Electrocardiograph (ECG) Market Size is projected to reach USD 10.79 Billion by 2030, growing at a CAGR of 5.67%: Straits Research

Global Electrocardiograph (ECG) market was valued at USD 5.18 billion in 2020 and is anticipated to generate USD 10.79 billion by 2030. The market is projected to experience growth at a CAGR of 5.67% during the forecast period (2022–2030). North America dominated the global ECG market share in 2019, accounting for 46.8% of total revenue.

| Source: Straits Research Straits Research

New York, United States, Aug. 09, 2022 (GLOBE NEWSWIRE) -- North America is dominating the global electrocardiograph (ECG) market. In this regard, the United States has the largest market share. An increasing number of partnerships can be witnessed among electrocardiograph equipment manufacturers and ECG management service providers in the United States. Market players have been entering partnerships to increase product offerings, expand businesses, and enable better exchange of information through cardiovascular information systems and electronic health records.
For instance, in September 2020, the Food and Drug Administration (FDA) cleared the Electrocardiogram Monitor app for use in the United States on Galaxy Watch3 and Galaxy Watch Active2. The new ECG Monitor app allows users to monitor their heart rhythm for irregularities, scanning for atrial fibrillation signs (a heart condition that causes an irregular and often abnormally fast heart rate).


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Rise in Prevalence of Cardiovascular Diseases to Upsurge the Electrocardiograph Market

The global increase in the prevalence of heart illnesses is the key driver of the ECG market. According to the WHO, cardiovascular disease is one of the main causes of death worldwide. Cardiovascular diseases (CVDs) are expected to kill 17.9 million people per year, accounting for 31% worldwide deaths.

According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, with 17.9 million deaths annually. Furthermore, heart attacks and strokes account for four out of every five cardiovascular deaths, with one-third of these deaths occurring before 70. This is projected to boost demand for electrocardiograms, perhaps slowing the market's growth rate.

According to the European Heart Network, cardiovascular diseases cause 3.9 million fatalities in Europe each year, with over 1.8 million deaths in the European Union. These diseases are responsible for 45 percent of all deaths in Europe and 37% of all deaths in the European Union. Due to the lack of physical activity and leading sedentary lifestyles, the incidences of cardiovascular diseases are increasing at a robust pace, which is expected to drive the ECG market rapidly.

Atrial fibrillation (AFib) is the most prevalent chronic arrhythmia in patients above 65 years. As per the CDC report, it is estimated that 12.1 million people in the United States will have AFib by 2030. With the growth in the aging population, this number is expected to increase. ECG devices are mainly used for atrial fibrillation, which implies that the increasing prevalence of AF boosts the market growth. Thus, the rising incidences of CVD and atrial fibrillation are augmenting the growth of the market.


Report Scope

Report MetricDetails
Market SizeUSD 10.79 Billion by 2030
CAGR5.67% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Product, Technology, Lead Type, End-User, Region
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsGE Healthcare, Koninklinje Philips NV, Nihon Kohden Corporation, Schiller AG, OSI Systems Inc. (Spacelabs Healthcare), AliveCor, Mindray Medical International Limited, Medtronic PLC, Biotelemetry, Hill-Rom Holdings Inc. (Welch Allyn), CompuMed
Key Market OpportunitiesRise in Geriatric Population Providing New Opportunities for Global ECG Market
Key Market DriversRise in Cases of Cardiovascular Diseases as a Key Driver for Global ECG Market
Increased Demand for Remote Monitoring Devices Driving Global ECG Market

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Impact of COVID-19

With the accessibility challenges to quality healthcare and COVID-19-related infection fears, the portable and technology-enabled ECG devices will help deliver affordable and convenient heart care. For instance, in response to COVD-19, AliveCor, in 2020, declared its product development in the Indian market for KardiaMobile 6L, its ECG device. This was approved by the US FDA. This will help heart patients minimize the risk of infection via visiting hospitals.

However, with the growing public health crisis of COVID-19, remote monitoring allows patients to maintain rapport with their healthcare professionals when required. Remotely, healthcare providers can access information about a patient's vital signs while at home, reducing the need for hospital visits and minimizing the risk of exposure to coronavirus. In April 2020, Biotricity Inc., a medical diagnostic and consumer healthcare technology company, announced that its Bioflux units are designed for QT interval analysis, a section of the ECG, to identify serious risks like QT prolongation.

