Wireless ECG Devices–Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3845
Wireless ECG Devices Market size is projected to experience significant growth from 2019 to 2025.
Growing incidence of cardiovascular diseases (CVDs) coupled with expanding geriatric population pool will positively impact wireless ECG devices industry growth during the forecast period. According to the Centers for Disease Control and Prevention (CDC), in the U.S., about 6,10,000 individuals die from heart diseases each year. Also, nearly 3,70,000 individuals die from coronary heart disease (CHD) every year. Thus, increasing incidence of cardiovascular diseases will create significant demand for wireless ECG devices in the estimation period.
Growing inclination of population towards more sophisticated and advanced ECG devices will stimulate the global wireless ECG devices market growth in the coming years. High growth is due to rise in demand for such devices due to shorter hospital stay, declining cost of wireless technologies, and portability features. Additionally, availability of various cost-effective and efficient mobile cardiovascular monitoring devices will escalate the adoption of wireless ECG devices over the projected timeframe.
However, low internet penetration in several emerging economies, hampering the operational performance of such cloud-based device, may impede the demand for wireless ECG devices. Furthermore, stringent government regulations, limiting product approvals will hinder the wireless ECG devices market growth in the forthcoming years.
Rest ECG systems segment will hold a significant revenue size over the forecast years due to the better exchange of information through cardiovascular information systems (CVIS) and electronic health record (EHR). Rest ECG systems screens and conducts ECG readings to the user’s smartphone using Bluetooth and thus, reduces the complexity associated with customer integration. Furthermore, increasing awareness regarding early detection and management of cardiovascular diseases will augment the demand for resting ECG devices in the coming years.
Home-based users segment will show momentous growth over the projected timeframe due to rising prevalence of cardiovascular diseases coupled with growing awareness about cardiac health monitoring. Advanced technological aspects including portability along with the addition of mobile connectivity and user-friendly features will further drive the segmental growth. Moreover, growing inclination of patients towards mobile heart monitoring procedures due to its cost-effectiveness and convenience will accelerate segmental growth during the forecast period.
U.S. wireless ECG devices market is estimated to witness lucrative growth over the forecast period due to increasing adoption of advanced cardiovascular solutions and sophisticated healthcare infrastructure. Rising obese population with high susceptibility to suffer from various CVDs, coupled with high adoption of unhealthy lifestyle habits will enhance the market growth. According to the American Heart Association (AHA), about 8,36,546 individuals die of cardiovascular diseases in the U.S. and nearly 92.1 million Americans are living with some form of a cardiovascular disease. Moreover, rising healthcare expenditure to develop innovative products for disease monitoring will augment U.S. wireless ECG devices industry growth.
India wireless ECG devices market is estimated to witness lucrative growth over the forecast period due to the increasing prevalence of cardiovascular diseases coupled with geriatric population base. Robust growth can be attributed to growing awareness about the innovative and advanced wireless ECG devices, offering affordable and easy tracking of cardiac health parameters. Furthermore, rising government investment, supporting the R&D activities and along with rising per capita healthcare expenditure will accelerate India wireless ECG devices market growth.
Few of the key players operating in the global wireless ECG devices market include Cardiocity Limited, CardioComm Solutions, Inc., General Electric Company, iRhythm Technologies, Inc. and MediBioSense Ltd. among other players. These industry players implement various strategies such as mergers & acquisitions, partnerships, and new product launch to enhance profitability and company growth. For instance, in May 2019, AliveCor received the U.S. FDA approval for KardiaMobile 6L, the first six-lead personal ECG device that uses a form factor to gather maximum information. This strategy will expand the company’s wireless ECG devices market product portfolio.
Wireless ECG Devices Market by Product, 2014-2025 (USD Million)
- Rest ECG Systems
- Stress ECG Systems
- Holter ECG Systems
Wireless ECG Devices Market by End-Use, 2014-2025 (USD Million)
- Home-based Users
- Ambulatory Services
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Aerotel Medical Systems Ltd
- AliveCor, Inc.
- BPL Medical Technologies
- Cardiocity Limited
- CardioComm Solutions, Inc.
- General Electric Company
- iRhythm Technologies, Inc.
- MediBioSense Ltd
- Nihon Kohden Corporation
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