CAGR: 6.90%Current Market Size: USD 9.8 BillionFastest Growing Region: Europe
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global diagnostic electrocardiograph market is expected to grow from USD 9.8 billion in 2022 to USD 16.7 billion by 2030, at a CAGR of 6.90% during the Projection period 2023-2030. The growth of diagnostic electrocardiograph market is mainly driven owing to the continuous increases in the incidence of cardiovascular and lifestyle-related disorders.
To ascertain how well the heart is functioning, a test called an electrocardiogram (ECG) examines the heart's electrical activity. An ECG equipment analyses and records the electrical activity of heart in human body. An ECG may be recommended if a patient experiences arrhythmia, chest pain, or palpitations. If a patient's ECG result is abnormal then it indicates several different heart conditions. The timing of the upper and lower chambers can be seen on an ECG of a normal heartbeat. According to the WHO, cardiovascular disease is one of the leading causes of death in the globe. 17.9 million people are predicted to die from cardiovascular diseases (CVDs) per year, or 31% of all fatalities worldwide. Holter ECG monitors have been used extensively in the diagnosis of numerous cardiovascular diseases since they were originally believed to be the most common type of ambulatory ECG monitoring. In addition, a sizeable market share in the worldwide ECG market was facilitated by the development of wireless Holter monitors. The significant portion of this category is mostly due to the rising prevalence of cardiovascular diseases, which is raising the need for high-quality cardiology care and the frequency of patient visits to doctors' offices for CVD diagnosis.
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Market Dynamics:
Drivers:
Ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery disease are among the illnesses that are on the rise in cardiovascular disorders and lifestyle-related diseases. Cardiovascular diseases is the leading cause of death worldwide, furthermore cardiovascular diseases (CVD) are correlated with unhealthy lifestyles. According to the American Heart Association's projections for 2021, cardiovascular diseases would account for around 868,662 deaths in the country, making them the top cause of death. Additionally, the American Heart Association (AHA) reports that 4 million people may be affected by arrhythmias, with 500,000 deaths occurring annually in the US. In general, rising incidences are probably going to increase demand for ECG equipment, leading to a major expansion of the diagnostic ECG market.
Restraints:
Hospitals with limited resources frequently have to repair pricey equipment. Portable and wireless ECG equipment are pricey, especially for those in developing countries with low per capita incomes like India. In contrast, home-based ECG system users are less frequent in other developing countries because of the expensive equipment and considerable upkeep. For instance, a Holter monitor ECG system might run between USD 5,000 and USD 6,000 on average in India. Because of this, doctors may be forced to use older, less expensive devices rather than the most modern high-end ones, which could impede the expansion of the ECG market. ECGs also have high maintenance and up-front expenditures.
Opportunities:
The ageing of the population is one of the leading cause of cardiovascular diseases. Both the percentage of elderly persons and the average life expectancy have increased globally. The worldwide electrocardiograph (ECG) market and the healthcare system are both expected to be significantly impacted by this. It is projected that the increased frequency of chronic diseases among the elderly will increase the risk of cardiovascular disorders. The World Ageing Report predicts that by 2050, there will be 1.5 billion individuals who are 65 or older, up from 703 million (9.1%) in 2019. Given that older people are more likely to develop chronic illnesses, the burden of cardiovascular diseases is predicted to rise as the aged population grows.
Challenges:
The market for diagnostic electrocardiographs (ECGs) is predicted to expand slowly during the Projection period since most individuals are ignorant of the use of electrography in the diagnosis of cardiovascular diseases. However, the future expansion of the diagnostic electrocardiograph (ECG) business may be further hampered by a lack of skilled personnel to operate the equipment.
Segmentation Analysis:
The global diagnostic electrocardiograph market has been segmented based on product, lead type, end-user, and region.
By Product
The product segment is stress ECG devices, Holter monitors, resting ECG, implantable loop recorders, MCT devices, smart ECG monitors, and event monitors. The resting ECG segment led the largest share of the diagnostic electrocardiograph market with a market share of around 20% in 2022. The rest ECG is the most frequently used in clinical operations of all kinds, however testing methods are always evolving. It is anticipated that the trend toward smaller, more portable mobile ECG monitoring devices will push the market for wireless resting ECG systems. Furthermore, the demand for resting ECG equipment is increasing as a result of an increase in heart attacks. One of the top suppliers of wireless ECG equipment for medical professionals to observe resting ECGs in healthcare facilities is BTL Corporate.
