New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global ECG Devices Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global ECG Devices Market Size:
The global ECG devices market is estimated to grow at a CAGR of ~7% over the forecast period. The market generated a revenue of ~USD 6 Billion in the year 2021 and is further projected to reach ~USD 12 Billion by the end of 2031. To help identify and keep track of heart abnormalities, an ECG is frequently used in conjunction with other testing. Hence the growing prevalence of cardiovascular disease is expected to drive the growth of the market. The World Health Organization estimates that 17.9 million deaths globally occur each year as a result of CVDs, or 32% of all fatalities. Heart attacks and strokes account for 85% of CVD mortality.
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In order to provide appropriate treatment, ECG devices are used. It has proved to identify irregular activity in the heart by being painless. Further, launch of advanced ECG devices is expected to boost the growth of the market over the forecast period. For instance, Koninklijke Philips has introduced the first 12-lead ECG integrated advanced solution for remote clinical studies. It integrates clinical, location-based ECG data with the industry's top cloud-based data gathering and analysis services from Philips.
Global ECG Devices Market: Key Takeaways
- Asia Pacific to hold the largest market share
- Hospitals segment to propel the highest growth
- North America to garner the highest revenue
Increasing Incidence of Heath Disease such as Rheumatic Heart Disease to Boost Market Growth
The incidence of rheumatic heart disease in increasing rapidly. Over 288 348 people die each year from rheumatic heart disease, the majority of whom are in low- or middle-income nations. Besides, it is also seen affecting children and pregnant women. Hence detecting it is necessary for which ECG devices are used. Hence this factor is expected to increase the demand for ECG devices.
In order to avoid the shortages of these devices there has been surge in exports of ECG devices all around the world which in turn is also expected to boost the market growth. In Italy, the export value of electro-cardiographs increased from the previous year to over USD 10 Million in 2021.
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Global ECG Devices Market: Regional Overview
The global ECG devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Geriatric Populations to Drive Growth in Asia Pacific Region
The ECG devices market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2031. The growth of the market can be attributed to large number of people suffering from cardiovascular diseases and growing geriatric population in this region. In Asia and the Pacific, one in four persons would be older than 60 by 2050. Between 2010 and 2050, the number of senior people (those over 60) in the region will quadruple, growing to around 1.3 billion. Growing age brings in various health related issues amongst which cardiovascular disease in one. Hence they are expected to be more prone, therefore increasing the demand for the ECG devices.
Increasing Prevalence of Cardiovascular Diseases to Favour Growth in North America Region
Further, the North American region is anticipated to gain the largest share in the ECG devices market over the forecast period owing to the increasing prevalence of cardiovascular diseases. In the United States, heart disease resulted in the deaths of almost 697,000 people in 2020, accounting for 1 in 5 fatalities. The major factors expected to cause cardiovascular diseases in North America region is obesity, diabetes, and growing geriatric population in the region further leading a boost in growth of the market.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global ECG Devices Market, Segmentation by End-User
- Hospitals
- Clinics & Cardiac Centers
- Ambulatory Surgical Centers
- Others
The hospitals segment is estimated to hold the highest revenue by the end of 2031. Large number of ECG devices are adopted by the hospitals to treat patients facing any heart diseases. The electrical signal from the heart is recorded by an electrocardiogram (ECG or EKG), which is used to examine the heart for a variety of diseases. In order to record the electrical signals that cause the heart to beat, electrodes are positioned on the chest. Growing heart failures hospitals admission across the world is another important factor expected to drive the growth of this segment. For instance, heart failure admissions hit a record high in England, increasing by about 30% from approximate 65,000 in 2013/14 to above 86,400 in 2018/19.
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Global ECG Devices Market, Segmentation by Product and Services
- Product
- Resting ECG Devices
- Stress ECG Devices
- Holter Monitors
- Implantable Loop Recorders
- Event Monitors
- MCT Devices
- Smart ECG Monitors
- Software
- Service
The holter monitors segment is estimated to garner the largest share by the end of 2031, owing to growing cases of cardiac arrhythmias. In the presence of advanced age, male sex, conventional cardiac risk factors, chronic renal disease, and heart failure, the likelihood of incident rhythm abnormalities is elevated. In the United States alone, atrial fibrillation affects at least 1 million people and is linked to higher mortality and stroke risks.
Global ECG Devices Market, Segmentation by Lead Type
- 12-
- 5-
- 3-
- 6-
Few of the well-known market leaders in the global ECG devices market that are profiled by Research Nester are GE Healthcare, SCHILLER AG, Nihon Kohden Corporation, Ambu A/S, Medtronic plc, Koninklijke Philips, ACS Diagnostics, Hill-Rom Holdings, BPL Medical Technologies, BioTelemetry, Inc., and other key market players.
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Recent Developments in the Global ECG Devices Market
In March 16, 2022, Medical-grade six-lead electrocardiograms (ECGs), obtained by patients using an AliveCor KardiaMobile 6L ECG device outside of a hospital setting—at home or on the go—will now be delivered directly into GE Healthcare's MUSE Cardiac Management System for doctors to monitor and assess.
In July 28, 2021, the FDA has approved two AccuRhythm AI algorithms for use with the LINQ II insertable cardiac monitor, according to Medtronic plc, the world leader in medical technology (ICM). AccuRhythm AI improves information physicians receive so they may more accurately diagnose and treat irregular heart rhythms by applying artificial intelligence (AI) to heart rhythm event data gathered by LINQ II.
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