Report : South and Central America Mobile ECG Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Monitoring ECG Systems and Diagnostic ECG Systems), Modality (Handheld, Pen, Band, and Others), and End User (Personal Users, Hospitals and Clinics, and Ambulatory Services)
The personal users segment by end user is estimated to lead the market growth during the forecast period.
According to a new market research study of “South and Central America Mobile ECG Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type, Modality, End User and Country.” The South and Central America mobile ECG devices market is expected to reach US$ 162.43 million by 2028 from US$ 121.61 million in 2021; it is estimated to grow at a CAGR of 4.2% during 2021–2028. The report highlights trends prevailing in the South and Central America mobile ECG devices market and the factors driving market along with those that act as hindrances.
ECG monitoring is an essential part of the healthcare services for older adults due to which the elderly population is a primary target of mobile ECG monitoring system providers. According to the US Census Bureau, the number of Americans with age 65 and above is anticipated to double from 46 million in 2016 to more than 98 million by 2060, and the share of elderly population in the total population will increase to ~24% from ~15% during this period. With a significant rise in the number of people aged 65 and above, the number of people suffering from CVDs is likely to increase in the coming years as the prevalence of these diseases is associated with aging due to weak immunity among these people. Thus, the demand for mobile and wireless devices, and other technological advancements to ensure improved CVD prevention and control is likely to rise in the future. Therefore, the geriatric population is also prone to arrhythmia, among other aging-related diseases, which is likely to boost the demand for mobile ECG devices for diagnosis and treatment during the forecast period. The ECG systems are the most effective instruments for detecting arrhythmias (abnormal heart rhythm), coronary artery disease, atrial fibrillation, previous heart attack, and other conditions. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide, which cause 17.9 million deaths in the world each year; moreover, 30 million people suffer from stroke every year. According to the WHO factsheets, ~17.7 million people died due to CVDs in 2017, of which ~7.4 million mortalities were due to coronary heart disease and 6.7 million were due to stroke. Therefore, the rise in the incidence of cardiovascular diseases and other heart-related conditions is driving mobile ECG device market growth.
South and Central America has witnessed rapid rise in the number of COVID-19 cases. The COVID? 19 pandemic put the overburdened and underfunded public healthcare systems of South and Central America into further burden. They have responded to the situation by closing borders, ordering quarantines, and imposing several restrictions to keep people safe, especially in early 2020. The market participants and end-users lost their businesses due to the temporary shuttering of companies in the region. Moreover, the outbreak has also disrupted the supply chains of various industries due to the congestion of ports and disturbances in other transport means, which substantially impacted the distribution of ECG devices and other associated devices in South and Central America. In addition, there was a reduction in medical visits due to delayed postponed appointments. All these factors considerably deterred the growth of the South and Central America ECG devices market.
The South and Central America mobile ECG devices market, based on type, has been segmented into monitoring ECG systems and diagnostic ECG systems. The South and Central America mobile ECG devices market, based on application, is segmented into handheld, band, pen, and others. The South and Central America mobile ECG devices market, based on end user, is segmented into personal users, hospitals and clinics, and ambulatory services. Geographically, the South and Central America mobile ECG devices market is sub-segmented into Brazil, Argentina and Rest of South and Central America.
Koninklijke Philips N.V., Medtronic, AliveCor, Inc, and Nihon Kohden Corporation are among the leading companies operating in the South and Central America mobile ECG devices market.
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