Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- Increasing prevalence of cardiovascular disease around the world is driving the global ECG devices market, says Fortune Business Insights in a report, titled “ECG Devices Market Size, Share and Global Trend by Product (Wearable Holter Monitor, Portable Handheld ECG, Lead), By End User (Hospitals, Ambulatory surgical centers, Diagnostic centers, Specialty Clinics, Others), and Geography Forecast till 2023-2030.” Rising demand for cost-effective ECG devices for diagnosis is a factor predicted to support the growth of the global ECG devices market.
Industry Development:
Abbott, launched RX Implantable Cardiac Monitor (ICM), a paperclip-sized implantable device, combined with the smartphone connectivity which continuously monitors the heart beat in order to track unpredictable heart rhythm problems for quick and accurate diagnosis.
KardiaMobile a personal ECG device manufactured by AliveCor, Inc. received approval from FDA that can be used to detect atrial fibrillation at heart rates below 40 and above 120.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Base Year | 2022 |
| Historical Data | 2019 to 2021 |
Key Takeaways:
- ECG devices can help in early diagnosis of a variety of cardiac diseases.
- New product launches by key players and growing technological advancements are likely to boost the market growth of during the forecast period.
- High cost of heart diseases diagnosis & patient care is likely to hamper the growth of ECG devices market.
- The demand for ECG devices is increasing globally due to the rising prevalence of cardiovascular diseases and the increasing aging population.
- Technological advancements in ECG devices, such as the development of wireless and portable devices, have increased their convenience and accessibility.
Launch of Next-Gen ICM by Abbott Will Stimulate Growth
Abbott, an American healthcare company launched a new, smarter heart monitor for better arrhythmia detection after receiving approval from the Food and Drug Administration. The next-generation Confirm Rx insertable cardiac monitor (ICM), combines smartphone connectivity and constant remote monitoring to track unpredictable heart rhythm problems for a fast and accurate diagnosis. The launch of the paperclip-sized implantable device, Confirm Rx ICM is predicted to aid ECG devices growth owing to the first-ever technology in the new device that allows syncing with the smartphone via Bluetooth therefore, transmitting information to the physician to help identify irregular heartbeats instantaneously.
Furthermore, approval from the FDA for innovative ECG devices by key players is also expected to promote growth of the global ECG devices market. For instance, CardioComm Solutions, Inc., received clearance from FDA to use HeartCheck CardiBeat handle head ECG device which is used to heartbeat monitoring and also received approval to use GEM mobile ECG app.
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List of Key Players Profiled in the Report for ECG devices Market:
- General Electric Company
- Koninklijke Philips N.V.
- OSI Systems Fukuda Denshi Co Ltd.
- Schiller AG
- Opto Circuits Limited
- Medtronic
- Spacelabs Healthcare Inc.
- Bionet
- Cardiac Science
- Midmark Corporation
- Cardionet Inc.
- Omron Healthcare
Growing Technological Advancements in ECG Devices Will Boost Growth
Increasing technological advancements and product launches by key players are driving the global ECG devices market. For instance, in 2019, by AliveCor, Inc. received approval from the FDA to use a Kardia Mobile, a personal ECG device to detect Bradycardia and Tachycardia. Furthermore, increasing prevalence of cardiovascular disease along with the growing geriatric population are factors contributing positively to the global ECG devices revenue.
According to the American Heart Association (AHA), it is estimated that around 4 million patients worldwide suffer from arrhythmias. In addition, rising demand for cost-effective ECG devices for diagnosis of heart diseases is also predicted to facilitate global ECG devices growth during the forecast period. However, the high cost of heart diseases diagnosis & patient care is likely to hamper the growth of ECG devices market during the forecast period.
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Growing Geriatric Population Will Support Growth in Asia Pacific
Geographically, the global ECG devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is likely to dominate the ECG Devices market during the forecast period owing to the rising cases of cardiovascular disease, growing adoption of sedentary lifestyle. Increasing awareness among healthcare organizations about the benefits of using novel technologies for early diagnostic of cardiac-related issues is also predicted to foster growth in the region.
Asia Pacific is expected to grow exponentially during the forecast period owing to the growing geriatric patient pool and rising investments by government organizations for providing better healthcare infrastructure. Rising adoption of innovative technology in emerging nations such as China and India is also predicted to boost the global ECG devices market during the forecast period.
Market Segmentation:
By Product
- Wearable Holter Monitor
- Portable Handheld ECG
- Lead
By End-User
- Hospitals
- Ambulatory surgical center
- Diagnostic centers
- Specialty Clinics
- Others
By Geography
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and, Rest of the Middle East & Africa)
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