The Indian ECG equipment market has emerged as one of the most profitable in the patient monitoring sector, marking a compound annual growth rate (CAGR) of 12.6 percent from 2010 to 2017. The market showed no signs of slowing down even during the global economic downturn, with the stress ECG/TMT market generating $9.1 million in 2010, at a growth rate of 11.1 percent. However, it is the 6/12-channel ECG equipment market, with a remarkable CAGR of 21.6 percent, that is expected to power the market ahead.
Recent analysis from Frost & Sullivan (patientmonitoring.frost.com), Overview of the Electrocardiograph (ECG) Equipment Market in India, finds that the market earned revenues of $26.5 million in 2010 and estimates this to reach $60.7 million in 2017.
The market is benefitting from the rising incidence and awareness of cardiovascular diseases, escalating public expenditure on healthcare services, increasing demand for high-end equity systems, and rapid technological advancements.
"End users have shown a marked preference for equipment with more accurate measurements," says Frost & Sullivan Research Analyst. "This has created a wider market for high-equity ECG systems (6 and 12 channel ECGs) market, but shrunk the channel ECG market."
Despite the overall vast market potential, participants will face some road blocks while trying to penetrate the rural markets. The inadequate access to healthcare facilities and competition from the low-cost domestic market will peg back participants that are looking to establish a toehold in the Indian market.
The competition between domestic and major market participants has even led to price wars in the single-channel and 3-channel ECG market segments, which have, in turn, eroded the profit margins of prominent market participants.
"ECG diagnosis has not gained momentum among Tier-III and rural healthcare facilities due to poor hospital infrastructure, insufficient transport facilities, understaffed hospitals, and a lack of awareness about cardiovascular diseases," notes the Analyst. "Providing better access to healthcare facilities and educating the rural population on the importance of monitoring cardiovascular diseases will improve the ECG diagnosis rates and thereby, help to tap the rural and tier 3 cities market."
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Overview of the Electrocardiograph (ECG) Equipment Market in India is part of the Patient Monitoring Growth Partnership Services program, which also includes research in the following markets: Analysis of U.S. Multiparameter Patient Monitoring Equipment Market, European Cardiac Patient Monitoring Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Overview of the Electrocardiograph (ECG) Equipment Market in India / P52F-56
Nimisha Iyer, Corporate Communications – South Asia, Middle East and North Africa
P: +91 98200 50519 - E: niyer[.]frost.com.