According to a new report published by Allied Market Research, titled, “Electrocardiograph (ECG) Market," The electrocardiograph (ecg) market was valued at $8.3 billion in 2020, and is estimated to reach $18.4 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.
ECG device is the most commonly used device as primary diagnosis of heart-related ailments. This is attributed to the fact that ECG interpretation is an efficient method to measure and diagnose arrhythmia as well as adverse health conditions that are associated with abnormal heart beat. In addition, according to CDC, arrhythmias affect more than 4 million patients along with approximately half a million deaths each year in the U.S. Thus, increase in need to perform early and accurate diagnosis of cardiovascular diseases propels the growth of the ECG market size. In addition, rise in prevalence of cardiovascular diseases along with soaring old age population propels the market growth. Moreover, the introduction of novel ECG devices such as handheld ECG devices and ECG devices integrated with artificial intelligence systems supplements the growth of the ECG market share. However, lack of awareness regarding early prevention of cardiovascular diseases in developing economies, unstable reimbursement strategies for ECG devices, and increase in market saturation hamper the market growth. On the contrary, untapped emerging markets and increase in number of mergers, acquisitions, and product launches by market players are expected to offer profitable opportunities for the expansion of ECG market analysis.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the ECG industry, as most hospitals were not operating due to COVID-19 and the ongoing lockdowns in many countries. The spread of COVID-19 led to a major public health issue. COVID-19 affected the ECG market forecast, owing to lack of visits to healthcare facilities such as hospitals and clinics. Moreover, it affected workforce and staffing issues as well as procedural prioritization. Thus, the abovementioned issues affected the ECG Market growth due to cancellation of scheduled visits for primary care at hospitals and reflecting patients concern about infection.
According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “Recent technological advancements in ECG devices with enhanced features such as mobile ECG devices with a wireless system that can transmit data to monitoring stations and improved detection rates boost the ECG market growth. In addition, increase in awareness regarding preventive healthcare among people increased the frequency of electrocardiography, thereby propelling the market growth”.
KEY FINDINGS OF STUDY
- On the basis of product, the resting electrocardiograph (ECG) segment was the highest contributor to the ECG industry in 2020.
- Based on of end user, the hospitals and clinics segment was the highest contributor to the market in 2020.
- Depending on lead type, the 6 lead ECG segment was the highest contributor to the market in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. North America accounted for a majority of the global ECG market size in 2020, and is anticipated to remain dominant during the forecast period due to high prevalence of cardiovascular diseases, increased healthcare expenditure, and large geriatric population base.