The Indian ECG equipment market has emerged as one of the most profitable in the patient monitor-ing sector, marking a compound annual growth rate (CAGR) of 12.6 percent from 2010 to 2017. The market showed no signs of slowing down even during the global economic downturn, with the stress ECG/TMT market generating $9.1 million in 2010, at a growth rate of 11.1 percent. However, it is the 6/12-channel ECG equipment market, with a remarkable CAGR of 21.6 percent that is expected to power the market ahead.
Overview of the Electrocardiograph (ECG) Equipment Market in India, finds that the market earned revenues of $26.5 million in 2010 and estimates this to reach $60.7 million in 2017.
The market is benefitting from the rising incidence and awareness of cardiovascular diseases, escalat-ing public expenditure on healthcare services, increasing demand for high-end equity systems, and rapid technological advancements.
End users have shown a marked preference for equipment with more accurate measurements, says Frost & Sullivan Research Analyst. This has created a wider market for high-equity ECG systems (6 and 12 channel ECGs) market, but shrunk the channel ECG market.
Despite the overall vast market potential, participants will face some road blocks while trying to penetrate the rural markets. The inadequate access to healthcare facilities and competition from the low-cost domestic market will peg back participants that are looking to establish a toehold in the Indian market.
The competition between domestic and major market participants has even led to price wars in the single-channel and 3-channel ECG market segments, which have, in turn, eroded the profit margins of prominent market participants.