This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, SEC filings of companies and publications from government sources[such as National Institutes of Health (NIH), US FDA, US Census Bureau, World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), European Federation of Pharmaceutical Industries and Associations (EFPIA), American Journal of Drug Delivery and Therapeutics, International Diabetes Federation (IDF), American Association of Diabetes Educators (AADE, Asian Association for the Study of Diabetes (AASD) and Parenteral Drug Association (PDA) were referred to identify and collect information for the global diagnostic electrocardiograph/ECG market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends, to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various companies and organizations in the diagnostic ECG market. The primary sources from the demand side include hospitals & clinics and home care settings. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
Note 1: C-level primaries include CEOs, CFOs, COOs, and VPs.
Note 2: Other designations include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note 3: Companies are classified into tiers based on their total revenue. As of 2024, Tier 1 = >USD 10.00 billion, Tier 2 = USD 1.00 billion to USD 10.00 billion, and Tier 3 = < USD 1.00 billion.
Source: MarketsandMarkets Analysis
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
For the global market value, annual revenues were calculated based on the revenue mapping of major product manufacturers and OEMs active in the global diagnostic ECG market. All the major product manufacturers were identified at the global and/or country/regional level. Revenue mapping for the respective business segments/sub-segments was made for the major players (who contribute at least 70–75% of the market share at the global level). Also, the diagnostic ECG market was split into various segments and sub-segments based on:
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List of major players operating in the diagnostic ECG market at the regional and/or country level
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Product mapping of various diagnostic ECG manufacturers at the regional and/or country level
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Mapping of annual revenue generated by listed major players from diagnostic ECG products (or the nearest reported business unit/product category)
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Revenue mapping of major players to cover at least 70–75% of the global market share as of 2024
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Extrapolation of the revenue mapping of the listed major players to derive the global diagnostic ECG market value of the respective segments/subsegments
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Summation of the market value of all segments/subsegments to arrive at the global diagnostic ECG market
Market Size Estimation (Bottom-up and Top-down Approach)
Data Triangulation
After arriving at the overall size of the global diagnostic ECG market through the methodology mentioned above, this market was split into several segments and subsegments. Where applicable, the data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact market value data for the key segments and subsegments. The extrapolated market data was triangulated by studying various macro indicators and regional trends from both demand- and supply-side participants.
Market Definition
Diagnostic ECG devices detect electrical signals associated with cardiac activities to produce a graphic record of the time versus voltage. These ECG devices are equipped with software that analyses the ECG graph to determine the heart rhythm. Various types of ECG devices—holter monitors, resting ECG devices, stress ECG devices, implantable loop recorders (ILRs), event monitors, mobile cardiac telemetry (MCT) devices, and smart ECG monitors—are used by healthcare professionals to monitor and diagnose cardiac conditions.
Stakeholders
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Manufacturers of diagnostic ECG devices
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Distributors of diagnostic ECG devices
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Hospitals, clinics, and cardiac centers
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Ambulatory surgery centers
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Non-government organizations
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Government regulatory authorities
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Contract manufacturers & third-party suppliers
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Research laboratories & academic institutes
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Clinical research organizations (CROs)
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Government & non-governmental regulatory authorities
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Market research & consulting firms
Report Objectives
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To define, measure, and describe the global diagnostic ECG market by product, lead type, type, deployment/ connectivity, end user, and region
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To provide detailed information about the significant factors influencing the diagnostic ECG market growth (drivers, restraints, challenges, and opportunities)
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To strategically analyze the regulatory, pricing, value chain, supply chain, ecosystem, technology, Porter’s Five Forces, and patent analysis
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To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
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To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
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To forecast the size of market segments in North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
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To strategically analyze the market structure, profile the key players in the global diagnostic ECG market, and comprehensively analyze their core competencies
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To track and analyze company developments such as acquisitions, partnerships, expansions, and product launches & approvals in the diagnostic ECG market
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To track and analyze competitive developments such as mergers & acquisitions, product developments, partnerships, agreements, collaborations, and expansions in the global diagnostic ECG market
Growth opportunities and latent adjacency in Diagnostic Electrocardiograph/ECG Market