India ECG Equipments Market Report 2022 to 2030

India ECG Equipments Market Analysis

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The India ECG Equipment Market is expected to witness growth from $162 Mn in 2022 to $355 Mn in 2030 with a CAGR of 10.30% for the forecasted year 2022-2030. India has a high rate of heart attacks and arrhythmias, which is increasing the demand for ECG devices. The market is segmented by product type and by the end user. Some key players in this market include BPL Medical Technologies, Schiller India, Johnson & Johnson, Philipps Healthcare, Medtronic, Biolight and Dexcom.

ID: IN10INMD008 CATEGORY: Medical Devices GEOGRAPHY: India AUTHOR: Jigyasu Bhandari

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India ECG Equipment Healthcare Market Executive Analysis

The India ECG Equipment Market size is at around $162 Mn in 2022 and is projected to reach $355 Mn in 2030, exhibiting a CAGR of 10.30% during the forecast period. The Union Budget for 2023 in India includes a staggering $10.75 Bn for health expenses, an increase of $0.28 Bn or 2.71% from the $10.47 Bn in FY23. Budget estimates for the Ministry of Health for 2022–2023 were initially $10.42 billion but were later reduced to $9.57 billion for the same period. An estimated $10.78 billion will be invested in 2023. In India, healthcare expenditure is down to 1.97% from last year's 2.2% of the budget.

In India, heart attacks are the main reason for death. 2.8 million deaths in India from cardiovascular illnesses were recorded in 2021, or about 28% of all fatalities there. In India, the prevalence of heart attacks was 7.6%, with males experiencing more of them than women. In India, ECG equipment is frequently used for cardiac condition diagnosis and monitoring. The electrical activity of the heart is measured by ECG machines, which also produce a graphic depiction of this activity that can be used to spot irregularities in the heart's rhythm and architecture. India has a wide range of settings where ECG equipment is used, including hospitals, clinics, and basic care facilities. Since ECGs can quickly and precisely identify changes in the heart's electrical activity that may suggest a heart attack, their use is especially crucial in the diagnosis and treatment of heart attacks. ECG equipment is used to detect other heart conditions, such as arrhythmias, heart block, and ischemia, in addition to the diagnosis of heart attacks. ECGs are also used to evaluate the risk of future cardiac events and to track the efficacy of heart condition therapies.

India ECG Equipment Market Analysis

Market Dynamics

Market Growth Drivers

India has a high rate of heart attacks and arrhythmias, which is increasing the demand for ECG devices. The incidence of heart disease is predicted to rise as the Indian population continues to age and lead sedentary lifestyles, presenting development possibilities for ECG equipment manufacturers. Particularly in rural and remote regions with restricted access to medical facilities, there is a rising demand for portable and wireless ECG devices in India. The ability to conduct ECG tests on patients in a variety of situations thanks to portable and wireless ECG devices is leading to an increase in the use of ECG equipment in India.

Market Restraints

In India, low-cost imports of ECG devices, especially from Chinese producers, pose a serious threat. These inexpensive imports could drive down the cost of locally made ECG devices, limiting domestic producers' ability to expand. ECG equipment is comparatively expensive, which can be a big barrier to adoption, especially for smaller hospitals and clinics. High prices may prevent healthcare providers from investing in novel ECG technology, which may impede market expansion.

Competitive Landscape

Key Players

BPL Medical Technologies (IN)
Schiller India (IN)
Johnson & Johnson
Medtronic
Philipps Healthcare
Dexcom

Healthcare Policies and Regulatory Landscape

The Central Drugs Standard Control Organization (CDSCO) and the Ministry of Health and Family Welfare are in charge of India's healthcare laws and regulations, including those governing the use of ECG devices. The Medical Device Rules, 2017, which seek to simplify the control of medical devices and enhance patient safety, governs how they are used in India. According to the regulations, the degree of danger connected to the use of medical devices determines how they are categorised. ECG equipment is a Class C device, which means it must adhere to more stringent regulation standards than lower-risk devices. Manufacturers must acquire a CDSCO licence in order to sell ECG equipment in India. Compliance with numerous regulatory requirements, such as those relating to clinical data, labelling, and packaging standards, is necessary to obtain the licence. The Bureau of Indian Standards (BIS) has set standards for ECG equipment in addition to CDSCO regulations. Although adherence to these requirements is optional, it can assist manufacturers in raising the calibre and security of their equipment.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

ECG Equipment Market Segmentation

By Product Type (Revenue, USD Billion):

Holter Monitors
Resting ECG Machines
Stress ECG Machines
Event Monitoring Systems
ECG Management Systems
Cardiopulmonary Stress Testing Systems

By End User (Revenue, USD Billion):

Hospitals and Clinics
Diagnostic Centres
Ambulatory Services
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.

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The market is segmented by type and by the end user.

The India ECG Equipment Market is studied from 2022-2030.

BPL Medical Technologies, Schiller India, Johnson & Johnson, Philipps Healthcare, Medtronic, Biolight and Dexcom are the major companies operating in India's ECG Equipment market.