By Lead Type
The product segment is 5-lead ECG devices, Single-lead, 3-lead ECG devices, 12-lead ECG devices, 6-lead ECG devices, and others. The 3- lead ECG devices segment led the largest share of the diagnostic electrocardiograph market with a market share of around 22% in 2022. To diagnose atrial fibrillation early, single-lead ECG monitoring devices have become possible thanks to recent technological achivements. A 3-lead ECG, on the other hand, gives doctors a much better picture of the heart than a single-lead ECG, enabling them to identify a much wider variety of arrhythmias and other heart issues without the trouble of gels or wires.
By End-User
The end-user segment is hospitals, clinics, cardiac centers, ambulatory surgical centers, and others. The hospital’s segment led the largest share of the diagnostic electrocardiograph market with a market share of around 33% in 2022. Due to the expanding uses of ECG monitoring in non-cardiology departments such as electrophysiology labs (EP), respiratory treatment, and emergency departments, it has been observed that the adoption rate of ECG is rising among patients in both private and public institutions (ED). The need for portable ECGs has grown as more heart diseases and risk factors are discovered. A significant percentage is also related to hospitals using more ECG equipment in cardiac situations. An electrocardiogram is the most often used diagnostic tool in hospitals.
Global Diagnostic Electrocardiograph Market- Sales Analysis.
The sale of diagnostic electrocardiograph market expanded at a CAGR of 6.10% from 2016 to 2022.
The market is expected to develop as a result of rising rates of cardiovascular diseases and lifestyle-related diseases like ischemic heart disease (IHD), hypertensive heart disease, stroke, and peripheral artery diseases. The global diagnostic electrocardiograph (ECG) market is anticipated to be driven by an expanding geriatric population, improved healthcare infrastructure, and favorable reimbursement policies. Additionally, throughout the course of the Projection period, the diagnostic ECG market is anticipated to rise as a result of ongoing developments in ECG device technology and the introduction of remote monitoring devices. Due to the nearly saturated market in developed countries, developing countries see higher growth potential than developed ones. Additionally, because of favorable government policies, rising healthcare costs, and other factors, developing countries are anticipated to see profitable growth possibilities.
Rapid technological improvements and greater use of remote monitoring equipment are further growth-inducing factors. For instance, in september 2020 the FDA in the United States authorized Samsung's electrocardiogram (ECG) monitoring app. When connected to a compatible Galaxy watch, the ECG monitor in the watch scans symptoms of abnormalities or indicates atrial fibrillation (AFib). Additionally, machine learning and deep learning networks have been widely employed in the assisted diagnosis of cardiac disease based on ECG signals in a paper titled "A Study on Arrhythmia through ECG Signal Classification Using the Convolutional Neural Network," published in January 2021. Over the upcoming years, these sophisticated ECG techniques should support the market's expansion.
Thus, owing to the aforementioned factors, the global diagnostic electrocardiograph market is expected to grow at a CAGR of 7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the diagnostic electrocardiograph market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the diagnostic electrocardiograph market and held a 38% share of the market revenue in 2022.
Global Diagnostic Electrocardiograph Market- Country Analysis:
Germany's diagnostic electrocardiograph market size was valued at USD 0.21 billion in 2022 and is expected to reach USD 0.32 billion by 2030, at a CAGR of 5.8% from 2023 to 2030. Due to the rising healthcare costs and an increase in the prevalence of cardiovascular disorders are all contributing to the growth of the ECG market in Germany.
China’s diagnostic electrocardiograph market size was valued at USD 0.149 billion in 2022 and is expected to reach USD 0.221 billion by 2030, at a CAGR of 5.1% from 2023 to 2030. Due to rising cardiovascular disease prevalence, increased technical breakthroughs, rapid economic expansion, and favorable government efforts. In addition, diagnostic electrocardigraph market expansion in China is anticipated to be fueled by technological advancements including wireless and real-time monitoring, rising healthcare spending, and governmental support.
India's diagnostic electrocardiograph market size was valued at USD 0.141 billion in 2022 and is expected to reach USD 0.20 billion by 2030, at a CAGR of 4.8% from 2023 to 2030. Because of the growing demographic base and the increase in disposable income. Furthermore, it is expected that in the upcoming years, the region's diagnostic electrocardiograph (ECG) market will expand due to the expansion of the healthcare infrastructure.
