Diagnostic Electrocardiograph (ECG) Market Research Report -Forecast till 2030

Diagnostic Electrocardiograph Market Research Report Information By Product and Service (Product, {Stress ECG Devices, Resting ECG Devices, Holter Monitors, Implantable Loop Recorders, Event Monitors, MCT Devices, Smart ECG Monitors} and Software & Service), By Lead Type (12-Lead, 5-Lead, 3-Lead, 6-Lead, Single-lead, and Other Lead Types), By End User (Hospitals, Clinics & Cardiac Centers, Ambulatory Surgical Centers, and Others End Users),and Region (North America, Europe, Asia-Pacific, and Rest of the World)‚ÄĒForecast till 2030

ID: MRFR/HC/7315-HCR | February 2023 | Region: Global | 90 Pages         

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Diagnostic Electrocardiograph (ECG) Market

Diagnostic Electrocardiograph (ECG) Market is expected to register a CAGR of 5.45% and was valued at USD 11.57 Billion from 2022-2030.

Segmentation
By Product Type Resting ECG Devices Stress ECG Devices Implantable Loop Recorders Mobile Cardiac Telemetry Devices Event Monitors Holter Monitors Smart ECG Monitors
By Lead Type 12-Lead ECG Devices 5-Lead ECG Devices 3-Lead ECG Devices 6-Lead ECG Devices Single-Lead ECG Devices Others
By End-User Hospitals and Clinics Ambulatory Surgical Centers Others
Key Players
Companies Profiled   General Electric Company (US)   Koninklijke Philips N.V. (Netherlands)   Nihon Kohden Corporation (Japan)   Hillrom Services   Spacelabs Healthcare (US)    Shenzhen Mindray Bio-Medical Electronics Co.   Schiller (Switzerland)   ACS Diagnostics (US)   BPL Medical Technologies (India)   Fukuda Denshi (Japan)
Drivers
Market Driving Forces   Rising Incidence of Lifestyle Diseases   Increasing Geriatric Population
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Global Diagnostic Electrocardiograph Market Research (MRFR Insights)


The Diagnostic Electrocardiograph Market is projected to reach USD 11.57 billion by 2030 at CAGR of 5.45% during the forecast period 2022 to 2030. Increasing incidences of cardiovascular diseases and lifestyle-associated diseases such as ischemic heart disease (IHD), stroke, hypertensive heart disease, and peripheral artery diseases are anticipated to drive market growth. An increasing geriatric population base, enhanced healthcare infrastructure, and supportive reimbursement policies are anticipated to drive the global market. Moreover, developing nations witness high growth opportunities in comparison with developed countries owing to the fact that the market of developed nations is almost saturated. Developing nations are expected to witness lucrative growth opportunities owing to favorable government policies, increasing expenditure in healthcare, and largely untapped potential market.


COVID-19 Impact Analysis


COVID-19 had a negative impact on the global market. COVID-19 has been demonstrated to be more destructive to persons with cardiovascular problems, thus, the general population has increased more aware of their problems. It has increased public awareness about the significance of frequently checking one's cardiovascular health and expanded the ECG industry since more cases were registered daily.


Diagnostic Electrocardiograph Market Dynamics


The increase in the prevalence of heart illnesses is the key driver of the market. In addition, the industry is benefiting from increased demand for invasive procedures and lifestyle adjustments. Furthermore, the market is predicted to develop due to technical advancements and increased access to innovative treatments. Due to cost considerations, physicians in many impoverished nations are constrained to employ older ECG machines rather than the latest high-end devices. As a result, high purchase and maintenance costs and a lack of technical skills impede market expansion in developing nations.


Market Drivers


 




  • Increase in the cases of cardiovascular and lifestyle-related diseases




 


Continuous growth in the incidence of cardiovascular and lifestyle-related disorders, including peripheral artery diseases, ischemic heart disease, stroke, and hypertensive heart disease, contribute to increased heart failure-related mortality.


 




  • ¬†High Accuracy of ECG




 


Lack of awareness among people about the utilization of electrographs for the diagnosis of cardiovascular diseases and lack of skilled personnel for the operation of electrograph devices are the prominent factors anticipated to hamper the global growth of the global market.


