ECG Cables and Lead Wires Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: ECG Cable and ECG Lead Wires Market covers analysis Material (Thermoplastic Polyurethane, Thermoplastic Elastomer, and Others); Usability (Reusable and Disposable); Machine Type (Single-lead ECG Leadwires, 3-lead ECG Leadwires, 5-lead ECG Leadwires, 6-lead ECG Leadwires, and 12-lead ECG Leadwires, Others); Patient Care Settings (Hospitals, Clinics, Long Term Care Facilities, and Ambulatory and Home Care) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Oct 2023

  • Report Code : TIPRE00029972
  • Category : Medical Device
  • Status : Upcoming
  • No. of Pages : 150
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Electrocardiography (ECG) is a procedure required ECG cable and ECG lead wires that attached to the skin to record the electrical activity of the human heart. These electrodes work by detecting the electrical activity of the heart muscles in electrophysiological models for different indications such as, cardiac murmur, fainting, chest pain, and seizures. The ECG cable and lead wires are important component of ECG equipment and it is important to have good quality ECG cable and ECG lead wires and are properly connected to ensure accurate ECG recordings.

There are various factors such as increasing geriatric population and the incidence of cardiovascular diseases are likely to enhance the demand for ECG equipment. ECG cables and ECG wires is a part of ECG equipment which helps in the monitoring of cardiac activity by connecting to the patient chest area and extremities. Due to the increasing demand for prevention, monitoring, and treatment of CVDs worldwide, has increased the demand for ECG equipment which in turn generate the demand for ECG lead wires and cables.

Moreover, the market is driven by increase in the demand for ECG machine for cardiac monitoring owing to increasing prevalence of cardiovascular diseases among the elderly and adults. According to CDC, In the US, heart disease taken the lives of about 695,000 persons in 2021, accounting for 1 in 5 fatalities. Furthermore, the launch of new products, and investments in untapped markets are other factors that are driving the ECG cable and lead wires market growth.

On the other hand, the factors like adoption of wireless ECG monitoring technologies and high cost of the disposable cables and lead wires are the major factors limiting the ECG cable and lead wires market growth during the forecast period.

The "Global ECG cables and lead wires market Analysis to 2030" is a specialized and in-depth study focusing on the global ECG cables and lead wires market trends and growth opportunities. The report aims to provide an overview of the global ECG cables and lead wires market with detailed market segmentation by material, usability, machine type, end user, and geography. The global ECG cables and lead wires market has witnessed high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the uses of ECG cables and lead wires worldwide and their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the ECG cables and lead wires market performance in major regions and countries. The report also includes a comprehensive analysis of the leading ECG cables and lead wires market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative ECG cables and lead wires market opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the global ECG cables and lead wires market. This helps understand the entire supply chain and various market growth factors.

The global ECG cables and lead wires market is segmented based material, usability, machine type, end user, and geography. Based on material, the ECG cables and lead wires market is segmented as, thermoplastic elastomer, thermoplastic polyurethane, and others. Thermoplastic elastomer segment is leading the market with the highest market share and is projected to grow significantly and dominate the global market during the forecast period. Based on usability, the market is bifurcated as, reusable and disposable. The reusable cable segment accounted for the largest share of the ECG cables and lead wires market, owing to the low prices of reusable cables owing to which it is mostly used in developing nations. On the basis of machine type, ECG cables and lead wires market is categorized into Single-lead ECG Leadwires, 3-Lead ECG Leadwires, 5-Lead ECG Leadwires, 6-Lead ECG Leadwires, 12-Lead ECG Leadwires, and others. Based on end user the ECG cables and lead wires market is classified into hospitals, clinics, long term care facilities, and ambulatory and care centre. During the anticipated period, the hospitals segment is expected to have the largest market share and anticipated to register the highest growth rate.

The report provides a detailed overview of the global ECG cables and lead wires market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America is estimated to account for a significant share in ECG cables and lead wires market. In North America ECG cables and ECG lead wires market is being driven by a various factor, including the rising prevalence of cardiovascular disorders, increased government funding for the healthcare industry, and technological innovation. However, Asia Pacific is expected to grow significantly due to the increase in research and development activities, technological developments, and modernization of healthcare practices.

Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global ECG cables and lead wires market.

In May 2022, Royal Philips launched at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials. The clinical-grade solution is the most advanced patient-centric ECG offering within the company's cardiac monitoring portfolio, pairing data readings comparable to clinical, site-based ECGs with Philips leading cloud-based data collection and analysis services. This latest addition to Philips' digitally enabled suite of monitoring solutions helps to drive innovation across the care continuum and support the decentralized clinical trial space.

In May 2019, AliveCor received FDA approval for KardiaMobile 6L, which is the first 6-lead personal ECG device worldwide. This approval would give the patients and physicians a thorough view of the patient's hearts; thus, it would help in the treatment of arrhythmias, which is one of the major causes of cardiovascular disease.

The covid-19 pandemic led to a decline in the progress of many industries across the globe. The closure of manufacturing plants and trade restrictions led to supply chain disruptions for manufacturers across the globe. The ECG cables and lead wires market experienced a decline during the pandemic due to the limited supply and production of ECG cables and lead wires on global level. Conversely, the ECG cables and lead wires market is growing after the significant efforts taken by market stakeholders and healthcare practitioners to manage the disrupted supply chain. The rising demand for ECG cables and lead wires owing to increasing incidences of cardiovascular diseases and the rise in the geriatric population drives the market growth. Additionally, the pandemic has further contributed to cardiac problems as the infection severely impacted cardiac health. Moreover, in 2021, the launch of vaccines controlled the infection, which led to the ease in government restrictions and increased the production of ECG cables and lead wires on a large scale. This further helps in stabilize the overall market growth with a slight negative effect during the pandemic.

Some of the key players operating in the ECG cables and lead wires market include, Becton, Dickinson and Company (BD), 3M, Medtronic, Koninklijke Philips N.V., Siemens Healthineers, General Electric Company, Phillips-Medisize, Boston Scientific Corporation, Toshiba Corporation, Unimed Medical Supplies Inc., Mindray Medical International Limited and B. Braun Melsungen AG among others.

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

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to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies
2. 3M

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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