Key Industry Players Analysis:
To increase their market position in the global diagnostic electrocardiograph business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6.90% |
Market Size |
9.8 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Lead Type, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
GE Healthcare, Hill-Rom Holdings Inc. (Welch Allyn), Nihon Kohden Corporation, AliveCor, Mindray Medical International Limited, Medtronic PLC, OSI Systems Inc. (Spacelabs Healthcare), Koninklinje Philips NV, and Biotelemetry. |
By Product |
|
By Lead Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Diagnostic Electrocardiograph Market By Product:
Global Diagnostic Electrocardiograph Market By Lead Type:
Global Diagnostic Electrocardiograph Market By End-User:
Global Diagnostic Electrocardiograph Market By Region:
Global diagnostic electrocardiograph market is expected to reach USD 16.7 billion by 2030, at a CAGR of 6.90% from 2022 to 2030.
The diagnostic electrocardiograph market is projected to have a CAGR of 6.90%.
The market is expected to grow due to the increasing cases of cardiovascular diseases and the rising aging population.
Based on the product, the global diagnostic electrocardiograph market has been segmented into stress ECG devices, Holter monitors, resting ECG, implantable loop recorders, MCT devices, Smart ECG monitors, and event monitors.
Leading market players active in the global diagnostic electrocardiograph market are GE Healthcare, Hill-Rom Holdings Inc. (Welch Allyn), Nihon Kohden Corporation, AliveCor, Mindray Medical International Limited, Medtronic PLC, OSI Systems Inc. (Spacelabs Healthcare), Koninklijke Philips NV, Biotelemetry among others.
Political Factors- The business for Diagnostic Electrocardiograph is impacted by a variety of political variables in various nations. Due to political stability, a multinational corporation finds it simple to run its operations in several countries. Governments all across the world, for instance, have formally identified healthcare as one of the key pillars of the COVID-19-affected economic recovery. There have been numerous new government initiatives in the field of healthcare equipment. These policy changes have a significant effect on a multinational company. This business manufactures vaccines and acceptable medicines. Government incentives and subsidies for medical care, health insurance and Mediclaim, levies on essential medical equipment, price caps on stents, and other policies indirectly impact business. It is crucial to seize opportunities and expand the company by laws and regulations.
Economic Factors- The sale of essential cardiovacsular medications can be impacted by economic factors such inflation, recession, income, and foreign currency rates. Because of the increased attention that people are paying to their health and hygiene as a result of serveral healh issues. Diagnostic electrocardiograph technique has meet consumer needs for necessary diagnostic for cardivascular diseases. As import and export tariffs, trade restrictions on medications, exchange rates, hazards, etc. determine the selling price for diagnostic electrocardiograph machines in various regions, these factors have a significant impact on this market.
Social Factors- The established norms and culture of society have an impact on diagnostic elcetrocardiograph income. Age, gender, income, region, level of education, and other demographic factors all have an impact on how to adjust methods. Other significant social aspects that must be taken into account include the way of life and socioeconomic class. Even the growing consumer mindset in favour of high-quality healthcare has a negative impact on the diagnostic elctrocardiograph market. It is crucial for this market to raise awareness of its importance using effective marketing techniques.
Technological Factors- Due to its continual technological innovation in the healthcare sector, diagnostic electrocardiograph has a competitive advantage. The diagnostic elcetrocardiograph market expand due to the medical research and development. This business is able to access and investigate the advantages of connectivity and the extensive patient data that these technologies may offer thanks to IOT. Additionally, it is adding cutting-edge technology to its research and development pipeline to support the delivery of game-changing new treatments and vaccines for patients.
Environmental Factors- The environment is a priority for diagnostic electrocardiograph market to making money. Through a variety of corporate practises, it strives to lessen pollution and carbon footprint. It is also utilising digitalization and lowering emissions to make its processes more efficient. Due to its favourable environmental effect, diagnostic cardiogrpah enjoys a competitive advantage over many other businesses in its sector. Nowadays, consumer behaviour is shifting in favour of sustainability while taking resource scarcity into consideration.
Legal Factors- For diagnostic elcetrocardiograph, the legal aspects of domestic and foreign markets are crucial. It is vital to follow all laws relating to consumer protection, health and safety, safe working conditions, intellectual property rights, and patents, among others. When selling any medication or substance in a nation, careful adherence to the laws established by the government is required. Additionally, if a particular kind of medicine is prohibited in a nation, it should not be sold there. In order to prevent the sales from being hampered, it is crucial to offer legal alternatives and answers.
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