthcare expenses and the reduced cost of medical treatment in the Asia-Pacific
region. The enormous patient pool and the proliferating
application of electrocardiography are further fuelling the progress of the Electro-Diagnostic
Equipment Market in the Asia-Pacific region.
Electro-Diagnostic Equipment Market Drivers
Surging Applications Of Electrocardiography Are Projected To Drive The Growth Of Electro-Diagnostic Equipment Market:
Electrocardiography is the technique of generating an electrocardiogram ( ECG or EKG ). Electrocardiogram indicates the reporting of electrical alterations that happen in the heart at the time of a cardiac cycle. It can be abbreviated as ECG or EKG. The usual ventricular rate is 60-100 beats per minute (bpm). Bradycardias (<60 bpm) are normally brought about by ailments influencing the sinoatrial or atrioventricular (AV) nodes or the conducting tissues of the heart (though these may also bring about certain tachyarrhythmias). Electrocardiograph is an equipment that selects the electric currents generated by the heart muscle at the time of a cardiac cycle of contraction and relaxation. An electrocardiograph performs on the principle that a contracting muscle produces a tiny electric current that can be discovered and assessed by way of electrodes appropriately established on the body. The applications of electrocardiogram (ECG) include indicating the rate and rhythm or pattern of contraction of the heart. It provides a clue regarding the condition of the heart muscle and is utilized to diagnose heart ailments. It assists the physicians to decide if the heart is normal, enlarged or whether some of its parts are impaired. It can also disclose irregularities in the rhythm of the heart termed “arrhythmia”. It is utilized by physicians to diagnose heart damage in conditions like high blood pressure, rheumatic fever, and birth defects. An ECG also assists to decide the location and quantity of damage brought about by a heart attack and later supports evaluating the extent of recovery. The surging applications of electrocardiography are therefore fuelling the growth of the Electro-Diagnostic Equipment Market during the forecast period 2022-2027.
Proliferating Applications Of Electrogastrography Are Expected To Boost The Demand For Electro-Diagnostic Equipment:
Electrogastrography (EGG) is a non-invasive technique for the assessment of gastric myoelectrical activity. The EGG test offers “a diagnosis of gastric dysrhythmia or eugastria in response to a provocative test and is an objective finding of neuromuscular abnormality of the stomach for patients with unexplained nausea and functional dyspepsia symptoms”. Electrogastrography techniques are utilized to recognize patient populations with upper GI symptoms, like nausea and gastric dysrhythmias (versus symptoms and normal EGGs). An assortment of medications, like domperidone, metoclopramide, and cisapride, remove gastric dysrhythmias and the removal of the dysrhythmia is related to enhancement in upper GI symptoms. Medication or nonmedication therapies with promising anti-arrhythmic or prokinetic impacts may be investigated at baseline and with follow-up noninvasive EGG recordings. EGG testing may be carried out numerous times without discomfort or negative impacts on the subject. Electrogastrogram symbolizes an appealing tool in psychophysiology. Its normal frequency in healthy humans is about 0.05 Hz or three cycles per minute, that is, one cycle every 20 s. The proliferating applications of electrogastrography are therefore driving the growth of the Electro-Diagnostic Equipment Market during the forecast period 2022-2027.
Electro-Diagnostic Equipment Market Challenges
Disadvantages Of Electroencephalography Are Hampering The Growth Of The Electro-Diagnostic Equipment Market:
Electroencephalography, as an analysis of its etymological roots, would demonstrate, includes assessing electrical activity on the head. Tiny electrodes are fastened to the scalp, and the electrical fields produced by big networks of neurons firing comparatively synchronous action potentials are discovered. At times, an outstanding alpha-range frequency of 8 to 12 Hz is observed over the central head regions, termed the mu rhythm in electroencephalography (EEG). Mu is observed in between 20 and 40 percent of normal adults, is characterized by arch-shaped (arciform) waves happening either unilaterally or bilaterally over the central regions, and is noticeable at the time of drowsiness. However, electroencephalography is troubled by an inverse issue. For any distribution of electrical field strengths discovered on the scalp, there is a literal infinity of likely spatial patterns of electrical activity that could have produced it. This is troubled by the reality that the skull is a poor conductor, and therefore current tends to "splash off of it" and flow laterally, considerably decreasing any possible spatial localization. Ingenious statistical models can apply Bayes' Rule to attempt to get around this reality, however, any added complication in an analysis pipeline is bad, specifically if it includes concluding a generative model. These issues are thus hampering the growth of the Electro-Diagnostic Equipment Market.
Electro-Diagnostic Equipment Industry Outlook:
Product launches, collaborations, mergers and acquisitions, trending innovations, partnerships and business expansions are key strategies adopted by players in the Electro-Diagnostic Equipment Market. Key companies of this market are:
- Medtronic PLC.
- Abbott Vascular Devices
- Boston Scientific Corporation
- Siemens Healthineers
- Philips Healthcare
- GE Healthcare
- Noraxen
- Viasys Healthcare
- Natus Medical
- Nihon Kohden
Recent Developments
- In December 2021, GE declared that it has finished its formerly declared acquisition of BK Medical, a leader in progressive surgical visualization, from Altaris Capital Partners, LLC. The firms entered into a definitive agreement for GE to buy BK Medical for a cash purchase price of $1.45 billion on September 22, 2021. With this gain, GE Healthcare includes the fast-growing and comparatively novel field of real-time surgical visualization to GE’s pre-and post-operative Ultrasound capabilities, developing an end-to-end offering by way of the complete continuum of care— from diagnosis through therapy and beyond.
- In August 2021, Nihon Kohden gained Advanced Medical Predictive Devices, Diagnostics, and Displays (AMP3D) for an unrevealed amount. AMP3D provides an extensive series of clinical predictive algorithms and a software-as-a-service (SaaS) platform. The firm’s CoMET (continuous monitoring of event trajectories) decision support software utilizes patients’ constant monitoring data, vital signs, medical records, and laboratory tests to demonstrate the real-time and continued risk trajectories of the patients.
- In May 2019, Nihon Kohden, declared the introduction of its Neuropack S3 electrodiagnostic (EDX) system, a progressive multimodality platform for neurodiagnostic procedures. Highlighting the firm’s most recent generation amplifiers and signal processing technology, the Neuropack S3 is planned to provide high-quality EDX investigations while decreasing footprint and enhancing portability. The Neuropack S3 system was established to be adequately versatile for application in both hospitals and private practices to conduct electromyography, nerve conduction studies, evoked potentials, and additional diagnostic procedures.