The global market for Cables & 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.
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.