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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.

Electrocardiogram Devices Market

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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.

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

Electrocardiogram (ECG) Devices Market Share By Lead Type

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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.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for electrocardiogram devices size was worth more than USD 7 billion in 2022 and is projected to record a 4% CAGR from 2023-2032.

Non-portable ECG devices is projected to exhibit over 3.5% CAGR between 2023-2032 due to increasing use in the treatment of atrial flutter and atrial fibrillation.

Asia Pacific electrocardiogram devices market size is anticipated to expand at over 4% CAGR from 2023-2032 owing to the rising prevalence of chronic illnesses.

AliveCor, Inc., Allengers Medical Systems Ltd., Bionet America, Inc., Biotricity, Inc., Cardioline S.P.A., GE Healthcare, and Medtronic Plc are some of the key participants in the market.

Electrocardiogram (ECG) Devices Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 728
  • Countries covered: 25
  • Pages: 310
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