Home > Pressrelease > Electrocardiogram Devices Market size to exceed $10.5 Bn by 2032

Electrocardiogram Devices Market size to exceed $10.5 Bn by 2032

  • Published Date: February 17, 2023

Electrocardiogram (ECG) Devices Market size is projected to surpass USD 10.5 billion by 2032, according to a new research report by Global Market Insights Inc.

The increasing geriatric population is expected to have a positive impact on the electrocardiogram (ECG) devices industry outlook. According to the World Health Organization (WHO), the elderly population ranging above 60 years of age is projected to account for approximately 22% of the global population by 2050. Older individuals are typically at a higher risk of cardiovascular disorders owing to aging-related risk factors, such as hypertension and diabetes, driving the need for advanced ECG monitoring devices.

Furthermore, the rising incidences of diabetes in young adults across several developed and developing nations will accelerate the need for cardiac care, adding to the electrocardiogram (ECG) devices market growth.

However, high costs associated with the adoption of state-of-the-art ECG devices with novel features may impede the product demand over the projected timeframe. For instance, a full-stress EKG/ECG test kit costs up to USD 23,000 along with additional costs based on added equipment, such as a treadmill. Hence, healthcare facilities across rural areas with poor financial aid struggle to install sophisticated ECG setups, leading to hampered industry scenario.

New breakthroughs in implantable cardiac monitors for improved cardiac care to boost industry gains

electrocardiogram (ECG) devices market valuation from monitoring ECG devices is poised to reach more than USD 4.9 billion by 2032. A wide variety of monitoring ECG devices are employed in the field of cardiovascular care, including implantable cardiac monitors, ECG telemetry monitoring/event monitoring, holter monitoring (ambulatory ECG), and others. The growing popularity of this suite of ECG tools can be attributed to their ability to monitor heart health, detect heart problems, and record electrical activity of the heart.

Browse key industry insights spread across 310 pages with 711 market data tables & 17 figures & charts from the report, Electrocardiogram Devices Market Size By Product (Diagnostic ECG Machines {Resting ECG, Stress ECG} Monitoring ECG Devices {Holter Monitoring, Implantable Cardiac Monitors, ECG Telemetry Monitoring / Event Monitoring}), 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 (Hospitals & Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Home Care Settings), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 2032” in detail along with the table of contents:

Rising incidences of heart failure to propel the value for 3 lead ECG devices

Electrocardiogram devices market size from the 3 lead type segment is anticipated to exhibit a 4% CAGR by 2032. 3 lead ECG medical tests are widely used by physicians to detect the overall heart rate, and heart rhythm. These tests have gained significant momentum with the growing popularity of noninvasive procedures.

Moreover, the emergence of new trends in the healthcare sector such as telehealth, mobile, and wearable medical technologies will foster the requirement for 3 lead types of ECG devices. The rising prevalence of heart attacks and other cardiovascular diseases will also fuel the need for advanced ECG machines, driving the industry revenue.

Growing preference for wearable technologies to foster demand for portable ECG devices

Portable devices held nearly 40.5% share of the electrocardiogram devices market in 2022. Rapid digitization of the healthcare sector has accelerated the adoption of portable medical test kits and diagnostic solutions. Additionally, the ongoing advancements in wearable technologies have enabled the development of ECG kits featuring deep learning and artificial intelligence (AI). Handheld ECG devices allow older patients to diagnose and monitor heart health at home ensuring a high level of convenience.

Several manufacturers are thus focusing on product innovations, such as devices compatible with smartphones, cloud models, and others. For instance, in February 2022, Philips launched the first full-service, at-home 12-lead ECG systems for application in decentralized clinical trials.

Surging geriatric population to accelerate adoption of ECG devices across home care settings

electrocardiogram devices market size from home care settings is projected to record a 5.4% CAGR by 2032. The increasing requirementfor ECG devices across home care settings can be attributed to the rising geriatric population worldwide. Over the past few years, the need for home healthcare services has amplified dramatically owing to the rising incidences of aging-related health problems and the high preference among elderly patients for at-home treatment.

The emergence of the COVID-19 pandemic further emphasized the significance of healthcare at home, encouraging patients and physicians to adopt a digital approach.

Hefty healthcare spending to promote electrocardiogram devices industry expansion in Europe

Europe electrocardiogram devices market size is poised to reach USD 2.8 billion by 2032. The paradigm shift from acute intervention to preventative care in the field of diagnostics will augment the industry progressionacross Europe. The growing awareness among the general public regarding an early diagnosis for better and more efficient targeted treatment is expected to spur the ECG devices industry progress.

Furthermore, the growing burden of heart diseases in the U.K. will have a notable impact on the regional ECG devices industry. For instance, as per the British Heart Foundation (BHF), the healthcare spending in the U.K. associated with heart and circulatory diseases accounts for over USD 9 billion each year.

New product launches to boost electrocardiogram devices industry development

AliveCor, Inc., Allengers Medical Systems Ltd., Bionet America, Inc., Fukuda Denshi Co., Ltd., GE Healthcare, Hill-Rom Holdings, Inc. (Baxter), Koninklijike Philips N.V., Medtronic Plc., Shezhen Mindray Bio-Medical Electronics Co., Ltd., Spacelabs Healthcare, Inc. (OSI Systems, Inc.) are some of the leading companies in the global electrocardiogram devices market.


Authors: Rupali Swain, Subodh Kharad