The Global Market for Cables and Leads for Medical Equipment is Projected to Reach US$6.2 Billion by 2024
Aging Population & Increasing
Incidence of Cardiovascular and Neurological Diseases Drive the Global Market
for Cables and Leads for Medical Equipment, According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market share, size, and demand forecasts on the global Cables
and Leads for Medical Equipment market. The global market for Cables
and Leads for Medical Equipment is projected to reach US$6.2 billion by 2024, driven by the aging
population, rising incidence of cardiovascular and neurological diseases, and
increase in the number of diagnostic procedures such as EEG and ECG.
Monitoring of cardiac and brain functions has assumed huge significance
in modern day medicine, as changes in these functions are often a precursor for
numerous cardiac and degenerative diseases. Consequently, the demand for
medical devices, such as pacemakers, defibrillators, ECG, and EEG equipment, is
increasing. The global demand for such devices is on the rise, driven by aging
population, rising prevalence of chronic diseases, increasing number of
diagnostic procedures, continuing advancements in technology, increasing shift
towards preventive care, and growing demand from emerging markets. Besides,
rising cost of healthcare worldwide and increasing healthcare cost burden on
governments due to long hospital stays are resulting in a shift towards early
diagnosis and treatment. As a result, the number of diagnostic procedures such
as ECG and EEG being carried out is rising each year. Cables and leads used as
connecting instruments in these devices are therefore a growing market
globally.
Cables and leads for ECG devices represent the
largest segment. The global market for electrocardiography (ECG) systems is
growing at a healthy and encouraging pace, due to the increasing prevalence of
cardiovascular diseases, growing geriatric population, technological
advancements in ECG systems, and favourable government support. Technological advancements have led to the development of
state-of-the-art ECG systems, which make possible to monitor cardiac activity
with greater precision and accuracy. ECG lead wires are available in different
types, including single-lead ECG lead
wire, 3-lead, 5- lead, 6- lead, 12- lead, and other lead
wires, such as 15- and 18- lead ECG lead wires. 12-lead ECG lead wire segment
dominates the market. The lead wires are also available as reusable and disposables.
As stated by the new market research report on Cables and Leads for Medical
Equipment, the United States represents the largest market
worldwide. As the baby boomer population continues to age, demand for
pacemakers, defibrillators, electrocardiography (ECG) as well as electroencephalography (EEG)
equipment is expected to grow significantly. While economics,
general health awareness and policy level changes are driving preventive
healthcare in developed markets, rising incomes, growing health awareness,
increasing access to better healthcare, and rising incidences and prevalence of
chronic diseases are driving growth for diagnostic devices in emerging markets. Asia-Pacific represents the fastest growing market,
exhibiting a CAGR of 8.1% during the analysis period.
Key players in the market include 3M Company, Boston Scientific
Corporation, ConMed Corporation, Curbell Medical Products, Inc., Koninklijke
Philips N.V, Medtronic Plc., Schiller Americas Inc., LivaNova PLC, Spacelabs
Healthcare, Inc., and Abbott Laboratories, among others.
The research report titled “Cables
and Leads for Medical Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive
review of market trends, growth drivers, product innovations & launches, and
strategic industry activities of major companies worldwide. The report provides
market estimates and projections for all major geographic markets including the
US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest
of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin
America (Brazil, and Rest of Latin America), and Rest of World. Product segments
analyzed in the report include Pacemaker Leads, Defibrillator Leads, EEG Cables
and Leads, and ECG Cables and Leads.
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