The global electrocardiograph (ECG) market was valued at $8,349.00 million in 2020, and is projected to reach $18,436.70 million by 2030, registering a CAGR of 8.3% from 2021 to 2030.
ECG is a noninvasive technique for recording electrical activities of heartbeat over a span of time. Every heartbeat generates an electrical impulse that is captured with the help of electrodes rested on the body of a patient. Electrodes sense the tiny electrical modifications on the skin that happen from the depolarizing of heart muscle during every heartbeat. ECG devices are used to record the heart activities through electric signals. These devices are amplified on the ECG monitor. ECG devices are essentially adopted across various medical set-ups to diagnose different types of heart diseases and arrhythmias in people, thereby assisting the appropriate therapy for cardiovascular diseases (CVD) patients.
Increase in incidence of cardiovascular diseases and lifestyle associated diseases such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases is anticipated to drive the market growth. Surge in geriatric population base, improvement in healthcare infrastructure, and supportive reimbursement policies are expected to drive the growth of the ECG market. Furthermore, continuous advancements in technologies for ECG devices and introduction of remote monitoring devices are expected to fuel the growth of the market during the forecast period. Developing nations witness potential growth opportunities in comparison with developed countries, owing to the fact that the market of developed nations is almost saturated. In addition, developing nations are expected to witness lucrative growth opportunities, owing to favorable government policies such as investments to minimize the cost for treatment procedures in healthcare centers, increase in expenditure in healthcare, and largely untapped market potential.
However, lack of awareness regarding the use of ECG for diagnosis of diseases hampers the market growth. Furthermore, dearth of skilled professionals and service providers is presenting major issues and challenges for the market growth.
The global ECG market 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.
Depending on end user, it is categorized in hospitals & clinics, home setting & ambulatory surgical centers (ASCs), and others.
By lead type, it segregated into single lead ECG, 2 lead ECG, 3 lead ECG, 6 lead ECG, and 12 lead ECG.
Region wise, the market 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).
The major companies profiled in the report 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.
ECG is a noninvasive technique for recording electrical activities of heartbeat over a span of time. Every heartbeat generates an electrical impulse that is captured with the help of electrodes rested on the body of a patient. Electrodes sense the tiny electrical modifications on the skin that happen from the depolarizing of heart muscle during every heartbeat. ECG devices are used to record the heart activities through electric signals. These devices are amplified on the ECG monitor. ECG devices are essentially adopted across various medical set-ups to diagnose different types of heart diseases and arrhythmias in people, thereby assisting the appropriate therapy for cardiovascular diseases (CVD) patients.
Increase in incidence of cardiovascular diseases and lifestyle associated diseases such as ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases is anticipated to drive the market growth. Surge in geriatric population base, improvement in healthcare infrastructure, and supportive reimbursement policies are expected to drive the growth of the ECG market. Furthermore, continuous advancements in technologies for ECG devices and introduction of remote monitoring devices are expected to fuel the growth of the market during the forecast period. Developing nations witness potential growth opportunities in comparison with developed countries, owing to the fact that the market of developed nations is almost saturated. In addition, developing nations are expected to witness lucrative growth opportunities, owing to favorable government policies such as investments to minimize the cost for treatment procedures in healthcare centers, increase in expenditure in healthcare, and largely untapped market potential.
However, lack of awareness regarding the use of ECG for diagnosis of diseases hampers the market growth. Furthermore, dearth of skilled professionals and service providers is presenting major issues and challenges for the market growth.
The global ECG market 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.
Depending on end user, it is categorized in hospitals & clinics, home setting & ambulatory surgical centers (ASCs), and others.
By lead type, it segregated into single lead ECG, 2 lead ECG, 3 lead ECG, 6 lead ECG, and 12 lead ECG.
Region wise, the market 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).
The major companies profiled in the report 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
- The report provides an in-depth analysis of the global ECG Market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of the region assists to understand the regional market and facilitate strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global ECG Market growth.
Key Market Segments
By Product
- Resting Electrocardiograph (ECG)
- Stress Electrocardiograph (ECG)
- Holter Monitors
- Others
By End User
- Hospitals Clinics
- Others
- Home Settings Ambulatory Surgical Centers (ASCs)
By Lead Type
- Single Lead ECG
- 2 Lead ECG
- 3 Lead ECG
- 6 Lead ECG
- 12-Lead ECG
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- Malaysia
- New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Egypt
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- NIHON KOHDEN CORPORATION
- OSI SYSTEMS FUKUDA DENSHI CO LTD.
- OPTO CIRCUITS LIMITED
- PHILIPS HEALTHCARE (KONINKLIJKE PHILIPS N.V.)
- SCHILLER AG
- GE HEALTHCARE (GENERAL ELECTRIC COMPANY)
- JOHNSON AND JOHNSON
- MORTARA INSTRUMENT, INC.
- MEDTRONIC PLC
- MINDRAY MEDICAL INTERNATIONAL LIMITED
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTROCARDIOGRAPH (ECG) MARKET, BY BY PRODUCT
CHAPTER 5: ELECTROCARDIOGRAPH (ECG) MARKET, BY BY END USER
CHAPTER 6: ELECTROCARDIOGRAPH (ECG) MARKET, BY BY LEAD TYPE
CHAPTER 7: ELECTROCARDIOGRAPH (ECG) MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report 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, '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.
Companies Mentioned
- NIHON KOHDEN CORPORATION
- OSI SYSTEMS FUKUDA DENSHI CO LTD.
- OPTO CIRCUITS LIMITED
- PHILIPS HEALTHCARE (KONINKLIJKE PHILIPS N.V.)
- SCHILLER AG
- GE HEALTHCARE (GENERAL ELECTRIC COMPANY)
- JOHNSON AND JOHNSON
- MORTARA INSTRUMENT, INC.
- MEDTRONIC PLC
- MINDRAY MEDICAL INTERNATIONAL LIMITED
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 8349 million |
| Forecasted Market Value ( USD | $ 18436.7 million |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
