Over 40% Demand for Cables and Leads Stimulated for ECG Medical Equipment: Fact.MR Study
Published : 28 Jul 2021 Industry: Healthcare
Fact.MR – a market research and competitive intelligence provider, projects the global cables and leads for medical equipment market to have a positive outlook, and expand at a CAGR of above 4% across the 2021-2031 forecast period.
Cables and leads are connecting instruments used in medical devices, particularly cardiovascular devices. Leads are also used to connect pacemakers to the valves of the heart. Though an economic downturn affected the healthcare industry due to rising capital costs, declining patient volumes, and unfavorable reimbursement scenario, the medical device market, especially the cardiovascular device market, remained largely immune to the slowdown.
On the other hand, manufacturers of economical, high-frequency cardiovascular accessories purchased on a daily basis by hospitals felt the pinch of the crisis, as hospitals and healthcare facilities trimmed down their capital expenditure. With rising concerns regarding infection control and transmission, medical centers are opting to use disposable medical equipment, increasing demand for cables and leads for medical equipment in the healthcare industry.
Key Takeaways from Market Study
- Global cables and leads for medical equipment market to top US$ 6 Bn by 2031.
- ECG equipment projected to reach around US$ 2.7 Bn by 2031.
- Pacemakers projected to record around 2.9% CAGR over the next 10 years.
- ECG equipment projected to reach around US$ 2 Bn by 2031.
- Market in Japan to record 1.2% CAGR over the forecast period 2021- 2031.
- China forecast to reach projected market size above US$ 1.3 Bn by 2031.
- Market in Canada projected to expand at above 3% CAGR over next 10 years.
“Increasing adoption of newer and innovative monitoring devices in medical & healthcare applications expected to boost demand for cables and leads for medical equipment,” says a Fact.MR analyst.
Rising environmental concerns have increased focus on the creation of ecofriendly cables and leads for medical equipment.
- Nikomed USA recently introduced BioWire, a non-metallic disposable and universal lead wire system that is recyclable. These leads are easily disposable and can be incinerated without the need for extra processing or preparation.
Increasing number of players are now focused on providing products with better efficiency and lower risk rates.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the cables and leads for medical equipment market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product (cables and leads), application (pacemakers, defibrillators, EEG, and ECG), and end user (hospitals, ambulatory care centers, academic research institutes, specialty clinics), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare