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Synopsis
ECG (Electrocardiogram) Device is a device which records the heart activities through electric signals and are amplified on the ECG monitor. ECG devices are used to diagnose types of heart diseases and arrhythmias in a person’s body therefore assist the appropriate therapy. The ECG test is noninvasive and painless procedure and determines abnormality patterns in heart. There are four different types of ECG device which determine heart activities of body under certain condition or activities.
The high adoption rate of new technology is expected to boost the market in the U.S. for ECG holter monitoring devices. The U.S. is expected to remain dominant market for ECG devices whereas APAC region is expected to witness highest growth due to large number of population suffering from cardiovascular diseases and increase in budding manufacturers providing ECG device at competitive prices.
The global ECG Devices market was valued at US$ 3744.2 million in 2020 and is expected to reach US$ 5438.3 million by the end of 2027, growing at a CAGR of 5.0% during 2021-2027.
This report focuses on ECG Devices volume and value at the global level, regional level and company level. From a global perspective, this report represents overall ECG Devices market size by analysing historical data and future prospect. Regionally, this report focuses on several key regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
Global ECG Devices Market: Segment Analysis
The research report includes specific segments by region (country), by company, by Type and by Application. This study provides information about the sales and revenue during the historic and forecasted period of 2016 to 2027. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Segment by Type
- ECG Resting System
- ECG Holter Monitoring System
- ECG Stress Testing System
- Cardiopulmonary Stress Testing System
Segment by Application
- Hospitals
- Diagnostic Centre
- Clinics
- Ambulatory Surgical Centre
By Region
- North America (United States, Canada, Mexico)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Australia, Other Regions)
- Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
- South America (Brazil, Argentina, Rest of South America)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E., South Africa, Other Regions)
By Company
- GE (General Electric)
- Philips
- Hill-Rom
- Schiller
- Nihon Kohden
- Mortara Instrument
- Spacelabs Healthcare
- Fukuda Denshi
Scope of the ECG Devices Market Report
|
Report Metric |
Details |
|
Report Name |
ECG Devices Market |
|
Market size in 2020 |
US$ 3744.2 Million |
|
The revenue forecast in 2027 |
US$ 5438.3 Million |
|
Growth Rate |
CAGR of 5.0% from 2021 to 2027 |
|
Market size available for years |
2020-2027 |
|
Forecast units |
Value (USD) & Volume (Units) |
|
Segments covered |
Types, End-User / Applications, Companies, and Region |
|
Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
|
Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Index
1 ECG Devices Market Overview
1.1 Product Overview and Scope of ECG Devices
1.2 ECG Devices Segment by Type
1.2.1 Global ECG Devices Sales Growth Rate Comparison by Type (2021-2027)
1.2.2 ECG Resting System
1.2.3 ECG Holter Monitoring System
1.2.4 ECG Stress Testing System
1.2.5 Cardiopulmonary Stress Testing System
1.3 ECG Devices Segment by Application
1.3.1 Global ECG Devices Sales Comparison by Application: (2021-2027)
1.3.2 Hospitals
1.3.3 Diagnostic Centre
1.3.4 Clinics
1.3.5 Ambulatory Surgical Centre
1.4 Global ECG Devices Market Size Estimates and Forecasts
1.4.1 Global ECG Devices Revenue 2016-2027
1.4.2 Global ECG Devices Sales 2016-2027
1.4.3 ECG Devices Market Size by Region: 2016 Versus 2021 Versus 2027
2 ECG Devices Market Competition by Manufacturers
2.1 Global ECG Devices Sales Market Share by Manufacturers (2016-2021)
2.2 Global ECG Devices Revenue Market Share by Manufacturers (2016-2021)
2.3 Global ECG Devices Average Price by Manufacturers (2016-2021)
2.4 Manufacturers ECG Devices Manufacturing Sites, Area Served, Product Type
2.5 ECG Devices Market Competitive Situation and Trends
2.5.1 ECG Devices Market Concentration Rate
2.5.2 The Global Top 5 and Top 10 Largest ECG Devices Players Market Share by Revenue
2.5.3 Global ECG Devices Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.6 Manufacturers Mergers & Acquisitions, Expansion Plans
3 ECG Devices Retrospective Market Scenario by Region
3.1 Global ECG Devices Retrospective Market Scenario in Sales by Region: 2016-2021
3.2 Global ECG Devices Retrospective Market Scenario in Revenue by Region: 2016-2021
3.3 North America ECG Devices Market Facts & Figures by Country
3.3.1 North America ECG Devices Sales by Country
3.3.2 North America ECG Devices Revenue by Country
3.3.3 U.S.
3.3.4 Canada
3.4 Europe ECG Devices Market Facts & Figures by Country
3.4.1 Europe ECG Devices Sales by Country
3.4.2 Europe ECG Devices Revenue by Country
3.4.3 Germany
3.4.4 France
3.4.5 U.K.
3.4.6 Italy
3.4.7 Russia
3.5 Asia Pacific ECG Devices Market Facts & Figures by Region
3.5.1 Asia Pacific ECG Devices Sales by Region
3.5.2 Asia Pacific ECG Devices Revenue by Region
3.5.3 China
3.5.4 Japan
3.5.5 South Korea
3.5.6 India
3.5.7 Australia
3.5.8 Taiwan
3.5.9 Indonesia
3.5.10 Thailand
3.5.11 Malaysia
3.5.12 Philippines
3.5.13 Vietnam
3.6 Latin America ECG Devices Market Facts & Figures by Country
3.6.1 Latin America ECG Devices Sales by Country
3.6.2 Latin America ECG Devices Revenue by Country
3.6.3 Mexico
3.6.4 Brazil
3.6.5 Argentina
3.7 Middle East and Africa ECG Devices Market Facts & Figures by Country
3.7.1 Middle East and Africa ECG Devices Sales by Country
3.7.2 Middle East and Africa ECG Devices Revenue by Country
3.7.3 Turkey
3.7.4 Saudi Arabia
3.7.5 U.A.E
4 Global ECG Devices Historic Market Analysis by Type
4.1 Global ECG Devices Sales Market Share by Type (2016-2021)
4.2 Global ECG Devices Revenue Market Share by Type (2016-2021)
4.3 Global ECG Devices Price by Type (2016-2021)
5 Global ECG Devices Historic Market Analysis by Application
5.1 Global ECG Devices Sales Market Share by Application (2016-2021)
5.2 Global ECG Devices Revenue Market Share by Application (2016-2021)
5.3 Global ECG Devices Price by Application (2016-2021)
6 Key Companies Profiled
6.1 GE (General Electric)
6.1.1 GE (General Electric) Corporation Information
6.1.2 GE (General Electric) Description and Business Overview
6.1.3 GE (General Electric) ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.1.4 GE (General Electric) ECG Devices Product Portfolio
6.1.5 GE (General Electric) Recent Developments/Updates
6.2 Philips
6.2.1 Philips Corporation Information
6.2.2 Philips Description and Business Overview
6.2.3 Philips ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.2.4 Philips ECG Devices Product Portfolio
6.2.5 Philips Recent Developments/Updates
6.3 Hill-Rom
6.3.1 Hill-Rom Corporation Information
6.3.2 Hill-Rom Description and Business Overview
6.3.3 Hill-Rom ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.3.4 Hill-Rom ECG Devices Product Portfolio
6.3.5 Hill-Rom Recent Developments/Updates
6.4 Schiller
6.4.1 Schiller Corporation Information
6.4.2 Schiller Description and Business Overview
6.4.3 Schiller ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.4.4 Schiller ECG Devices Product Portfolio
6.4.5 Schiller Recent Developments/Updates
6.5 Nihon Kohden
6.5.1 Nihon Kohden Corporation Information
6.5.2 Nihon Kohden Description and Business Overview
6.5.3 Nihon Kohden ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.5.4 Nihon Kohden ECG Devices Product Portfolio
6.5.5 Nihon Kohden Recent Developments/Updates
6.6 Mortara Instrument
6.6.1 Mortara Instrument Corporation Information
6.6.2 Mortara Instrument Description and Business Overview
6.6.3 Mortara Instrument ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.6.4 Mortara Instrument ECG Devices Product Portfolio
6.6.5 Mortara Instrument Recent Developments/Updates
6.7 Spacelabs Healthcare
6.6.1 Spacelabs Healthcare Corporation Information
6.6.2 Spacelabs Healthcare Description and Business Overview
6.6.3 Spacelabs Healthcare ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.4.4 Spacelabs Healthcare ECG Devices Product Portfolio
6.7.5 Spacelabs Healthcare Recent Developments/Updates
6.8 Fukuda Denshi
6.8.1 Fukuda Denshi Corporation Information
6.8.2 Fukuda Denshi Description and Business Overview
6.8.3 Fukuda Denshi ECG Devices Sales, Revenue and Gross Margin (2016-2021)
6.8.4 Fukuda Denshi ECG Devices Product Portfolio
6.8.5 Fukuda Denshi Recent Developments/Updates
