ECG Devices Global Market Report 2024

An Electrocardiogram (ECG) is a diagnostic procedure that involves recording the heart's electrical signals to monitor its function and detect potential cardiovascular health issues. These devices play a crucial role in diagnostic applications.

The ECG devices market primarily consists of two main product types such as monitoring ECG systems and diagnostic ECG systems. Monitoring ECG systems are designed to record the heart's electrical signals, allowing for the assessment of various cardiac conditions. These systems come in different lead types, including single-lead ECG, 3-6 lead ECG, and 12-Lead ECG, and utilize diverse technologies such as portable and wireless ECG systems. The implementation of monitoring ECG systems is widespread across various sectors, including hospitals, home care settings, and other healthcare environments.

The ECG devices market research report is one of a series of new reports that provides ECG devices market statistics, including ECG devices industry global market size, regional shares, competitors with a ECG devices market share, detailed ECG devices market segments, market trends and opportunities, and any further data you may need to thrive in the ECG devices industry. This ECG devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ecg devices market size has grown rapidly in recent years. It will grow from $5.88 billion in 2023 to $6.73 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth observed in the historical period can be attributed to several key factors, including the prevalence of cardiovascular diseases, an aging population, increased demand for diagnostic and monitoring solutions, expansion of healthcare infrastructure, the rise of telemedicine and remote monitoring practices, and the growing trend towards home-based healthcare.

The ecg devices market size is expected to see rapid growth in the next few years. It will grow to $11.02 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The anticipated growth in the forecast period is driven by various factors, including the increasing emphasis on early detection of cardiac arrhythmias, a growing trend towards personalized medicine and treatment approaches, a rising need for a connected health ecosystem, expansion into emerging markets, the prominence of non-invasive cardiac monitoring methods, and a renewed focus on healthcare in the post-pandemic landscape. Major trends expected in the forecast period encompass the prevalence of portable and wearable ECG devices, the integration of ECG in telehealth and remote consultations, the adoption of artificial intelligence (AI) and machine learning in ECG analysis, continuous technological advancements in the field, and the increasing adoption of healthcare IoT (Internet of Things) solutions.

The ECG devices market is poised for growth due to an increase in the incidence of cardiovascular diseases. Cardiovascular disease, a prevalent health issue and the leading global cause of death, underscores the importance of electrocardiogram (ECG or EKG) devices in diagnosing various cardiac conditions. ECGs measure the heart's electrical signals by placing electrodes on the chest, recording signals that prompt the heart's beating. According to the Centers for Disease Control and Prevention, heart disease is the primary cause of death across diverse demographics in the United States, with one person succumbing to cardiovascular disease every 33 seconds. The rise in cardiovascular diseases, including hypertensive heart disease, stroke, peripheral artery diseases, and ischemic heart disease, is a key driver for the growth of the ECG devices market in the forecast period.

The growth of the ECG devices market is further propelled by increased healthcare expenditure. Elevated healthcare spending often translates into greater funding for medical research and development, facilitating the widespread adoption of ECG devices in primary healthcare settings, particularly in developing regions and countries. In the Economic Survey of 2022, India's public expenditure on healthcare reached 2.1% of GDP in 2021-22, reflecting an increase from 1.8% in 2020-21. Additionally, a global survey by Willis Towers Watson Public Limited Company indicates a rising trend in healthcare benefit costs, escalating from 8.2% in 2021 to 8.8% in 2022, and is projected to reach a global average of 10% in 2023. This surge in healthcare expenditure is expected to drive the growth of the ECG devices market during the forecast period.

Technological advancements emerge as a significant trend in the ECG devices market, with major companies focusing on developing cutting-edge solutions to maintain their market positions. In January 2022, Royal Philips, a Netherlands-based conglomerate corporation, introduced an at-home 12-lead electrocardiogram (ECG) solution designed for use in decentralized clinical trials. This innovative solution enables clinical trial participants to record high-quality data at home, comparable to site-based ECGs, utilizing PCA 500 ECG patch data recording technology. The solution's body-worn patch allows compliant 12-lead ECG implementation and near-real-time, highly secure data transfer without the need for frequent site visits, onsite technicians, or home nurses. This technological advancement is anticipated to contribute to the growth of the ECG devices market.

Major players in the ECG devices market are strategically emphasizing the introduction of cardiac monitoring patches as a key competitive advantage. Also known as cardiac event monitors or cardiac Holter monitors, these medical devices offer continuous monitoring of a patient's heart activity over an extended duration. For instance, in August 2022, SmartCardia SA, a Swiss medical equipment manufacturer, unveiled its 7L patch, a 7-lead cardiac monitoring patch introduced in the Indian market. This innovative patch integrates medical wearable technology with artificial intelligence (AI) to deliver predictive and personalized patient insights through remote monitoring. Tracked by SmartCardia's AI platform and interpreted by certified cardiac technicians and cardiologists, the 7L patch achieves real-time detection of significant arrhythmia events at a level of accuracy comparable to that of cardiologists.

In a strategic move in June 2021, AliveCor, a US-based medical device and AI company specializing in ECG hardware and software for consumer mobile devices, successfully acquired Cardio Labs for an undisclosed amount. This acquisition aligns with AliveCor's mission to expand its comprehensive cardiological services to patients prescribed monitoring devices by healthcare providers. Through this acquisition, AliveCor assumes management of CardioLabs' U.S.-based healthcare provider customers, with plans to extend services to new customers in the coming months. Cardio Labs, a US-based cardiac diagnostic service provider, strengthens AliveCor's capabilities in delivering advanced cardiac monitoring solutions.

Major companies operating in the ecg devices market include GE Healthcare Technologies Inc., Koninklijke Philips N.V., Spacelabs Healthcare Inc., CardioNet LLC, Schiller AG, Nihon Kohden Corporation, Medtronic PLC, OSI Systems Inc., Shenzhen Bio-Medical Electronics Co. Ltd., Hill-Rom Holdings Inc., BPL Medical Technologies Private Limited, Mortara Instrument Inc., General Electric Company, Opto Circuits Limited, Bionet Co. Ltd., Cardiac Science Corporation, Midmark Corporation, Omron Healthcare Inc., Abbott Laboratories, AliveCor Inc., Compumedics Limited, BioTelemetry Inc., Welch Allyn Inc., Natus Medical Incorporated, Innomed Medical Developing and Manufacturing Ltd., Biotronik SE & Co. KG, Fukuda Denshi Co. Ltd., Spacelabs Healthcare, Medical International Limited, Shenzhen Bio-Medical Electronics Co. Ltd.

North America was the largest region in the ECG devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the ECG devices market during the forecast period. The regions covered in the ECG devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the ECG devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The ECG devices market consists of sales of monitors, electrodes, amplifiers, and leads. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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