ECG Cables and Lead Wires Market To Generate Revenue Worth $3,071.7 Million by 2030

The global ECG cables and lead wires market is expected to generate $3,071.7 million revenue by 2030, advancing at a considerable rate, of 6.1%, during 2021–2030. The major factors influencing the market growth include the surging prevalence of cardiovascular diseases and the increasing geriatric population across the world. Moreover, during the COVID-19 pandemic, the market witnessed a positive impact, due to the rising cases of cardiovascular diseases and heart-related conditions, owing to the spread of the COVID-19 virus.

ECG Lead Wires Are the Largest Product Type in the Market

The ECG lead wires category generates the largest revenue in the market, mainly driven by the surging sales of 5-lead and 3-lead ECG lead wires, as these are most commonly used in hospitals and clinics as well as ambulatory facilities to diagnose diseases. Among ECG lead wires, the 12-lead ECG lead wires category is expected to witness the fastest growth during the forecast period, as these provide early diagnosis of the diseases.

Demand for Disposable ECG Cables and Lead Wires To Gain Momentum

End users are largely using reusable ECG cables and lead wires; however, they are shifting toward disposable ECG cables and lead wires. Thus, the disposable category is expected to witness faster growth during the forecast period. This can be also attributable to the rising awareness among end users about the cross-contamination, resulting in the spreading of antibiotic-resistant bacteria in patients. However, it will increase the overall cost, but will be offset by the increasing healthcare expenditure by individuals along with the rising disposable income.

North America Leads the Market

The North American ECG cables and lead wires market accounts for approximately 45% of the revenue share. This is attributed to the rising government healthcare expenditure, the growing geriatric population, and the increasing investments by government and private sectors in research and development to introduce advanced products, in the region.

However, the APAC market is projected to grow at the highest growth rate during the forecast period, as developing countries are generating huge demand for these products. Moreover, national governments offer assistance in improving healthcare infrastructure, and companies are expanding their manufacturing bases in regional countries, due to the favorable FDI regulations and lower labor costs compared to developed countries.

Product Launches Are Key Market Strategies to Gain Competitive Edge

In recent years, ECG device manufacturers have been involved in the introduction of technologically advanced ECG devices, resulting in a higher demand for ECG cables and lead wires. For instance, in July 2021, OMRON Healthcare, a health monitoring and therapy firm, launched OMRON Complete, its first single-lead electrocardiogram and blood pressure monitor for home use.

Major players operating in the ECG cables and lead wires market include Cardinal Health, Inc., 3M Company, GE Healthcare, Koninklijke Philips N.V., Abbott Laboratories, Boston Scientific Corporation, CONMED Corporation, Mindray Medical International Limited, Welch Allyn Inc., and Curbell Medical Products Inc.