7 ECG Devices Manufacturing Cost Analysis
7.1 ECG Devices Key Raw Materials Analysis
7.1.1 Key Raw Materials
7.1.2 Key Suppliers of Raw Materials
7.2 Proportion of Manufacturing Cost Structure
7.3 Manufacturing Process Analysis of ECG Devices
7.4 ECG Devices Industrial Chain Analysis
8 Marketing Channel, Distributors and Customers
8.1 Marketing Channel
8.2 ECG Devices Distributors List
8.3 ECG Devices Customers
9 ECG Devices Market Dynamics
9.1 ECG Devices Industry Trends
9.2 ECG Devices Growth Drivers
9.3 ECG Devices Market Challenges
9.4 ECG Devices Market Restraints
10 Global Market Forecast
10.1 ECG Devices Market Estimates and Projections by Type
10.1.1 Global Forecasted Sales of ECG Devices by Type (2022-2027)
10.1.2 Global Forecasted Revenue of ECG Devices by Type (2022-2027)
10.2 ECG Devices Market Estimates and Projections by Application
10.2.1 Global Forecasted Sales of ECG Devices by Application (2022-2027)
10.2.2 Global Forecasted Revenue of ECG Devices by Application (2022-2027)
10.3 ECG Devices Market Estimates and Projections by Region
10.3.1 Global Forecasted Sales of ECG Devices by Region (2022-2027)
10.3.2 Global Forecasted Revenue of ECG Devices by Region (2022-2027)
11 Research Finding and Conclusion
12 Methodology and Data Source
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Source
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Author List
12.4 Disclaimer
List of Tables
List of Tables
Table 1. Global ECG Devices Sales (K Units) Growth Rate Comparison by Type (2021-2027)
Table 2. Global ECG Devices Sales (K Units) Comparison by Application (2021-2027)
Table 3. Global ECG Devices Market Size by Region (US$ Million) (2016 VS 2021 VS 2027)
Table 4. Key Manufacturers ECG Devices Covered in This Study
Table 5. Global ECG Devices Sales (K Units) of Key Manufacturers (2016-2021)
Table 6. Global ECG Devices Sales Market Share by Manufacturers (2016-2021)
Table 7. Global ECG Devices Revenue (US$ Million) by Manufacturers (2016-2021)
Table 8. Global ECG Devices Revenue Share by Manufacturers (2016-2021)
Table 9. Global Market ECG Devices Average Price (USD/Unit) of Key Manufacturers (2016-2021)
Table 10. Manufacturers ECG Devices Manufacturing Sites and Area Served
Table 11. Manufacturers ECG Devices Product Type
Table 12. Global Manufacturers Market Concentration Ratio (CR5 and HHI)
Table 13. Global ECG Devices by Company Type (Tier 1, Tier 2 and Tier 3) (based on the Revenue in ECG Devices as of 2020)
Table 14. Manufacturers Mergers & Acquisitions, Expansion Plans
Table 15. Global ECG Devices Sales by Region (2016-2021) & (K Units)
Table 16. Global ECG Devices Sales Market Share by Region (2016-2021)
Table 17. Global ECG Devices Revenue by Region (2016-2021) & (US$ Million)
Table 18. North America ECG Devices Sales by Country (2016-2021) & (K Units)
Table 19. North America ECG Devices Sales Market Share by Country (2016-2021)
Table 20. North America ECG Devices Revenue by Country (2016-2021) & (US$ Million)
Table 21. North America ECG Devices Revenue Market Share by Country (2016-2021)
Table 22. Europe ECG Devices Sales by Country (2016-2021) & (K Units)
Table 23. Europe ECG Devices Sales Market Share by Country (2016-2021)
Table 24. Europe ECG Devices Revenue by Country (2016-2021) & (US$ Million)
Table 25. Europe ECG Devices Revenue Market Share by Country (2016-2021)
Table 26. Asia Pacific ECG Devices Sales by Region (2016-2021) & (K Units)
Table 27. Asia Pacific ECG Devices Sales Market Share by Region (2016-2021)
Table 28. Asia Pacific ECG Devices Revenue by Region (2016-2021) & (US$ Million)
Table 29. Asia Pacific ECG Devices Revenue Market Share by Region (2016-2021)
Table 30. Latin America ECG Devices Sales by Country (2016-2021) & (K Units)
Table 31. Latin America ECG Devices Sales Market Share by Country (2016-2021)
Table 32. Latin America ECG Devices Revenue by Country (2016-2021) & (US$ Million)
Table 33. Latin America ECG Devices Revenue Market Share by Country (2016-2021)
Table 34. Middle East and Africa ECG Devices Sales by Country (2016-2021) & (K Units)
Table 35. Middle East and Africa ECG Devices Sales Market Share by Country (2016-2021)
