Electrocardiograph (ECG) Global Market Report 2024

Electrocardiographs (ECG) encompass various products, including holter monitors, resting electrocardiographs (ECG), stress electrocardiographs (ECG), event recorders, and others. Holter monitors are portable ECG devices designed to continuously record the heart's activity for 24 to 48 hours. The technologies involved include portable ECG systems and wireless ECG systems with single-lead, 2-lead, 3-lead, 6-lead, and 12-lead configurations. These systems cater to diverse settings such as hospitals, clinics, homes, ambulatory surgical centers (ASCs), and other end users.

The electrocardiograph (ECG) market research report provides electrocardiograph (ECG) market statistics, including electrocardiograph (ECG) industry global market size, regional shares, competitors with an electrocardiograph (ECG) market share, detailed electrocardiograph (ECG) market segments, market trends, and opportunities, and any further data you may need to thrive in the electrocardiograph (ECG) industry. This electrocardiograph (ECG) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The electrocardiograph (ecg) market has grown strongly in recent years. It will grow from $8.57 billion in 2023 to $9.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed in the historical period can be ascribed to the rise in cardiovascular diseases, the aging population, increased awareness and education, government initiatives, and the implementation of remote patient monitoring.

The electrocardiograph (ecg) market is expected to see strong growth in the next few years. It will grow to $12.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
The anticipated growth in the forecast period can be linked to the expansion of telemedicine, the advancement of personalized medicine, the emergence of new markets, initiatives in preventive healthcare, and regulatory support. Key trends expected in the forecast period involve the adoption of wearable technology, the application of data analytics and artificial intelligence, integration with healthcare information technology, technological advancements, and the utilization of AI and data analytics.

The anticipated increase in cases of cardiovascular diseases is expected to drive the growth of the electrocardiograph (ECG) market in the future. Cardiovascular diseases encompass a range of conditions affecting the heart and blood vessels, including coronary artery disease, heart failure, arrhythmias, and heart valve problems. ECGs play a crucial role in the diagnosis, treatment, and management of various cardiovascular diseases by enabling doctors to assess the heart's electrical activity and detect abnormalities indicative of heart conditions. Given their essential role in diagnosing heart-related conditions, the demand for electrocardiographs is likely to persist and contribute to market growth. For example, in 2022, the Centers for Disease Control and Prevention (CDC), a US-based government agency, reported that heart disease claimed the lives of over 659,000 people in the United States, accounting for one out of every four deaths. Consequently, the increasing incidence of cardiovascular diseases is expected to propel the electrocardiograph (ECG) market forward.

The growing number of hospitals is anticipated to be a significant driver of the electrocardiograph (ECG) market. Hospitals, specialized medical facilities offering diagnostic, therapeutic, and preventive health services, extensively utilize ECGs for early detection of cardiac abnormalities, risk stratification, monitoring cardiac function, assessing medication effects, screening for silent ischemia, evaluating chest pain, and monitoring heart rate and rhythm. For instance, as of August 2023, according to Interweave Textiles Limited, a UK-based company specializing in textiles and related products, there are 1,148 hospitals in the UK, with 930 being government hospitals and 218 private hospitals. This increase in the number of hospitals underscores the growing demand for ECG equipment, thereby driving the growth of the electrocardiograph (ECG) market.

A prominent trend gaining momentum in the electrocardiograph (ECG) market is the emphasis on technological advancements. Major companies within the electrocardiograph sector are dedicated to developing cutting-edge solutions to maintain their market standing. For example, in January 2022, Royal Philips, a Netherlands-based conglomerate corporation, introduced a 12-lead electrocardiogram (ECG) solution designed for at-home use in decentralized clinical trials. This innovative solution allows clinical trial participants to record high-quality data at home using PCA 500 ECG patch data recording technology, delivering results comparable to site-based ECGs. The body-worn patch facilitates compliant 12-lead ECG implantation and secure, near real-time data transfer, eliminating the need for frequent site visits, on-site technicians, or home nursing.

Major players in the electrocardiograph (ECG) market are directing their efforts towards introducing innovative products, such as compact credit card-sized ECGs, to drive market revenues. These portable electrocardiogram devices, small enough to fit in a pocket or wallet, offer a convenient and rapid method for monitoring heart activity and detecting abnormalities such as arrhythmias and heart disease. For instance, in February 2022, AliveCor, a US-based medical device company, launched the KardiaMobile Card, the slimmest and most convenient personal ECG device to date. This medical-grade, single-lead ECG, the size of a typical credit card, is FDA-certified and uses Bluetooth technology to interface with a smartphone, identifying six common arrhythmias. Users can benefit from automated sharing of ECG records, monthly heart health reports, and cardiologist evaluations. The KardiaMobile Card is based on AliveCor's AI-enabled Kardia technology, which has undergone evaluation in more than 170 peer-reviewed studies.

In February 2021, Koninklijke Philips N.V., a Netherlands-based health technology company, acquired BioTelemetry Inc. for an undisclosed amount. This strategic acquisition positions Philips to expand its connected care business and strengthen its presence in the remote cardiac diagnosis and monitoring industry. The move aligns with Philips' commitment to enhancing telehealth and remote patient monitoring capabilities, offering integrated solutions for healthcare delivery across various settings. BioTelemetry Inc., a US-based remote medical technology company, specializes in monitoring and diagnostic solutions for cardiac and mobile outpatient health.

Major companies operating in the electrocardiograph (ecg) market report are Koninklijke Philips N.V., Nihon Kohden Corporation, Schiller AG, AliveCor Inc., Hill-Rom Services Inc., BPL Medical Technologies, Allengers Medical Systems Limited, OSI Systems Inc., Fukuda Denshi Co. Ltd., Innomed Medical Inc., Mindray Bio-Medical Electronics Co. Ltd., Johnson and Johnson, Mortara Instrument Inc., Medtronic Plc, BioTelemetry, General Electric Company, Philips Healthcare, Siemens Healthineers, Cardinal Health Inc., Spacelabs Healthcare, Compumedics Limited, Bionet Co. Ltd., Edan Instruments Inc., Norav Medical, QRS Diagnostic, Biotronik company, Schwarzer Cardiotek GmbH, Mega Electronics Ltd., Stryker Corporation, Seers Medical, LivaNova plc, Vyaire Medical Inc., Wuhan Union Hospital Medical Equipment Co. Ltd.

North America was the largest region in the electrocardiograph (ECG) market in 2023. The regions covered in the electrocardiograph (ecg) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the electrocardiograph (ecg) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electrocardiograph market consists of revenues earned by entities by providing patient monitoring services. The market value includes the value of related goods sold by the service provider or included within the service offering. The electrocardiograph market also includes sales of diagnostic ECGs, automatic external defibrillators (AEDs), and ambulatory holter ECG recorders. 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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