ECG cables and lead wires market projected to reach $3 billion by 2026

North Brook, IL – The global ECG cables and lead wires market is projected to reach USD 3.0 billion by 2026 from USD 2.1 billion in 2021, at a CAGR of 7.5% during the forecast period according to Markets and Markets. Market growth is driven by factors such as rising geriatric population, increasing prevalence of cardiovascular diseases (CVD), technological advancements, and implementation of favorable government regulations in developed countries.

The emergence of the COVID-19 pandemic has changed the delivery of medical care across the world. The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. The COVID-19 outbreak led to curfews and lockdown worldwide, leading to many diagnostic and treatment procedures had been cancelled or postponed around the world, including as many as 2.3 million cancer surgeries according to one study. Clinical trials in oncology have also been affected, with about 170 studies suspended due to Covid-19, according to a report by Evaluate Vantage. It has mild-moderately affected the growth of the ECG cables and lead wires. As stringencies with respect to curfews and social distancing have become more liberal, the demand is expected to grow. However, a resurgence in demand of ECG cables and leadwires is being seen as countries gradually ease restrictions on movement.

During the COVID 19 pandemic crisis, cardiac patients are more exposed to the virus. Major companies operating in ECG cables and lead wires markets have scaled up their operations to address the patient’s needs. The demand for the ECG cable and lead wires is rising, as there is a growing number of patients with cardiac diseases, heart strokes, and other chronic diseases after the pandemic. It is expected that this market is growing at a higher rate as the number of COVID 19 patients are suffering from cardiac arrests.

The rising prevalence of CVD is creating a requirement for cardiac care centers that are well-equipped with affordable and advanced ECG devices to enable early and effective detection and treatment; the demand is gradually rising in lower and middle-income countries of Latin America, Asia-Pacific, and the Middle East and Africa. Moreover, healthcare systems in developed countries across North America and Europe are witnessing a greater requirement of affordable remote monitoring systems due to the rising healthcare expenditure. These factors are expected to increase the demand for ECG devices and in turn drive the market for ECG cables and lead wires in the coming years.

Developing countries such as China, India, Brazil, Russia, and South Africa are potential high-growth markets for ECG cables and lead wires. China and India are home to more than one-third of the global population. Rapid urbanization, changing diets, sedentary lifestyles, and use of tobacco and alcohol have increased the prevalence of cardiovascular diseases (CVDs) in these countries. Moreover, these countries have a high prevalence of hypertension, dyslipidemia, diabetes, and obesity, which are major risk factors for CVDs. Considering these factors, the demand for diagnostic ECG devices and consumables is expected to increase in emerging markets such as China and India in the coming years.

Reusable ECG cables have a high risk of cross-contamination by resistant bacteria, resulting in hospital-acquired infections in patients. In a point prevalence study that included 231,459 patients across 947 hospitals concluded that about 19.5% of patients in ICU had at least one Healthcare-Associated Infections (HAI). In American hospitals alone, the Centers for Disease Control (CDC) estimates that Healthcare-Associated Infections (HAIs) account for an estimated 1.7 million infections and 99,000 associated deaths each year. CDC shows that, US hospitals saw significant increases in HAIs in 2020, largely because of the COVID-19 pandemic. The use of disposable cables over reusable cables is an effective way of reducing the incidence of HAIs. However, the higher overall cost associated with the use of disposable cables is a major factor limiting their adoption among end users.

The pressing need for fast, accurate, easy to use, and affordable monitoring of cardiac health has resulted in the development of disruptive high-tech innovative cardiac care solutions. The miniaturization of computing technology has provided the market with digital handheld ECG devices smaller than a tablet. These devices have updated software that offers cloud-based storage functionalities. Furthermore, these devices can have an interface with a smartphone to record, store, and transfer ECG data wirelessly with the help of Bluetooth or Wi-Fi. For instance, the Kardia Mobile device by AliveCor, Inc. is smaller than a credit card and captures single-lead ECG events in 30 seconds. The device is compatible with Android and Apple devices and has a cloud-based storage system.

The ECG cables and lead wires market is consolidated. The top players in this market are Cardinal Health, Inc. (US), and 3M Company (US), Becton, Dickinson and Company (US), GE Healthcare (US) and Koninklijke Philips N.V. (Netherlands). These players lead the market because of their extensive product portfolios and wide geographic presence. There is a high degree of competition among the market players. Only major companies can afford high-capital investments as well as the high cost of R&D and manufacturing. This will prevent new entrants from entering this market.

In 2020,ECG lead wires and ECG cables segment accounted for the largest share of the ECG cables and lead wires market, by type segment, in 2020
ECG cables and lead wires market is segmented into ECG lead wires and ECG cables. The ECG lead wires market is divided into 12-lead ECG lead wires, 5- lead ECG lead wires, 3-lead ECG lead wires, 6-lead ECG lead wires, single-lead ECG lead wire, and other ECG lead wires (15- and 18-lead ECG lead wires). In 2020, the 12-lead ECG lead wires segment accounted for the largest share of the ECG lead wires and ECG cables market. The large share of this segment can be attributed to the wide usage by paramedics to diagnose acute myocardial infarction (AMI) and reduce treatment time.

In 2020, TPE (thermoplastic elastomer) segment accounted for the largest share in the market, by material.
ECG cables and lead wires market is segmented into TPE (thermoplastic elastomer), TPU (thermoplastic polyurethane), and other materials (silicone and PVC). In 2020, the TPE segment accounted for the largest share of the ECG cables and lead wires. The large share of this segment can be attributed to the increased consistency, durability, shore hardness, and flexibility offered compared to other materials.