The Global Electrocardiograph Market is forecast to reach USD 9.44 Billion by 2032. Driving factors like the rising prevalence of the cardiovascular diseases is one of the integral factors for growth and expansion of the Electrocardiograph [ECG] market. Apart from that, in recent years, the healthcare industry is witnessing technological development like coming up with different monitoring devices and smart wearable monitors, which is propelling the growth of the market. Some of these revolutionary advancements in the healthcare monitoring devices are smart wearable ECG monitors, portable devices, and incorporation of artificial intelligence in the care services. Such technological advancements in the healthcare sector are boosting the ECG market. Increase in healthcare expenditure and the rise in the geriatric population is also obsreved to boost the market growth during the forecast period.
Another major contributing factor, which is boosting the growth of this market is the increase in the obesity rate and the associated rise in the occurrence rate of cardiovascular diseases. Such an increase in the occurrence rate of cardiovascular disease has resulted in increasing emergency hospital admissions, raising the burden on hospitals, and lengthy hospital stays that in turn is increasing the demand for ECG market. The association of increased demand for ECG with the rise in cardiovascular diseases is because, ECG helps in recording the electrical activity of heartbeat during a particular period. The mentioned elemental trait of ECG is essential in monitoring the cardiovascular condition and provide with necessary care services, which contributes to the growth of the market.
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Though there are major advantages associated with the ECG, factors high cost of ECG devices, expensive maintenance of these devices, and market saturation in developed regions act as a restraint for the growth of the market.
In context to region analysis, North America dominates the electrocardiograph [ECG] market throughout the forecast period. Factors supporting the market dominance of North America are increased in prevalence of cardiovascular diseases in the region because of changes in lifestyle like excessive smoking and sedentary lifestyle, and rise in the geriatric population.
Key Coverage of the Report
- Estimation of the market size along with historical and forecasted trend analysis.
- Various types’ of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- The regulatory framework of each region.
- Regional up-coming research and application outlook.
- Status of on-going developments.
- Regional prevalence of Electrocardiograph [ECG] has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Electrocardiograph [ECG] market
- The Electrocardiograph [ECG] market is forecasted to grow at a rate of 5.8% during the forecast period and reach USD 33 Billion in 2028.
- The increased demand for Ambulatory Surgical Centers and incorporation of Holter Monitors in these services is positively impacting the overall market.
- There has been an elevation in the availability of low-cost ECG services and devices in different regions. Such availability of ECG services and devices is also boosting the growth of the industry.
- Technological advancements made by key players of the market like launching of products like BeneVision TM80 by Mindray Medical International Limited contributes to the growth of the market. BeneVision TM80 can run 40 hours and can provide accurate information about respiration, and ECG, which is having high utility and have a compact structure. Such development is taking the market one step ahead.
- In context to Device Type, Resting ECG segment can be seen to dominate the market occupying the largest market share of 58.2% in 2020 with the second highest growth rate of 6.0% during the forecast period. Factors contributing to the market dominance of the Resting ECG segment is its effectiveness in identifying arrhythmias among patients even when they are in a resting position, which has resulted in its increased incorporation in the care providing organizations.
- While discussing Device Type, it is mentionable here that the Holter Monitors segment is forecasted to witness the highest growth rate of 6.9% during the forecast period, which occupied the second largest market share of 24% in 2020. Factors like the increased demand for Ambulatory Surgical Centers and incorporation of Holter Monitors in these services is contributing to the market growth of this segment. The fact that this type of ECGs is useful in identifying symptomatic, as well as asymptomatic arrhythmias, has also contributed to its growth rate.
Companies considered and profiled in this market study
Mortara Instrument, INC., GE Healthcare (General Electric Company), Mindray Medical International Limited, Medtronic, OPTO Circuits Limited, OSI Systems Fukuda Denshi CO LTD, Philips Healthcare (Koninklijke Philips N.V.), Schiller AG, Spacelabs Healthcare and Nihon Kohden Corporation.
The companies have emphasized on diverse strategies, like acquisitions, mergers to retain its present market share and make further market expansion.
- The valuation for the Electrocardiograph [ECG] market was USD 6.05 Billion in 2020, and it is forecasted to have a CAGR of 5.8% during the forecast period.
- In context to Technology, the Automatic Diagnosis and Anatomical Detection segment is leading the market occupying the largest market share of 25% in 2020 with a growth rate of 5.3% during the forecast period. The market dominance of the Automatic Diagnosis and Anatomical Detection segment is attributed to its wide application in care providing organization. Its dominant use in care providing organizations is the result of its effectiveness in enhancing patient electronic medical record (EMR), and recent advancements like the ability of remotely viewing the vitals and web-based access to the ECG system.
- While discussing Technology, it is mentionable here that the Smart Wearable ECG Monitors is forecasted to witness the highest growth rate of 7.8% during the forecast period, which is forecasted to occupy 21% of the market by 2028. The growth rate of the segment is the result of raising awareness about cardiovascular diseases and increased preference to keep a track on individual health prior opting for specialized opinion among individuals. Moreover, this technology is much more affordable and easy to use, which contributes to its growth rate.
- In regards to the Distribution channel, Offline segment is leading the market, holding the larger market share of 69% in 2020, with the higher growth rate of 3.3% during the forecast period. Factors like end user’s preference for expert understanding and opinion on products on the distributor’s end, and the need for quality check have contributed to the segment’s market share.
- In the context of region, North America occupies the largest market share of 44.0% in 2020, with a growth rate of 6.1% during the forecast period. Factors like increased occurrence rate of cardiovascular diseases, sedentary lifestyle, rise in geriatric population, and high-per capita income have contributed to the region’s market share.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2032. For the purpose of this report, have segmented the Global Electrocardiograph [ECG] Market based on Device Type, Technology, Lead type, Distribution channel, Application and End-user, and Region:
Electrocardiograph Market Report Scope
Segments covered By Device Type Outlook, Technology Type Outlook, Regional Outlook
By Device Type Outlook
Wireless Holter Monitors
Wired Holter Monitors
By Technology Type Outlook
Automatic Diagnosis and Anatomical Detection
Mobile Cardiac outpatient telemetry (MCT/MCOT)
Electronic ECG management system
Smart Wearable ECG Monitors
By Lead type Outlook
By Distribution channel Type Outlook
By Application Type Outlook
By End-user Outlook
Ambulatory Surgical Centers
Middle East & Africa
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