USD 5.39 billion
Diagnostic Electrocardiograph Market Size, Share, Growth Analysis, By Product(Devices (Resting ECG Devices, Stress ECG Devices, Holter Monitors, Event Monitors), By Lead Type(12-Lead ECG Devices, 5-Lead ECG Devices, 3-Lead ECG Devices, 6-Lead ECG Devices), By End User(Hospitals, Clinics, And Cardiac Centers, Ambulatory Surgery Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2621 |
Region:
Global |
Published Date: October, 2024
Pages:
270
|Tables:
93
|Figures:
76
Diagnostic Electrocardiograph Market Insights
Global Diagnostic Electrocardiograph Market size was valued at USD 7.60 billion in 2022 and is poised to grow from USD 8.13 billion in 2023 to USD 13.89 billion by 2031, growing at a CAGR of 6.12% during the forecast period (2024-2031).
Change in consumer lifestyle and prevalence of several types of diseases such as ischemic heart disease, hypertensive heart disease, and peripheral heart disease are key factors projected to drive the growth of the global diagnostic electrocardiograph market during the forecast period. Moreover, continuously improving healthcare infrastructure and various support reimbursement policies coupled with the growing geriatric population base around the globe, are also expected to have a positive impact on the global market growth in the coming years.
Furthermore, rising technological advancements for electrocardiograph (ECG) devices along with the introduction to several new remote monitoring devices is fueling the global market growth. In addition, developing nations are anticipated to grow at faster growth rate as compared to developed nations owing to increasing healthcare expenditure and highly untapped potential market. For instance, in June 2022, the United States Food and Drug Administration approved Qpatch, an advanced ECG wearable device developed by Medicalgorithmics experts. It is a wearable device for measuring ECG signals of an individual for getting accurate cardiac arrhythmia diagnosis.
US Diagnostic Electrocardiograph Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Clinics
Growth Rate
5.58% CAGR
Global Diagnostic Electrocardiograph (ECG) Market, 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Diagnostic Electrocardiograph Market Segmental Analysis
Global Diagnostic Electrocardiograph Market is segmented by Product, Lead Type, End User, and Region. Based on Product, the market is segmented into Devices (Resting ECG Devices, Stress ECG Devices, Holter Monitors, Event Monitors, Implantable Loop Recorders, Mobile Cardiac Telemetry Devices, Smart ECG Monitors), Software & Services. Based on Lead Type, the market is segmented into 12-Lead ECG Devices, 5-Lead ECG Devices, 3-Lead ECG Devices, 6-Lead ECG Devices, Single-Lead ECG Devices, Other ECG Lead Devices. Based on End User, the market is segmented into Hospitals, Clinics, And Cardiac Centers, Ambulatory Surgery Centers, Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Diagnostic Electrocardiograph Market Analysis by Product
By product, the resting ECG services segment accounted for the largest market share in 2021. Accurate diagnosis without preparatory time and capability to rapidly detect heart problems such as ischemia, myocardial infarction, and cardiac arrhythmias are the key factors driving the growth of the segment. According to the Center for Diseases Control, nearly 800,000 people every year suffer from myocardial infarction and about 600,000 of them experienced myocardial infarction for the first time. Thus, the high number of these disorders are expected to create significant demand for ECG services over the coming years.
Furthermore, Holter monitors segment is witnessing fastest growth rate over the forecast period owing to high adoption of these monitors in detecting various types of cardiovascular disease. Additionally, Holter monitors are less expensive than other ECG devices available in the market, according to our findings, a Holter monitors costs around USD 64, while a traditional ECD device costs USD 128. This is further anticipated to boost the demand for these monitors around the globe.
Diagnostic Electrocardiograph Market Analysis by End-Use
By end-use, hospital segment held the largest market share in 2021 and witnessing a strong growth rate during the forecast period. Rising prevalence of patients in hospitals due to the emergence of several types of disease and developed healthcare infrastructure especially in high-income economies around the globe. In addition, increased consumer purchasing power for ECG gadgets for enhanced cardiac treatment coupled with the rising government reimbursement policies to develop healthcare facilities in countries like India and China are some other factors projected to propel the growth of the segment market in the near future.
Global Diagnostic Electrocardiograph (ECG) Market By Product, 2021 (%)
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Diagnostic Electrocardiograph Market Regional Insights
Globally, North America dominated the diagnostic electrocardiograph market and accounted for a significant market share and is projected to maintain its dominance throughout the forecast period. Growing frequency of cardiovascular diseases and early adoption of advanced technologies are the key major factors expected to drive the growth of the market in the region. According to the American Heart Association, around 82.6 million Americans have one or more types of cardiovascular diseases, and nearly 659,000 Americans die from these diseases every year.