Table 36. Middle East and Africa ECG Devices Revenue by Country (2016-2021) & (US$ Million)
Table 37. Middle East and Africa ECG Devices Revenue Market Share by Country (2016-2021)
Table 38. Global ECG Devices Sales (K Units) by Type (2016-2021)
Table 39. Global ECG Devices Sales Market Share by Type (2016-2021)
Table 40. Global ECG Devices Revenue (Million US$) by Type (2016-2021)
Table 41. Global ECG Devices Revenue Share by Type (2016-2021)
Table 42. Global ECG Devices Price (USD/Unit) by Type (2016-2021)
Table 43. Global ECG Devices Sales (K Units) by Application (2016-2021)
Table 44. Global ECG Devices Sales Market Share by Application (2016-2021)
Table 45. Global ECG Devices Revenue (Million US$) by Application (2016-2021)
Table 46. Global ECG Devices Revenue Share by Application (2016-2021)
Table 47. Global ECG Devices Price (USD/Unit) by Application (2016-2021)
Table 48. GE (General Electric) Corporation Information
Table 49. GE (General Electric) Description and Business Overview
Table 50. GE (General Electric) ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 51. GE (General Electric) ECG Devices Product
Table 52. GE (General Electric) Recent Developments/Updates
Table 53. Philips Corporation Information
Table 54. Philips Description and Business Overview
Table 55. Philips ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 56. Philips ECG Devices Product
Table 57. Philips Recent Developments/Updates
Table 58. Hill-Rom Corporation Information
Table 59. Hill-Rom Description and Business Overview
Table 60. Hill-Rom ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 61. Hill-Rom ECG Devices Product
Table 62. Hill-Rom Recent Developments/Updates
Table 63. Schiller Corporation Information
Table 64. Schiller Description and Business Overview
Table 65. Schiller ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 66. Schiller ECG Devices Product
Table 67. Schiller Recent Developments/Updates
Table 68. Nihon Kohden Corporation Information
Table 69. Nihon Kohden Description and Business Overview
Table 70. Nihon Kohden ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 71. Nihon Kohden ECG Devices Product
Table 72. Nihon Kohden Recent Developments/Updates
Table 73. Mortara Instrument Corporation Information
Table 74. Mortara Instrument Description and Business Overview
Table 75. Mortara Instrument ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 76. Mortara Instrument ECG Devices Product
Table 77. Mortara Instrument Recent Developments/Updates
Table 78. Spacelabs Healthcare Corporation Information
Table 79. Spacelabs Healthcare Description and Business Overview
Table 80. Spacelabs Healthcare ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 81. Spacelabs Healthcare ECG Devices Product
Table 82. Spacelabs Healthcare Recent Developments/Updates
Table 83. Fukuda Denshi Corporation Information
Table 84. Fukuda Denshi Description and Business Overview
Table 85. Fukuda Denshi ECG Devices Sales (K Units), Revenue (Million US$), Price (USD/Unit) and Gross Margin (2016-2021)
Table 86. Fukuda Denshi ECG Devices Product
Table 87. Fukuda Denshi Recent Developments/Updates
Table 88. Production Base and Market Concentration Rate of Raw Material
Table 89. Key Suppliers of Raw Materials
Table 90. ECG Devices Distributors List
Table 91. ECG Devices Customers List
Table 92. ECG Devices Market Trends
Table 93. ECG Devices Growth Drivers
Table 94. ECG Devices Market Challenges
Table 95. ECG Devices Market Restraints
Table 96. Global ECG Devices Sales Forecast by Type (2022-2027) & (K Units)
Table 97. Global ECG Devices Sales Market Share Forecast by Type (2022-2027)
Table 98. Global ECG Devices Revenue Forecast by Type (2022-2027) & (US$ Million)
Table 99. Global ECG Devices Revenue Market Share Forecast by Type (2022-2027)
Table 100. Global ECG Devices Sales Forecast by Application (2022-2027) & (K Units)
Table 101. Global ECG Devices Sales Market Share Forecast by Application (2022-2027)
Table 102. Global ECG Devices Revenue Forecast by Application (2022-2027) & (US$ Million)
Table 103. Global ECG Devices Revenue Market Share Forecast by Application (2022-2027)
Table 104. Global ECG Devices Sales Forecast by Region (2022-2027) & (K Units)
