ECG Cables And Lead Wires Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[203+ Pages Report] According to Facts and Factors, the global ECG cables and lead wires market size was worth around USD 2 billion in 2021 and is predicted to grow to around USD 3.2 billion by 2028 with a compound annual growth rate (CAGR) of roughly 7.45% between 2022 and 2028. The report analyzes the global ECG cables and leads wires market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the ECG cables and lead wires market.

Market Overview

Electrocardiogram (ECG) cables and lead wires are used in electrocardiography which is the recording of the heart’s electrical activity. They are required to connect the ECG device to the patients. A typical ECG cable or lead wire is made of insulated, flexible wire covered from all sides by a protective sheath. One of the wires is connected to an electrode which is placed on the chest area of the patient while the other end is connected to the ECG machine. With the help of the wires, the machines can accurately record the heart’s activity. The process is non-invasive and works in sync with the contraction and relaxation of the cardiac muscles. The lead wires are used in the generation of ECG leads which is a graphical representation of the electrical activity of the heart. The main difference between ECG cables and lead wires is that while the cables are used to connect the ECG device to the patient, lead wires are used in the representation of the recorded activity. An electrocardiogram is described as the quickest and safest way to evaluate the condition of a heart. Even though the process involves the use of electric current, it does not pass through the body, and ECG cables and lead wires play an extremely important role to ensure the patient’s protection. This has resulted in demand for high-quality accessories since even though they may seem like ordinary parts of the device, they are extremely critical to the safety of the patients as well as the healthcare professional

Key Insights

• As per the analysis shared by our research analyst, the global ECG cables and lead wires market is estimated to grow annually at a CAGR of around 7.45% over the forecast period (2022-2028).
•  In terms of revenue, the global ECG cables and lead wires market size was valued at around USD 2 billion in 2021 and is projected to reach USD 3.2 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on patient care setting segmentation, the hospitals were predicted to show maximum market share in the year 2021
• Based on type segmentation, 12-lead was the leading revenue-generating type in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

Covid-19 Impact

The global market cap received growth momentum owing to Covid-19. The growth trend observed during 2020 and 2021 was majorly driven by the sudden increase in patient influx in the healthcare sector. The second wave of the virus was more fatal and resulted in a higher number of critical hospital admissions as compared to the first wave which was generally mild and required basic medication in most cases.

Growth Drivers

• Growing number of heart patients to propel market growth

The global ECG cables and lead wires market cap is anticipated to benefit from the rising number of patients across the globe. The increase is attributed to the rise in the number of medical conditions along with the prevalence of already established medical ailments. Since ECG is an effective way of understanding the heart’s conditions, it is one of the most recommended medical tests for almost all diseases. In medical cases that may arise due to heart problems, ECG is almost always conducted in line with other tests and there is a significant jump in the number of patients. For instance, as per the World Health Organization (WHO), Cardiovascular Diseases (CVDs) are considered one of the major causes of death globally. More than 17.9 million people lose their lives because of CVDs.

Restraints

• High cost and environmental impact of disposable accessories to restrict the market growth

Disposable accessories are the ones that are discarded after being used one time or they can only be used for a limited duration. In such a case, the low-quality ECG cables or lead wired may work for healthcare facilities on a low budget for some time but in the long run, it increases the overall expense of the unit. The constant disposal of these items has a negative impact on the environmental as well. The WHO has claimed that 30% of healthcare facilities are not equipped with proper management of medical waste. This number is as high as 60% in developing economies.

Opportunities

• Rising number of high-quality manufacturers of ECG cables and lead wires to provide expansion opportunities

The global ECG cables and lead wires market size is expected to garner growth opportunities from the rising trend of manufacturing high-quality and durable accessories for ECG machines. There is a significant increase in the producers of reusable lead wires since it is the only way to sustainable growth in the future. For instance, CURBELL, a manufacturer of reusable lead wires, manufactures the accessory keeping in mind the user experience.

Challenges

• Increasing the number of unauthorized players to challenge market growth

Like any other sector, the global market is witnessing an increase in the number of product manufacturers that provide accessories without receiving the necessary approval from regulatory bodies. Such sub-standard products can ultimately result in unwanted situations thus challenging the global market growth

Segmentation Analysis

• The global ECG cables and lead wires market is segmented based on the patient care setting, material, type, and region.

Based on the patient care setting, the global market segments are ambulatory, hospital, clinics, and home care. The global market is dominated by the hospital segment owing to the high-standard services provided by these facilities. The chances of hospitals using substandard products are extremely low since both public and private hospitals have the necessary funds. These machines cost between USD 120 to USD 7845, depending on the quality and the load-carrying capacity.

Based on material, the global market is divided into thermoplastic elastomer and thermoplastic polyurethane. The global market, with a CAGR of 6.1%, is dominated by the thermoplastic elastomer segment owing to its capability of stretching up to limited measures and returning back to its original form resulting in a better and longer life as compared to other materials.

Based on type, the global market is divided into 3-lead, 5-lead, 6-lead, and 12-lead. The highest revenue was observed in the 12-lead segment since it can provide relatively better results than its counterparts. There is a presence of manufacturers of 15-lead, and 18-lead products as well but the most commonly used item is the 12-lead-segment.

Recent Developments:

• In February 2021, QT Medical, a medtech firm specializing in 12-lead ECG for personal use, announced the launch of the Xpress ECG service, which is the world’s first 12-lead ECG home test. The product was designed to help reduce the risk associated with Covid-19 by allowing patients to use ECG machines in home care setting when visiting hospitals or clinics was impossible
• In May 2019, the US Food and Drugs Administration department cleared KardiaMobile 6L by AliveCor. The product was the first 6-lead ECG device for personal use, at the time, and allowed patients to monitor their heart’s condition on their own.

Report Scope

Regional Analysis

• North America to lead market growth during the projection period

The global ECG cables and lead wires market is projected to be dominated by North America in the coming years. Currently, the region holds over 40% of the global market share majorly driven by the advanced healthcare structure of countries like the US and Canada. The US market is expected to reach over USD 652 million by the end of 2022. The regional growth can be attributed to the high investments in healthcare and related facilities by the government as well as private players. The stringent government regulatory bodies monitoring the production of medical devices, related accessories, and medical treatment, in general, are responsible for the use of high-grade equipment only at small or large clinics or hospitals which is one of the main reasons driving the growth trend.

Asia-Pacific region may experience high CAGR because of growth in China which is the second largest economy whereas high revenue from Europe is projected to be driven by Germany

Competitive Analysis

• Cardinal Health Inc. 
• 3M Company 
• Conmed Corporation 
• Drägerwerk Ag & Co. KgaA 
• Curbell Medical Products Inc. 
• B. Braun Melsungen AG 
• General Electric Company 
• SPACELABS HEALTHCARE 
• Koninklijke Philips N.V. 
• Schiller Americas Inc. 

The global ECG cables and lead wires market is segmented as follows:

By Patient Care Setting

• Ambulatory
• Hospitals
• Clinics
• Home Care

By Material

• Thermoplastic Elastomer
• Thermoplastic Polyurethane

By Type

• 3-Lead
• 5-lead
• 6-Lead
• 12-Lead

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America