Furthermore, Asia Pacific is witnessing fastest CAGR during the forecast period due to the rising geriatric population, increased urbanization, and growing consumer disposable income in the region. Moreover, rising adoption of latest devices and several government initiatives towards the development of healthcare infrastructure mainly in the developing countries including China, India, and Indonesia are few other factors propelling the growth of the ECG market in the region over the coming years. For instance, according to an NCBI report, over 290 million people are suffering from cardiovascular diseases in China and nearly 13 million Chinese have suffered from a stroke.
Global Diagnostic Electrocardiograph (ECG) Market By Geography, 2022-2028
- Largest
- Fastest
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Diagnostic Electrocardiograph Market Dynamics
Diagnostic Electrocardiograph Market Drivers
High Prevalence of Chronic Diseases in Geriatric Population
- High growth in geriatric population along with an increasing risk for the development of various cardiovascular diseases and growing consumer awareness towards availability of several non-invasive techniques are key factors expected to drive the growth of the global diagnostic electrocardiograph (ECG) market during the forecast period.
- Furthermore, growing prevalence of chronic heart diseases especially in western countries owing to changes in lifestyle and consumer eating habits are further anticipated to boost the global market over the coming years. According to our findings, around 850,000 people have a heart attack every year in the United States. Out of these, nearly 605,000 attacks are a first heart attack.
Diagnostic Electrocardiograph Market Restraint
Limited Knowledge Regarding Electrocardiograph Device Usage
- Lack of awareness regarding the use of electrocardiograph for the diagnosis of diseases is the major factor expected to hamper the growth of the global diagnostic electrocardiograph (ECG) market over the forecast period. Moreover, Unavailability of skilled workers and service providers is also hindering the growth of the global market over the coming years.
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Diagnostic Electrocardiograph Market Competitive Landscape
The global diagnostic electrocardiograph (ECG) market is fairly fragmented in nature due to the presence of several key market players operating all around the globe. Major key players of the global market are shifting their focus on various business developing strategies like acquisitions, mergers, collaboration, new technology development, and rising R&D activities for the expansion of their geographical presence and product portfolio.
Diagnostic Electrocardiograph Market Top Player’s Company Profiles
- General Electric
- Koninklijke Philips N.V.
- Baxter International Inc.
- Fukuda Denshi
- Mindray Medical International Limited
- Nihon Kohden Corporation
- OSI Systems, Inc.
- BPL Medical Technologies
- Schiller AG
- Bittium
- ACS Diagnostics
- Allengers Medical Systems Ltd.
- Bionet
- Cardiac Insight, Inc.
- BTL
- Meditech Equipment Co. Ltd.
- Midmark Corporation
- AliveCor, Inc.
- VitalConnect
- iRhythm Technologies, Inc.
- Borsam Biomedical Instruments Co., Ltd.
- Nasiff Associates, Inc.
- VectraCor
- Biomedical Instruments Co. Ltd.
- LifeSignals, Inc.
Diagnostic Electrocardiograph Market Recent Developments
- In February 2022, AliveCor announced the launch of KardiMobile Card, most convenient and slimmest ECG devices in the United States. This is the only device enough slim to fit in a wallet for having instant feedback on heart health anywhere and anytime.
- In September 2021, Astellas Pharma, M. Heart Co. Ltd., and Nitto Denko Corporation concluded a memorandum for understanding an ECG testing service. With this memorandum of understanding, the companies will continue to look into the Nitto developing and manufacturing “EG Holter” a type of novel disposable Holter ECG device.
Diagnostic Electrocardiograph Key Market Trends
Compact and Portable ECG Device Gaining Traction
- A new and advanced generation of completely portable and compact Holter ECGs around the globe has been resulting the higher adoption of these devices, mainly in the home healthcare segment. The various advantages of the Holter ECGs and its high accessibility is creating lucrative growth opportunities for the global market. Furthermore, rising number of collaborations among manufacturer companies of the Holter ECGs is also contributing significantly to the growth of the market over the last few years.
Diagnostic Electrocardiograph Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global diagnostic electrocardiograph (ECG) market is witnessing a significant growth throughout the forecast period owing to increased usage of remote monitoring devices, rapid industrialization, and increased consumer spending capacity around the globe. In addition, an extensive rise in the research & development activities by several key market players to introduce more enhanced and improved devices for better diagnosis treatment, is also anticipated to contribute to the growth of the global market in the coming years. However, owing to the cost-effectiveness aspect, many clinicians around the globe are forced to employ used and older ECG machines in place of new and advanced machines, which is projected to hamper the growth of the market throughout the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.60 billion |
| Market size value in 2031 | USD 13.89 billion |
| Growth Rate | 6.12% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Diagnostic Electrocardiograph Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Diagnostic Electrocardiograph Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Diagnostic Electrocardiograph Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Diagnostic Electrocardiograph Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Diagnostic Electrocardiograph Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Diagnostic Electrocardiograph Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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