Electrocardiograph (ECG) Market On To Reach $7.34 Billion By 2028

Market Overview:

Global Electrocardiograph (ECG) market was valued at USD 5.41 billion in 2021 and is expected to reach USD 7.34 billion by the year 2028, at a CAGR of 4.44%.

An electrocardiogram (ECG) measures the electrical activity of the heart to determine its health. An ECG device evaluates and records the electrical activity flowing through the heart. If a patient is experiencing arrhythmia, chest pain, or palpitations, an electrocardiogram (ECG) may be recommended, and an abnormal ECG result can indicate a variety of heart diseases. A normal ECG can reveal the timing of the upper and lower chambers of the heart.

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Market Dynamics:

Driver:

Ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery disease are on the rise. Cardiovascular diseases (CVD) are the leading cause of death worldwide and are associated with unhealthy lifestyles and cardiovascular disease risk factors such as dyslipidemia, hypertension, and diabetes. The American Heart Association estimates that cardiovascular diseases will be the leading cause of death in the United States in 2021, accounting for approximately 868,666 deaths. Moreover, according to the American Heart Association (AHA), arrhythmias affect an estimated 4 million Americans, resulting in a half-million deaths annually. Overall, rising occurrences are anticipated to generate demand for ECG devices, resulting in a substantial expansion of the ECG market.

Opportunities:

The increasing global elderly population presents an opportunity for the ECG market. It is anticipated that the high prevalence of chronic diseases among the elderly will contribute to the rising risk of cardiovascular diseases. According to the World Ageing Report, the number of individuals aged 65 and older will increase from 703 million (9.1%) in 2019 to 1.5 billion (15.9%) in 2050. As the elderly population continues to grow, the prevalence of cardiovascular diseases is expected to increase, as they are more susceptible to chronic disorders, which presents lucrative growth opportunities for the ECG Market.

Key Chapter Will Be Provided In The Report

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis
•SWOT Analysis

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Segmentation Analysis of Electrocardiograph (ECG) Market

Based on Product, the rest ECG systems segment held the major share of USD 1993.26 million of the market in 2020, and it may witness a high CAGR over the forecast period. Rest ECG is most widely used in clinical routines of all kinds; however, testing systems are evolving continuously. There has been a trend over the past decade toward smaller, more compact, mobile ECG monitoring systems, which are likely to drive the demand for wireless resting ECG systems. There are also various recent advances seen in ECG stress testing systems that include better waveform analysis algorithms, improved connectivity with electronic medical records, and wireless lead systems to untether patients from the machines. These advances have helped the growth of the overall market.

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Based on Technology, the wireless ECG systems segment is expected to witness the fastest growth, with a high CAGR over the forecast period. Portable ECG systems are used to diagnose an arrhythmia, which provides full disclosure ECG signal, complete data, analysis, comprehensive reporting, and allows for heart monitoring at home. Thus, the aforementioned factors are expected to contribute to the overall segment growth over the forecast period. The demand for wireless ECG systems is increasing due to the growing geriatric population, increasing incidence of cardiovascular diseases, declining cost of wireless technologies, and technological advancements in remote monitoring technologies.

Based on Lead Type, the 12 lead ECG segment held the major share of USD 2980.59 million of the market in 2020, and it may witness a high CAGR over the forecast period. The standard 12-lead electrocardiogram is a representation of the heart's electrical activity recorded from electrodes on the body surface. It is the most widely used tool for the early diagnosis of heart diseases. Different wireless, single-lead real-time electrocardiogram devices are commercially available for efficient screening, monitoring, and on-demand diagnosis. 1-lead ECG recorders are primarily used for basic heart monitoring, checking for various arrhythmias, or simple educational or research purposes.

Based on End-Users, the hospital's segment accounted for the largest share in the market. In 2019, the hospitals, clinics, & cardiac care centres segment registered for the highest share of the market. The highest share of this segment can especially be attributed to the rising burden of cardiovascular diseases, which, in demand, is growing the need for quality cardiology care and rising the number of patient visits to physician offices for the diagnosis of CVD, and the availability of reimbursements for Holter & event monitors over developed markets.

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By Type

•Rest ECG Systems
•Stress ECG Systems
•Holter ECG Systems
•Event Recorders
•Other

By Technology

•Portable ECG Systems
•Wireless ECG Systems

By Lead Type

•Single-Lead ECG
•3-6 Lead ECG
•12 Lead ECG

By End Users

•Home-Based Users
•Hospitals
•Other

Regional Insights

The North American region dominates the market, followed by the Asia Pacific and Europe. In North America, the United States is expected to hold the major share of the market studied. The United States holds the largest share in the Electrocardiograph (ECG) market, which is majorly due to the high adoption of advanced technologies and the increasing trend for home health care monitoring, and the rising incidence of cardiovascular diseases. The electrocardiograph market in Germany is growing due to rising healthcare expenditure, and the increasing prevalence of cardiovascular diseases is fuelling the market growth.

By Region

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)

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Players Covered in Electrocardiograph (ECG) market are :

•GE Healthcare
•Koninklinje Philips NV
•Nihon Kohden Corporation
•Schiller AG
•OSI Systems Inc. (Spacelabs Healthcare)
•AliveCor
•Mindray Medical International Limited
•Medtronic PLC
•Hill-Rom Holdings Inc. (Welch Allyn) and others major players.

The report provides insights on the following pointers:

1.Market Penetration: Offers comprehensive information on the market offered by the key players

2.Market Analysis: Provides detailed information on lucrative growing markets and examines market penetration across mature segments.

3.Market Diversification: Details regarding new product launches, untapped geographies, recent developments, and investments are provided.

4.Competitive Landscape: Provides an in-depth analysis of the top companies' market shares, strategies, products, certification, regulatory approvals, patent landscape, and production capabilities.

5.Industry Dynamics and Factors: Offers insightful information about future technologies, R&D initiatives, and game-changing product breakthroughs.

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