Table 105. Global ECG Devices Sales Market Share Forecast by Region (2022-2027)
Table 106. Global ECG Devices Revenue Forecast by Region (2022-2027) & (US$ Million)
Table 107. Global ECG Devices Revenue Market Share Forecast by Region (2022-2027)
Table 108. Research Programs/Design for This Report
Table 109. Key Data Information from Secondary Sources
Table 110. Key Data Information from Primary Sources
List of Figures
Figure 1. Product Picture of ECG Devices
Figure 2. Global ECG Devices Market Share by Type in 2020 & 2027
Figure 3. ECG Resting System Product Picture
Figure 4. ECG Holter Monitoring System Product Picture
Figure 5. ECG Stress Testing System Product Picture
Figure 6. Cardiopulmonary Stress Testing System Product Picture
Figure 7. Global ECG Devices Market Share by Application in 2020 & 2027
Figure 8. Hospitals
Figure 9. Diagnostic Centre
Figure 10. Clinics
Figure 11. Ambulatory Surgical Centre
Figure 12. Global ECG Devices Revenue, (US$ Million), 2016 VS 2021 VS 2027
Figure 13. Global ECG Devices Market Size 2016-2027 (US$ Million)
Figure 14. Global ECG Devices Sales 2016-2027 (K Units)
Figure 15. Global ECG Devices Market Size Market Share by Region: 2016 VS 20210 VS 2027
Figure 16. ECG Devices Sales Share by Manufacturers in 2020
Figure 17. Global ECG Devices Revenue Share by Manufacturers in 2020
Figure 18. The Global 5 and 10 Largest ECG Devices Players: Market Share by Revenue in 2020
Figure 19. ECG Devices Market Share by Company Type (Tier 1, Tier 2 and Tier 3): 2016 VS 2021
Figure 20. Global ECG Devices Sales Market Share by Region (2016-2021)
Figure 21. Global ECG Devices Sales Market Share by Region in 2020
Figure 22. Global ECG Devices Revenue Market Share by Region (2016-2021)
Figure 23. Global ECG Devices Revenue Market Share by Region in 2020
Figure 24. U.S. ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 25. Canada ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 26. Germany ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 27. France ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 28. U.K. ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 29. Italy ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 30. Russia ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 31. China ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 32. Japan ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 33. South Korea ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 34. India ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 35. Australia ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 36. Taiwan ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 37. Indonesia ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 38. Thailand ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 39. Malaysia ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 40. Philippines ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 41. Vietnam ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 42. Mexico ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 43. Brazil ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 44. Argentina ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 45. Turkey ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 46. Saudi Arabia ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 47. U.A.E ECG Devices Revenue Growth Rate (2016-2021) (US$ Million)
Figure 48. Sales Market Share of ECG Devices by Type (2016-2021)
Figure 49. Sales Market Share of ECG Devices by Application (2016-2021)
Figure 50. Sales Market Share of ECG Devices by Application in 2020
Figure 51. Revenue Share of ECG Devices by Application (2016-2021)
Figure 52. Revenue Share of ECG Devices by Application in 2020
Figure 53. Manufacturing Cost Structure of ECG Devices
Figure 54. Manufacturing Process Analysis of ECG Devices
Figure 55. ECG Devices Industrial Chain Analysis
Figure 56. Channels of Distribution
Figure 57. Distributors Profiles
Figure 58. Bottom-up and Top-down Approaches for This Report
Figure 59. Data Triangulation
Figure 60. Key Executives Interviewed
Published By : QY Research
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