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Electrocardiogram (ECG) Devices Market Size, By Product (Diagnostic ECG Machines), By Lead Type (Single Lead Type, 3 Lead Type, 6 Lead Type, 12 Lead Type), By Portability (Portable Device, Non-portable Device), By End-use & Global Forecast, 2032
- Report ID: GMI5425
- Published Date: Feb 2023
- Report Format: PDF
Electrocardiogram Devices Market Size
Electrocardiogram Devices Market size was worth more than USD 7 billion in 2022 and is projected to record a 4% CAGR from 2023-2032. Rising prevalence of cardiovascular diseases will accelerate industry trends.
Rising prevalence of cardiovascular disorders is expected to have a substantial impact on the industry dynamics. In recent years, the number of people suffering from cardiovascular disorders surged significantly with the rapid adoption of sedentary lifestyles, poor dietary patterns, and excessive consumption of alcohol. According to the Centers for Disease Control and Prevention (CDC), by the end of 2030, the U.S. is estimated to have more than 12 million cases of atrial fibrillation. Additionally, the rapid digitization and automation of healthcare facilities to provide next-generation cardiac care with enhanced operational capabilities will complement the market progression.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Electrocardiogram Devices Market Size in 2022: | USD 7 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 10.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 310 |
| Tables, Charts & Figures: | 728 |
| Segments covered: | Product, Lead Type, Portability, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Lack of skilled professionals to restrain electrocardiogram devices market growth
The ongoing advances in medical devices and the rapid integration of next-generation technologies, such as artificial intelligence (AI) and robotics have fueled the requirement for highly skilled professionals. The dearth of proper technical expertise increases the risk of errors while handling sophisticated technologies, leading to hampered output. Various countries across the globe are experiencing a shortage of health aides, physicians, and nurses. For instance, as per the Association of American Medical Colleges (AAMC) projections from 2019 to 2034, the U.S. is anticipated to experience a shortage of between 37,800-124,000 physicians within a span of 12 years. Hence, the scarcity of skilled healthcare personnel may present a major challenge for the ECG devices industry.
Electrocardiogram Devices Market Analysis
In terms of revenue, the electrocardiogram devices market share from the 6-lead type segment is estimated to reach USD 1.2 billion by 2032. The 6-lead type of ECG device is widely used for the diagnosis of cardiac diseases. This type of ECG machine is anticipated to witness a surging demand driven by the increasing need for cost-effective bradycardia treatment and the emergence of novel remote monitoring devices. Moreover, 6-lead ECG devices offer comprehensive data regarding heart health and enable the detection of tachycardia and AFib. The growing concerns associated with cardiac arrhythmia will further propel the demand for 6 lead ECG devices.
ECG devices market valuation from diagnostic ECG machines reached USD 4 billion in 2022. The growing demand for diagnostic ECG machines, including stress ECG and resting ECG can be attributed to the increasing number of people suffering from chronic illnesses. In August 2022, the American College of Cardiology published estimates for the years, 2025 to 2060, projecting a 33.4% surge in the prevalence of heart failure among the general U.S. population. The growing burden of heart failures and coronary artery diseases is further propelling the need for technologically equipped healthcare facilities for better, faster, and more affordable medical care.
Based on portability, the electrocardiogram devices market size from non-portable ECG devices is projected to exhibit over 3.5% CAGR between 2023-2032. Non-portable ECG machines are extensively used in the hospital settings and healthcare facilities to cater to multiple cardiovascular conditions, such as atrial flutter and atrial fibrillation. The high prevalence of unhealthy lifestyle habits has contributed to a large pool of patients with hypertension and hyperthyroidism, driving the demand for non-portable devices across the healthcare sector. Moreover, the growing patient preference for minimally invasive procedures is expected to positively influence the market outlook.
ECG devices market valuation from ambulatory surgical centers is poised to reach USD 2.3 billion by 2032. Ambulatory surgical centers (ASCs) have emerged as the primary choice of healthcare facility among patients owing to the availability of high-quality affordable treatment, shorter stays as compared to hospitals, and the lowered risk of hospital-acquired infections (HAIs). Moreover, ASCs offer specialized healthcare services allowing insurance carriers and patients to cut down on costs. The increasing investments to build ASCs to address the unmet healthcare needs will complement the market growth.
Asia Pacific electrocardiogram devices market size is anticipated to expand at over 4% CAGR from 2023-2032. The region is expected to emerge as a hub for advanced medical technologies and next-generation devices owing to the fast-paced digitization of healthcare services and significant investments in healthcare infrastructure. Additionally, the growing patient pool of cardiovascular diseases and a broad spectrum of chronic illnesses will propel the need for ECG devices and cardiac care in the region. As per Accidental Deaths & Suicides in India (ADSI) data published by the National Crime Records Bureau (NCRB), the number of deaths associated with heart attacks continued to remain over 28,000 in the last three years.
Electrocardiogram Devices Market Share
Some of the leading companies in the global electrocardiogram devices market include
- AliveCor, Inc.
- Allengers Medical Systems Ltd.
- Bionet America, Inc.
- Biotricity, Inc.
- Boston Scientific Corporation
- Biotronik SE & Co. KG
- BPL Medical Technologies Pvt Ltd.
- Fukuda Denshi Co., Ltd.
- Cardioline S.P.A.
- GE Healthcare
- Koninklijike Philips N.V.
- Hill-Rom Holdings, Inc. (Baxter)
- Medtronic Plc.
- Shezhen Mindray Bio-Medical Electronics Co., Ltd.
- Spacelabs Healthcare, Inc. (OSI Systems, Inc.).
These firms are entering strategic agreements and collaborations to improve their technological capabilities and expand applications.
Impact of the COVID-19 pandemic
The COVID-19 crisis led to the emergence of new opportunities as well as challenges for the ECG devices industry as it compelled several governments worldwide to implement stringent lockdowns and social distancing norms to curb the constantly escalating pandemic-driven hospitalization rates. Moreover, due to the high risk of infection across hospital facilities, several patients deferred their treatments to avoid infection, hampering the demand for cardiovascular treatment and associated devices. Furthermore, the delays in non-emergency services by several healthcare facilities to entirely focus on COVID-19 patients also negatively influenced the industry outlook. However, the pandemic introduced new trends in the healthcare sector, including at-home medical tests to emphasize portable and handheld ECG devices.
The electrocardiogram devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
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By Product
- Diagnostics ECG Machines
- Resting ECG
- Stress ECG
- Monitoring ECG Devices
- Holter Monitoring (Ambulatory ECG)
- Implantable Cardiac Monitors
- ECG Telemetry Monitoring/Event Monitoring
- Others
By Lead Type
- Single Lead Type
- 3 Lead Type
- 6 Lead Type
- 12 Lead Type
- Others
By Portability
- Portable Device
- Non-portable Device
By End-use
- Hospitals & Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers
- Home care settings
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- Switzerland
- Netherland
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
Frequently Asked Questions (FAQ) :
Electrocardiogram Devices Market Scope
