Electrocardiograph (ECG) Market Size to Surpass USD 21.7 Bn by 2030

London, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The global electrocardiograph market size was accounted at USD 10.12 billion in 2022. The electrocardiograph is a machine which helps to record the electrical activities of the heart which are recorded in the form of signals on a graph that can be calculated and studied by the medical staff in order to make a relevant diagnosis which helps to take the necessary actions and decide the line of treatment required. With the rapidly increasing prevalence of cardiac disorders among the people the requirement for advanced electrocardiograph machines has increased tremendously.

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The rapid research and development which are carried out by the key market players in order to provide the best possible services and facilities to the people have proved to be the driving force for the market to record a considerable growth during the forecast period.

Report highlights

• On the basis of product, the resting electrocardiograph has seen to be dominating the segment as a result of it being commonly used in the healthcare system. The demand for an electrocardiograph report before the surgical procedure has boosted the market for this segment.
• On the basis of end user, hospital and clinics have shown the fastest growth as a result of the easy availability of electrocardiograph services in these sectors. The rapid demand for electrocardiographs in these health care centers have proved to be a driving force.
• On the basis of lead type, the six lead ECG has proved to be the fastest growing market while on the other hand, the 12 lead ECG is preferred as a result of the advanced reports provided by them.
• On the basis of geography, the North American market has shown a tremendous growth as a result of the huge number of people suffering with cardiovascular disorders who require electrocardiograph services.

Key Takeaways:

• North America region contributed 44% revenue share in 2021.
• Asia-Pacific is anticipated to reach at a CAGR of 10.5% between 2022 to 2030.
• The home settings & ambulatory surgical centers (ASCs) segment is expected to hit at a CAGR of 10.2% between 2022 to 2030.
• The holter monitors segment is predicted to grow at a CAGR of 11.7% between 2021 to 2030.

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Scope of the Report

Regional snapshots

The region of North America has proved to be the largest market for the electrocardiograph devices as a result of the rapid prevalence of cardiac disorders among the people residing in this region. As a result of the modern lifestyle practices followed by the people, a rapid increase in the sedentary lifestyle has been observed along with faulty food habits which has proved to be a major factor for the increasing prevalence of cardiac disorders among the people along with other complications such as diabetes and cholesterol. The life expectancy of the people has increased to a great extent as a result of the modern healthcare facilities provided by the government which has boosted the size of the geriatric population. This has increased the demand for electrocardiograph services in the health care sectors.

The Asia Pacific region is considered to show a tremendous result due to the rapid prevalence of cardiovascular disorders in the people. With the increasing modernization and development, the number of people suffering with cardiac disorders has also increased tremendously which gives rise to high demand for electrocardiograph services.

Market dynamics

Drivers

The rapid increase in the number of people suffering with cardiovascular diseases and lifestyle disorders has proved to be a major driving force for the market. The increasing prevalence of ischemic heart disease, peripheral artery disease, hypertensive heart disease and stroke are majorly contributing to the rapid rate of mortality worldwide. The faulty lifestyle practices and impaired food habits which are followed by the people increases the prevalence of cholesterol and diabetes which proved to be the major causative factors for cardiac disorders. The rapid research and development which is carried out by the key market players in order to provide the best possible electrocardiograph machines has proved to be a major driving force for the market. These multiple regions have proved to be the driving force for the growth of the market during the forecast period.

Restraints

The lack of knowledge and understanding regarding the importance of ECG has proved to be a major challenge in front of the growth phase of the market. The shortage of disposable income in the hands of the people as a result of the rising inflation proves to be a major restraining factor for the growth of the market during the forecast period. The negligence of the people regarding the cardiovascular complaints has also hampered the growth of the market to a great extent. The lack of skilled labor force and medical staff who are able to operate and diagnose an electrocardiograph hampers the growth of the market tremendously.

Opportunities

The lucrative offers which are provided by the insurance companies and the active support provided by the government in order to provide the best possible services to the people through the healthcare sector has proved to be a great opportunity for the growth of the market during the coming years. the rapidly increasing reimbursement facilities provided to the people also supports the growth of the market considerably. The use of artificial intelligence in order to diagnose the cardiac condition has proved to be a great opportunity for the growth of the market during the forecast period. The multiple facilities which are available in the hospitals has propelled the size of the market to a significant height. These multiple reasons proved to be the opportunities for the growth of the market during the forecast period.

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Challenges

The high cost associated with the use of advanced technologies and machines to record an electrocardiograph rose to be a major challenge for the growth of the market during the forecast period. The lack of awareness regarding the available facilities provided by the hospitals and clinics hampers the growth of the market to a great extent. The negligence of the people towards the requirement of an electrocardiograph report in order to diagnose a cardiac condition proves to be a challenge for the growth of the market during the forecast period. These multiple reasons proved to be the challenges in front of the market.

Recent developments

• In January 2021 – Biotelemetry which is a leading provider of cardiac monitoring and diagnosis system is taken over by Koninklijke Philips N.V Philips. This deal took place in order to expand the market regarding the management of patient care solutions.
  
  

Market Segmentation

By Product

• Holter Monitors
• Resting Electrocardiograph (ECG)
• Stress Electrocardiograph (ECG)
• Event Recorders
• Others
  
  

By Technology

• Portable ECG Systems
• Wireless ECG Systems

By End User

• Hospitals & Clinics
• Home Settings & Ambulatory Surgical Centers (ASCs)
• Others
  
  

By Lad Type

• Single Lead ECG
• 3 Lead ECG
• 2 Lead ECG
• 6 Lead ECG
• 12-Lead ECG
  
  

 By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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