Furthermore, as virus infection and pneumonia enhance the risk of rhythm disturbance and acute coronary syndrome, routine electrocardiography (ECG) is a suggested diagnostic test for all COVID-19 afflicted individuals. Furthermore, ECGs can be used to assess the cardiac toxicity of antibiotics given to COVID-19 patients.


Key Insights

  • The Electrocardiograph market was valued at USD 5186.13 million in 2020, and is anticipated to generate USD 10.79 billion by 2030, and it is predicted to grow at a CAGR of 5.67% from 2021 to 2030.
  • By product, the market is divided into rest ECG systems, stress ECG systems, holter ECG systems, event recorders, and other products being the most common. The rest ECG systems market is valued at USD 2899.56 million by 2030 at a CAGR of 4.26% during the forecast period.
  • Based on technology, the market is segmented into portable ECG systems and wireless ECG systems. The portable ECG systems segment is valued at USD 4820.45 million by 2030 at a CAGR of 4.27%.
  • America and Europe are the two dominant markets for electrocardiographs, and markets in regions are expected to grow at a CAGR of 4.45% and 4.19%, respectively.


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List of Key Players

  • GE Healthcare
  • Koninklinje Philips NV
  • Nihon Kohden Corporation
  • Schiller AG
  • OSI Systems Inc. (Spacelabs Healthcare)
  • AliveCor
  • Mindray Medical International Limited
  • Medtronic PLC
  • Biotelemetry
  • Hill-Rom Holdings Inc. (Welch Allyn)
  • CompuMed


Global Electrocardiograph Market: Segmentation

By Product

  • Rest ECG Systems
  • Stress ECG Systems
  • Holter ECG Systems
  • Event Recorders
  • Others

By Technology

  • Portable ECG Systems
  • Wireless ECG Systems

By Lead Type

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

By End-User

  • Home-Based Users
  •  Hospitals
  • Others

By Region

  • America
  • Europe
  • Asia-Pacific
  • Middle East & Africa


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Electrocardiograph (ECG) Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Marine, Aviation, & Transport (MAT)
      1. Market Size & Forecast
    3. Political Risk & Credit Insurance
      1. Market Size & Forecast
  5. Distribution Channel Overview
    1. Introduction
      1. Market Size & Forecast
    2. Brokers
      1. Market Size & Forecast
    3. Non-Brokers
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By Distribution Channel
      3. Canada
        1. By Type
        2. By Distribution Channel
      4. Mexico
        1. By Type
        2. By Distribution Channel
      5. Latin America
        1. By Type
        2. By Distribution Channel
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By Distribution Channel
      3. France
        1. By Type
        2. By Distribution Channel
      4. U.K.
        1. By Type
        2. By Distribution Channel
      5. Italy
        1. By Type
        2. By Distribution Channel
      6. Spain
        1. By Type
        2. By Distribution Channel
      7. Rest of Europe
        1. By Type
        2. By Distribution Channel
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By Distribution Channel
      3. China
        1. By Type
        2. By Distribution Channel
      4. Australia
        1. By Type
        2. By Distribution Channel
      5. India
        1. By Type
        2. By Distribution Channel
      6. South Korea
        1. By Type
        2. By Distribution Channel
      7. Rest of Asia-Pacific
        1. By Type
        2. By Distribution Channel
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By Distribution Channel
      3. South Africa
        1. By Type
        2. By Distribution Channel
      4. Kuwait
        1. By Type
        2. By Distribution Channel
      5. Rest of Middle East & Africa
        1. By Type
        2. By Distribution Channel
  7. Company Profile
    1. AXA
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. American International Group Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Allianz
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/electrocardiograph-ecg-market/toc


Market News

  • Biotelemetry, a global medical technology leader, entered into the agreement to acquire Geneva Healthcare, Inc., which is provider of cardiac implantable devices for remote monitoring in March 2019
  • In January 2021, Hill-Rom entered a definitive agreement to acquire Bardy Diagnostics Inc.


News Media     
Top 10 Medical Device Companies in the World


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Tags

Electrocardiograph Market ECG Market ECG Market Share Food and Drug Administration cardiovascular diseases CDC report AFib CVD

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