Electrocardiograph (ECG) Market

Electrocardiograph (ECG) Market Research, 2030

The global electrocardiograph (ecg) market was valued at $8.3 billion in 2020, and is projected to reach $18.4 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.Electrocardiograph (ECG) is a device that records surface potentials associated with the electrical activity of heart. The surface potentials are conducted to instrument by metal contacts called electrodes, which are fixed to various parts of the body. Electrodes are attached to four limbs and over the heart.

The Electrocardiograph market has been impacted by Covid-19, which includes a significant drop in Electrocardiograph sales due to a lack of visits to healthcare facilities such as hospitals and clinics. The spread of the coronavirus also has an impact on workforce and staffing issues, as well as procedural prioritisation. These factors have influenced the Electrocardiograph market by causing cancellation of primary care appointments at hospitals and reflecting patients' concerns about infection.

ECG monitoring devices such as resting ECG, stress ECG, and Holter monitors help to identify and provide information about abnormal functioning of the heart. According to the Centers for Disease Control and Prevention, cardiovascular diseases are the most common health problems faced by people across the globe, with high mortality rate accounting for 696,962 deaths in 2020 in the U.S. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide and result in around 17.9 million deaths each year. This propels the demand for ECG attributable to increase in number of ECG tests conducted for individuals susceptible to cardiac diseases. The other key factors that boost the growth of ECG market share include technological advancements in ECG devices, rise in incidence of cardiovascular diseases globally, and favorable government regulations regarding monitoring devices. Moreover, rise in geriatric population is expected to foster the ECG market size.

Increase in R&D activities of advanced technology for electrocardiograph device is driving the market. New product development and innovation in designing in electrocardiograph contribute toward the market growth. For instance, in 2020, AliveCor, a U.S.-based company, launched KardiaMobile 6L, which is a personal ECG device in India. In addition, the introduction of remote monitoring devices with single lead and portable ECG systems is set to the drive the growth of the market.

However, certain aspects such as unfavorable reimbursement policies and increase in market saturation hamper the market growth. Along with this, lack of skilled professionals to operate electrocardiograph acts as a challenging factor for the growth of the market.

The global ECG Market analysis is segmented into product, end user, lead type, and region. By product, the market is categorized into resting electrocardiograph, stress electrocardiograph, and Holter monitors, and others.

On the basis of end user, it is segregated in hospitals & clinics, home setting & ambulatory surgical centers (ASCs), and others.

Depending on lead type, it is fragmented into single lead ECG, 2 lead ECG, 3 lead ECG, 6 lead ECG, and 12 lead ECG.

Region wise, the ECG market growth is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).

Segment Review

Depending on product, the resting electrocardiograph (ECG) segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to as these ECG devices are highly adopted for the basic cardiac monitoring of patients. Several market players are focused towards developing advanced ECG systems that can be ideal for the diagnosis of cardiovascular diseases. However, the Holter monitors segment is expected to witness considerable growth during the forecast period, due to increasing demand for the detection of cardiac arrhythmias along with the diagnosis of patients suffering from cardiac arrhythmias. In addition, the utilization of Holter monitors has been extended into quantification of arrhythmias, evaluation of the antiarrhythmic therapy, and analyzing prognostic aspects of the arrhythmias.

On the basis of end user, the hospitals & clinics segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to large-scale adoption of ECG systems by hospitals along with routine utilization of the ECG tests by the physicians. However, the home setting and ambulatory surgical centers (ASCs) segment is expected to witness considerable growth during the forecast period, due to increasing recommendation of ECG tests prior to and post surgeries in the ambulatory surgical centers.

On the basis of lead type, the 6 lead ECG segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increasing demand for 6 lead ECG in the diagnosis of cardiac disorders, which enable the doctor to have a clear view of the interior portion of the heart. However, the 12 lead ECG segment is expected to witness considerable growth during the forecast period, due to increasing utilization of 12-lead ECG systems as an experienced physician can view the interior of the heart from many different angles.

Region wise, North America electrocardiograph market garnered the major share in the ECG industry in 2020, and is expected to dominate the global ECG market during the forecast period, owing to high prevalence of cardiovascular diseases, increased healthcare expenditure, and large geriatric population base. However, Asia-Pacific is expected to register the highest CAGR of 10.2% from 2021 to 2030, owing to increasing penetration of the wearable ECG devices in the region. Moreover, Asia-Pacific is expected to grow at high CAGR in India ECG market size.

The key players operating in the global Electrocardiograph (ECG) market include Ambu A/S, Baxter International Inc., BPL Medical Technologies Private Limited, Fukuda Denshi Co. Ltd., Johnson & Johnson, Koninklijke Philips N.V., Medtronic Plc., Nihon Kohden Corporation, Schiller AG, and Shenzhen Mindray Bio-Medical Electronics Co.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ECG market opportunity from 2020 to 2030 to identify the prevailing ECG market trends.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the ECG market share segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The ECG industry report includes the analysis of the regional as well as global electrocardiograph (ecg) market trends, key players, market segments, application areas, and market growth strategies.

 Electrocardiograph (ECG) Market Report Highlights