Market Restraints:


 




  • Lack of awareness among people




 


Lack of awareness among people about the utilization of electrographs for the diagnosis of cardiovascular diseases and lack of skilled personnel for the operation of electrograph devices are the prominent factors anticipated to hamper the Diagnostic Electrocardiograph Market growth over the forecast period.


Market Opportunities:


 




  • The rise in technological advancements




 


Technological advances and enhanced access to innovative treatment procedures will drive the electrocardiograph (ECG) industry. Exercise Testing systems and cardio data management can quickly treat rising arrhythmia, coronary artery disease, and cardiomyopathy cases utilizing Resting ECG, Ambulatory ECG, pacemaker, Holter monitor, and Event monitor. As per an NCBI study, more than 2.6 per 1000 people in the US of America have pacemakers attached to treat various heart conditions.


 




  • Increase in the healthcare expenditure




 


The rise in the elderly population due to arrhythmias is projected to become more common globally due to changes in cardiac anatomy caused by cardiomyopathy, diabetes, coronary artery disease, sleep apnea, and excessive blood pressure.


Diagnostic Electrocardiograph Market Segmentation


Product and Service Insights


The Diagnostic Electrocardiograph Market segmented, based on product and service, is product, {stress ECG devices, Holter monitors, resting ECG devices, implantable loop recorders, mct devices, event monitors, and smart ECG monitors} and software & service. The product category held a major market share in the Diagnostic Electrocardiograph Market growth in 2021 due to a remarkable increase in the number of hospitals and growth in the hospital's expenditure on ECG devices. Besides this, software & service was the fastest-growing category due to the growing demand for software during the forecast period.


Lead Type Insights


The Diagnostic Electrocardiograph Market segmentation, based on ECG lead type is 12-lead, 5-lead, 3-lead, 6-lead, single-lead, and other lead types. The 6-lead category had a prominent share in 2021 owing to the high-efficiency rate of these devices at low cost. However, the 3-leadwas the fastest-growing category due to its usability with various other electrocardiograph laboratory test diagnostic, telemetry monitoring, and medical procedures.


End User Insights


Based on end-user, the global market is divided into hospitals, clinics, & cardiac centers, ambulatory surgical centers, and other end users. The hospitals, clinics, & cardiac centers category had a prominent share in 2021 due to the increasing number of patient visits to physician offices for the diagnosis of CVD. Besides this, ambulatory surgical centers were the fastest-growing category due to the increasing need for quality cardiology care.

Diagnostic Electrocardiograph Market Share, by Region, 2021

Diagnostic Electrocardiograph Market Overview, by Region


By region, the Diagnostic Electrocardiograph Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR over the review period.


North America


North America held a prominent market share in 2021 due to the growing focus on patient care and needs, helped by the well-developed infrastructure, technologically developed healthcare system, and the increasing burden of cardiovascular diseases in the US are expected to drive the growth of the market in the US. According to the report titled "The increasing number of older people will hit the US economy 'like a brick '- US trade secretary," issued in April 2021, about 16.5% of the US population, or 54 million, were over the age of 65 by 2020. As the old age population enhances, the incidence of cardiovascular diseases is high, and there is a continuous requirement for the proper detection and diagnosis of cardiac diseases, hence is anticipated to show growth of ECG over the forecast period. Moreover, as per the 2022 American College of Cardiology Foundation, the prevalence of valvular heart diseases (VHD) is growing in the US, with more than 5 million Americans diagnosed every year, while up to 1.5 million people suffer from aortic stenosis in the US.


Asia-Pacific


Asia-Pacific was the fastest growing region in the global market in 2021 due to the growing incidence of chronic diseases, growing healthcare spending, healthcare reforms for infrastructural advancement, increasing demand for developed technologies, and less stringent regulations are boosting the demand for diagnostic ECG devices in the Asia-Pacific.


