The major drivers in the global ECG cables and lead wires market are rising geriatric population levels and increased incidence of cardiovascular diseases. In 2021, product sales valued $1,800.0 million, and it is predicted to reach $3,071.7 million by 2030. Furthermore, the market will grow at a 6.1% CAGR in the coming years. Moreover, the rising prevalence of hyper-anxiety or insomnia among the patients will also propel growth in the market. This is because the number of ECG tests done will go hand in hand with the rising number of patients.
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ECG Cables and Lead Wires Market Demand Analysis Forecast,
2030 |
The outbreak of COVID-19 had disrupted the entire circular economy but the ECG cables and lead wires market was among the few exceptions. When the entire economy went into recession, this market exhibited magnificent numbers owing to the skyrocketing demand for these lead wires and cables among the growing population. Resultingly, the entire market boomed by at least 15% amid the pandemic. This is because of the surging prevalence of cardiovascular diseases because of the outbreak of the COVID-19 virus. Hence, corporations upscaled their output to facilitate the urgent requirement of the population.
Within the product type, the ECG cables and lead wires market can be bifurcated into ECG cables and ECG lead wires. The latter bifurcation holds the bigger market share, of about 55%, while the remaining 45% is held by the former category. Because the 3-lead ECG lead wires and the 5-lead ECG lead wires are extensively utilized to diagnose heart-related problems, they hold at least 70% of the revenue share.
Nonetheless, the 12-lead ECG lead wire demand will spur the ECG cables and lead wires market growth at a 7% CAGR from 2021 to 2030. This can be attributed to its ability to not only detect deadly arrhythmias but also provide the early diagnosis of diseases. Moreover, there is a rising inclination toward 12-lead ECG lead wires among the healthcare providers of the advanced economies. This will augment growth in the market.
When segmented on usability type, the reusable bifurcation holds a larger ECG cables and lead wires market share, of about 85%. This can be ascribed to their lower costs for healthcare centers, especially in emerging economies. Moreover, the disposable category will witness an approximately 7 CAGR in the coming years owing to the gradual attempts made by the healthcare providers to lower the cross-contamination. Furthermore, this results in both increasing prevalence of bloodstream infections and the spreading of antibiotic-resistant bacteria.
Geographically, APAC will witness the highest CAGR, of approximately 7%, from 2021 to 2030. Being home to some of the most populous countries including Japan, India, and China, there is a skyrocketing consumption of these products leading to rising healthcare expenditure in this country. Moreover, this is complemented by extensive government support. There is a rising investment in the healthcare infrastructure by the governments of various countries to meet the requirements of the growing geriatric population.
Therefore, the increasing incidence of cardiovascular diseases, coupled with a rising geriatric population will provide prospective opportunities to market players.
