New York, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Mobile ECG Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality, Type, End User, and Geography,” factors such as rising incidence of cardiovascular diseases and heart-related conditions and increasing geriatric population drive the market growth. However, stringent regulatory requirements and technical issues restrict the growth of the market. Further, during the forecast period, the increasing potential in the developing nations is expected to offer significant growth opportunities to the market players to expand their customer base, especially in developing countries.
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Mobile ECG Devices Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 1.70491 billions in 2021 |
| Market Size Value by | US$ 2.36681 billion by 2028 |
| Growth rate | CAGR of 5.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 176 |
| No. of Tables | 84 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Type, Modality, and End User |
Mobile ECG Devices Market: Competition Landscape and Key Developments
MD Biomedical Inc, CardioComm Solutions Inc, THOR, Koninklijke Philips NV, Bittium Biosignals LTD, Medtronic, AliveCor Inc, Nihon Kohden Corporation, EB Neuro SPA, Cardiocity Limited, and Preventice Solutions are among the key companies operating in the mobile ECG devices market. Leading players are expanding and diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.
- In February 2022, AliveCor announced the launch of the KardiaMobile Card, the slimmest, most convenient personal ECG device ever created. At the size of a standard credit card, KardiaMobile Card fits easily into any wallet and delivers a medical-grade, single-lead ECG in 30 seconds.
- In February 2022, Bittium Biosignals Ltd and British ECG service provider Technomed Limited have signed a distributor agreement concerning Bittium Faros ECG measuring devices and Bittium Respiro sleep apnea measuring devices and software. The agreement defines the distribution rights for both devices.
- In January 2022, Royal Philips announced the introduction of the industry’s first full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials.
- In November 2021, Philips to expand its cardiac diagnostics and monitoring portfolio with the acquisition of Cardiologs.
- In Septemer 2021, Bittium has signed an agreement with Technomed Limited to purchase a 25 percent stake in Technomed's capital stock and strengthen the partnership between the companies in the development of ECG technology.
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The US holds the largest share of the mobile ECG devices market in North America. The market in the region is expected to witness consistent growth in the coming years owing to the growth of the market in countries such as the US and Canada due to the increasing incidence of heart diseases, such as CVD and stroke; presence of well-developed healthcare infrastructure, and the support of government. The mobile ECG devices market in Asia Pacific is expected grow at the highest CAGR during the forecast period. The market in countries, such as China and Japan, is expected to grow significantly in the coming years. The global market for mobile ECG devices is driven by high prevalence of heart diseases, rise in awareness about cardiac diseases, increase in the geriatric population, and advancements in healthcare infrastructure. Furthermore, the growing number of new product launches and approvals are anticipated to drive the growth of the market during the forecast period.
The mobile ECG devices market is characterized by the presence of many small and big companies. The market players are adopting strategies such as new product launches and partnerships to increase their market share and gain a competitive edge over other players. The AliveCor’s Kardia devices allow iPhones and Kardia watch to record an ECG within 30-second and with the help of AI algorithms, it automatically examine the waveforms for various arrhythmias. In 2020, Alivecor launched the world's only personal, six-lead ECG—KardiaMobile 6L—in the Indian market. The portable and technology-enabled ECG devices help deliver convenient and affordable heart care to patients. KardiaMobile 6L is a personal ECG device that can easily fit in a pocket, allows users to check their heart conditions anytime and anywhere from their smartphones, and helps detect the three most common arrhythmias—atrial fibrillation, tachycardia, and bradycardia—whose treatment requires monitoring on a regular basis and adoption of a healthy lifestyle. AliveCor’s technology helps patients record a medical-grade ECG in just 30 seconds, without the need of hospital visits. Medtronic wearable, clinical-grade, stick-on cardiac monitor, offers interfaces with patients' mobile devices to help them mark the heart events and allow data transmission to a clinician's office or automated ECG monitoring system. In addition, CardioComm partnered with Healthrian Co. Ltd., South Korea, to develop a wireless and multi-lead ECG patch device. The patch device can be used in clinics, nursing facilities, and clinical trials. It is suitable for remote patient monitoring (RPM), in-home arrhythmia monitoring, and telehealth services. Thus, advancements in mobile ECG products and other strategies by key market players are leading to significant trends in the mobile ECG devices market.
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Mobile ECG Devices Market: Segmental Overview
Based on modality, the mobile ECG devices market is segmented into handheld, band, pen, and others. The handheld segment accounted for the largest market share in 2021. Further, the band segment is expected to register the highest CAGR in the market during 2021–2028. Based on type, the mobile ECG devices market is bifurcated into monitoring ECG systems and diagnostics ECG systems. The monitoring ECG systems segment led the market in 2021 with a share of 60.39%, and it is expected to retain its dominance during the forecast period. Based on end use, the market is segmented into personal users, hospitals and clinics, and ambulatory services. The personal users segment led the market in 2020 with a share of 50.20%, and it is expected to retain its dominance during the forecast period.
Technological Advancements by Market Players
The mobile ECG devices market players are focusing their R&D capabilities for developing technologically advanced products. The traditional counterparts of these devices are uncomfortable to use and can be worn for a limited periods. Thus, the current and ongoing development associated with the mobile devices helped the players to enter the consumer market at a phenomenal rate. The adoption for mobile ECG devices in increasing with the growing investments in healthcare infrastructure and rise in acceptance for modern technologies. The notable benefits of these devices include convenience, ease of use, and continuous monitoring, which ensure accuracy in results and improved treatment effectiveness.
The increasing awareness regarding the need of the early detection and management of CVDs and other heart problems propels the demand for mobile ECG devices. Additionally, with the technological advancements, mobile systems have emerged as a cost-effective strategy for consumer care. The commercially advanced devices enabled with the Bluetooth sensor technology and equipped with mobile apps drive the popularity of mobile ECG devices, which are worn continuously by patients. Such devices send ECG readings to users’ smartphones that are connected to the devices via Bluetooth. In the last 5 years, there has been an enormous surge in the adoption of wearable and handheld ECG devices, and the associated smartphone apps that allow consumers to record 1–6-lead ECG. Clinical studies also highlight the high sensitivity of wireless mobile ECG devices, which helps detect atrial fibrillation and other cardiac abnormalities at any time, through interactions between the device and user, mediated by smartphones that help overcome constraints of place and time. As a result, the healthcare professionals can receive automated updates, offer structured CVD management, and minimize clinical visits.
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