Diagnostic Electrocardiograph Market Competitive Landscape


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have global reach with diverse product portfolios. Companies such as GE Healthcare, Nihon Kohden Corporation, Koninklijke Philips, Hill-Rom Holdings, and BioTelemetry, Inc. dominate the global market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in February 2022, AliveCor, introduced KardiaMobile Card, the slimmest, most convenient personal ECG device ever created. At the dimensions of a standard credit card, KardiaMobile Card fits easily into any wallet and delivers a medical-grade, single-lead ECG in 30 seconds. KardiaMobile Card is the world's first credit-card-sized ECG ever cleared by the FDA.


Prominent players in the Diagnostic Electrocardiograph Market research include BPL Medical Technologies, ACS Diagnostics, ShenzenMindray Bio-Medical Electronics Co., Ltd., Allengers Medical Systems, Ltd., Innomed Medical, Edan Instruments, Inc., CardiolineSpA, Norav Medical, VectraCor, Inc., and Nexus Lifecare, among others.


Scope of the Diagnostic Electrocardiograph Market Report


Product and Service Outlook


 




  • Product




    • Resting ECG Devices




    • Stress ECG Devices




    • Holter Monitors




    • Implantable Loop Recorders




    • Event Monitors




    • MCT Devices




    • Smart ECG Monitors






  • Software and Service




 


Lead Type Outlook


 




  • 12-Lead




  • 5-Lead




  • 3-Lead




  • 6-Lead




 


End-User Outlook


 




  • Hospitals, Clinics, & Cardiac Centers




  • Ambulatory Surgical Centers




  • Others End Users




 


Region Outlook


 




  • North America




    • US




    • Canada




    • Mexico






  • Europe




    • UK




    • Germany




    • France




    • Italy




    • Spain




    • Rest of Europe






  • Asia-Pacific




    • China




    • India




    • Japan




    • Australia and New Zealand




    • Rest of Asia-Pacific






  • Rest of the World




    • South America




    • Middle East




    • Africa






 


Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


 




  • Diagnostic Electrocardiograph Market¬†Forecast¬†& Size:




 


To identify and estimate the market size for the Diagnostic Electrocardiograph Market report segmented by product and service, lead type and end-user by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Diagnostic Electrocardiograph Market forecast between 2022 and 2030


 




  • Market Landscape and Trends:




 


To identify the Diagnostic Electrocardiograph Market growth and infer the drivers, restraints, opportunities, and challenges.


 




  • Market Influencing Factors:




 


To find out the factors which are affecting the Diagnostic Electrocardiograph Market size


 




  • Impact of COVID-19:




 


To identify and understand the various factors involved in the market affected by the pandemic


 




  • Company Profiling:




 


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience




  • Diagnostic Electrocardiograph Manufacturer




  • Raw Material Suppliers




  • Retailers, Wholesalers, and Distributors




  • Governments, Associations, and Industrial Bodies




  • Investors and Trade Experts





Report Scope:

Report Attribute/Metric Details
  Market Size   USD 11.57 Billion
  CAGR   5.45% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, Lead Type and End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   General Electric Company (US), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), Hillrom Services, Inc. (US), Spacelabs Healthcare (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Schiller (Switzerland), ACS Diagnostics (US), BPL Medical Technologies (India), Fukuda Denshi (Japan), BTL (US), Edan Instruments, Inc. (China), Cardioline SpA (Italy), Norav Medical (US), Innomed Medical Inc. (Hungary), and VectraCor, Inc. (US)
  Key Market Opportunities   The high burden of cardiovascular patients is increasing the market demand for ECG tests.
  Key Market Drivers

  • Rising Incidence of Lifestyle Diseases
  • Increasing Geriatric Population
  • Technological Advancements in Wireless Monitoring and Wearable Devices


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    Frequently Asked Questions (FAQ) :

    The Diagnostic Electrocardiograph Market forecast period is 2022 - 2030

    The market is expected to register a CAGR of ~5.45% over the next 10 years, according to the Diagnostic Electrocardiograph Market research.

    Asia-Pacific is expected to register the highest CAGR during 2022 - 2030

    North America held the largest share in 2021

    The market size is expected to be USD 11.57 billion by 2030.